Most of these proposals represent ongoing efforts which predate the HKMA study and these will continue. The evolving markets and the competition and opportunity that these bring effectively present us with a never-ending challenge. While some new initiatives have been launched, the dynamism of the environment dictates that we keep moving ahead. Since then, we have, for example, engaged in new studies, initiated structured consultations with the industries, and I can assure Members that we will continue to maintain the momentum. And as pointed out by Dr. Huang, the key issues and tasks involved in the concerted promotion of Hong Kong services are the subjects under active consideration by a Task Force of Services Promotion, chaired by the Financial Secretary which was set up last year. A series of new initiatives, including proposals to consolidate Hong Kong's leading position as an international financial centre, will be announced by the Financial Secretary in association with this budget.
At this juncture, perhaps I should respond in brief to the four areas of focus identified by Mr Paul Cheng in the original motion, and in the process the three areas advanced by Ms Loh in her amendment.
The first area referred to by both Members relates to promoting Hong Kong's strengths as an international financial centre. I fully agree that this is an important task. Indeed, it is very much on Government's list of ongoing commitments. Promoting Hong Kong's role as an international financial centre has been one of the major themes of our publicity efforts both in Hong Kong and overseas in recent years. These include promotion tours by senior government officials, speaking engagements in local and overseas seminars, and active participation in international organisations and forums. Through such efforts, we have raised Hong Kong's profile internationally. I can assure Members that we will continue to our endeavour and seek to further improve our promotional activities by undertaking more focused, finely targeted and co-ordinated campaigns specially adapted for use in the promotion of financial services.
Both Members have called for improvements to our market infrastructure, manpower training and access to our financial markets. Again I should express Government's full support of the idea. In respect of market infrastructure, Hong Kong's present set-up is amongst the most advanced in the world. The technologies and infrastructural support available to, say, our banking, securities and futures and insurance industries all measure up to international standards. We continue to move forward progressively. In the banking sector, we are introducing a payment system based on real time gross settlement later this year. In the debt market, after the link-up of our local custodian and settlement systems with two established international clearing systems, we will seek to expand the range of services of our system to non- Government debt papers and further upgrade its efficiency.