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HK's status as international financial centre recognised
The Financial Secretary, Sir Hamish Macleod, tonight (Friday) said Hong Kong's status as a major international financial centre was recognised.
Speaking at the Inauguration Dinner of the Hong Kong Institute of Bankers, Sir Hamish said a total of about 380 authorised institutions were operating in Hong Kong in one form or another.
"Hong Kong has possibly the largest representation of international banks in the world, including over 80 of the top 100. The external assets of the banking sector are the fifth largest in the world...
"Our forex turnover is the sixth largest. We have the largest market capitalisation in the Asian Stock markets outside Japan.
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"Our economic growth, averaging over seven per cent a year in real terms for the past 30 years, has resulted in our GDP per capita exceeding that of Britain, Canada and Australia.
"We are the world's eighth largest trading economy, ranking just after the Group of Seven industrialised economies," Sir Hamish said.
He said Hong Kong had done well by developing the five basic foundations of
a financial market. They are policy, products, prudential framework, platform and people.
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Sir Hamish said Hong Kong had a pro-business policy environment and was recently rated by the US Heritage Foundation as the most free economy in the world.
"Our prudential framework provides transparent and impartial rules in line with international standards but without stifling private sector initiatives and competition.
"This is reflected in the highly diversified and sophisticated financial products being offered by banks and other financial institutions and available in the equity, debt and and foreign exchange markets," he said.
Sir Hamish said the technological platform of the supporting infrastructure was efficient and robust.