1990
THURSDAY, FEBRUARY 22, 1990
"OUR SUPERVISORY ARRANGEMENTS HAVE BEEN SUBSTANTIALLY OVER-HAULED. FOR EXAMPLE, THERE WILL
PREVIOUS
DECADES WHEN ILL-QUALIFIED
CONTROLLED BANKS
HERE, HE SAID.
It
BE NO
OF REPETITION PEOPLE ESTABLISHED OR
MR NICOLLE POINTED OUT THAT THE ACTIVITY AND PROFITS GENERATED FROM BANKING WERE KEY ELEMENTS IN HONG KONG'S CURRENT PROSPERITY,
AS ADDING THAT THESE ELEMENTS HAD GROWN RAPIDLY IN RECENT YEARS KONG DEVELOPED INTO ONE OF THE WORLD'S MAJOR BANKING CENTRES.
HONG
"OF THE 165 LICENSED BANKS, NO LESS THAN 150 WERE EITHER INCORPORATED OVERSEAS, OR WERE OWNED BY OVERSEAS INTERESTS.
"ONE HUNDRED AND THIRTY-FOUR OF THE BANKS WERE COUNTED AMONGST THE WORLD'S LARGEST 500 BANKS.
"AT THE END OF LAST YEAR, TWO-THIRDS OF THE BANKING SECTOR'S
ON OVERSEAS BALANCE SHEET WAS REPRESENTED BY CLAIMS
COUNTRIES. AND FINANCE THIS TAKES NO ACCOUNT OF THE AMOUNTS LENT WITHIN HONG KONG TO THE OVERSEAS TRADE OF OUR BUSINESSES," HE SAID.
GOVERNMENT'S UNDERWAY FOR THE
ΤΟ IMPROVEMENTS
OUR
TASK
HE NOTED THAT IN THE SPHERE OF BANKING, THE NOW BEEN WAS TO CONTINUE WITH THE WORK WHICH HAD
YEARS, CONSOLIDATING THE
то FIVE
PAST FOUR SUPERVISORY SYSTEM.
"AND WE MUST CONTINUE TO ENSURE THAT HONG KONG REMAINS AN ATTRACTIVE PLACE FOR LOCAL AND OVERSEAS
BANKS, CHINESE AND NON-CHINESE, TO DO BUSINESS, HE SAID.
11
ESTABLISHMENT OF HK COALITION OF SERVICE INDUSTRIES WELCOMED
THE GOVERNMENT HAS WELCOMED THE ESTABLISHMENT OF THE HONG KONG COALITION OF SERVICE INDUSTRIES (HKCSI).
RANGE
"IT IS ENCOURAGING TO SEE THE ENTHUSIASTIC SUPPORT OF A WIDE OF SERVICE INDUSTRIES FOR THE HKCS I BY VIRTUE OF THEIR PARTICIPATION AS MEMBERS, THE DEPUTY SECRETARY FOR TRADE AND INDUSTRY, MR JOSEPH W. P. WONG, SAID TODAY (THURSDAY).
"
MR WONG SAID HE WAS CONFIDENT PROMOTE THE INTERESTS OF HONG KONG'S CO-OPERATION BETWEEN MEMBERS.
THAT THE HKCSI WOULD HELP SERVICE INDUSTRIES THROUGH
ALSO, AS A FOCAL POINT FOR LIAISON WITH THE GOVERNMENT, THE HKCSI WOULD PROVIDE USEFUL INPUT TO THE EXISTING CONSULTATIVE PROCESS BETWEEN THE GOVERNMENT AND THE PRIVATE SECTOR REGARDING THE CURRENT URUGUAY ROUND NEGOTIATIONS ON TRADE IN SERVICES, HE SAID.
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