XN000022-1994-02-07 — Page 2

1

MONDAY, FEBRUARY 7, 1994

EMPLOYERS ENCOURAGED TO SET UP RETIREMENT SCHEMES

**

WILL CONTINUE

TO

ENCOURAGE

THE VOLUNTARY

THE SECRETARY FOR

GOVERNMENT THE ESTABLISHMENT OF RETIREMENT SCHEMES BY EMPLOYERS, FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID TODAY (MONDAY).

THE WORK AND

HE WAS SPEAKING AT A MEDIA SESSION TO REVIEW ACTIVITIES OF THE FINANCIAL SERVICES BRANCH DURING THE PAST YEAR.

THE RETIREMENT ORDINANCE

OF THE

MR CARTLAND SAID TO GIVE BETTER PROTECTION TO BENEFITS OF EMPLOYEES, THE OCCUPATIONAL RETIREMENT SCHEMES WAS BROUGHT INTO EFFECT IN OCTOBER LAST YEAR AND THE OFFICE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES WAS ESTABLISHED.

"THE ORDINANCE SETS OUT, FOR THE FIRST TIME IN HONG

THAT CERTAINTY REGULATORY FRAMEWORK TO PROVIDE GREATER BENEFITS PROMISED TO EMPLOYEES UNDER REGISTERED SCHEMES WILL BE WHEN DUE.

M

KONG A RETIREMENT

PAID

PERIOD

HE SAID EXISTING RETIREMENT SCHEMES WOULD HAVE A GRACK

WITH THE REGISTRAR OF YEARS OF TWO

REGISTRATION ΤΟ

FOR APPLY OCCUPATIONAL RETIREMENT SCHEMES UNTIL OCTOBER 15, 1995.

MR CARTLAND NOTED THAT 1993 WAS A RECORD-BREAKING YEAR FOR STOCK AND FUTURES MARKET, WITH THE HANG SENG INDEX ENDING THE YEAR 11,888.39, UP 115.7 PER CENT FROM THE YEAR BEFORE.

THE

AT

"THIS MADE HONG KONG THE BEST PERFORMING OF THE MAJOR IN THE WORLD. DAILY TURNOVER ALSO INCREASED SUBSTANTIALLY, $4.91 BILLION, 75 PER CENT HIGHER THAN IN 1992.

MARKETS AVERAGING

"WE NOW HAVE THE SIXTH LARGEST STOCK MARKET IN THE WORLD WITH A CENT CAPITALISATION OF $2,975 BILLION AS AT THE END OF 1993, 123 PER HIGHER THAN A YEAR BEFORE. OUR MARKET RANKED ONLY 15TH IN FIVE YEARS AGO (1988).

"I

THE WORLD

MR CARTLAND SAID AN IMPORTANT DEVELOPMENT DURING THE PAST WAS THE LISTING OF CHINESE STATE ENTERPRISES. SIX LISTINGS TOOK IN 1993 AND RECEIVED A FAVOURABLE RESPONSE FROM INVESTORS.

HE ADDED THAT THREE MORE WERE IN THE PIPELINE FOR HALF OF 1994.

YEAR PLACE

THE FIRST

"THE CHINESE AUTHORITIES HAVE RECENTLY ANNOUNCED A SECOND BATCH UNDERSTOOD THAT OF 22 COMPANIES FOR LISTING OUTSIDE CHINA AND IT IS MOST IF NOT ALL WOULD BE LISTED IN HONG KONG.

UNIQUE ROLE "THESE LISTINGS DEMONSTRATE HONG KONG'S SPRINGBOARD FOR CHINA TO THE REST OF THE WORLD AND AS A CATALYST COMPANIES AND SECURITIES REGULATORY DEVELOPMENT IN CHINA,

CARTLAND

AS

A FOR

HE SAID.

LEVERAGED THE LEGISLATIVE

BY

SAID THE ON THE LEGISLATIVE FRONT, MR FOREIGN EXCHANGE TRADING BILL WAS INTRODUCED INTO COUNCIL IN JULY TO REGULATE AN AREA SUBJECT TO FREQUENT COMPLAINTS INVESTORS.

/"THE BILL