Annex II - Cont'd
In
The Government's decision to launch a commission of enquiry into the workings of the markets with the promise of sweeping reforms was also reported very positively. this connection the appointment of Mr Ian Hay Davison to head the newly-formed Securities Review Committee was also reported in the media as an excellent move that should augur well for the territory's financial markets and its future image.
The print media has kept a close watch on the Hong Kong market and will continue to do so. It has followed developments since the market re-opened for trading and reports daily on the movement of the Hang Seng index. Also reported in connection with the crisis surrounding the futures exchange has been the action the Futures Guarantee Corporation is taking against defaulting members of the exchange. It could well be that the media could focus on developments in this area in the future if only because with banks and brokers operacions becoming increasingly international, losses in Hong Kong could have a chain reaction in other financial centres.
By and large, the print media coverage of developments in Hong Kong's markets during the period under review was in-depth and analytical--although at the height of the market closure some of the reports tended to be somewhat sensational and alarming.
The very nature of the crisis saw Hong Kong come cut in a negative light in the early stages, which it must be said did affect and cast doubts on Hong Kong's status as a leading financial centre.
One outcome of the worldwide crisis is that the Times and the Financial Times now devote an entire page to report on and analyse developments in markets around the world which inciddes Hong Kong as one of the major financial centres.
TV and Radio coverage devoted entirely to developments
These included a
in Hong Kong at the time were very few. look at the market in very general terms and reportage of the mood in the territory at the time. Hong Kong was, however, mentioned regularly in business/financial programmes which looked at the crisis worldwide.
/After