XN000022-1994-03-02 — Page 20

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WEDNESDAY, MARCH 2, 1994

TAXPAYER'

SIR HAMISH SAID THERE WAS LITTLE POINT IN USING THE MONEY IN PURSUIT OF POLICIES WHICH WENT AGAINST THE ECONOMIC TIDE.

NEVERTHELESS, HE SAID, THERE WOULD CONTINUE TO BE SCOPE FOR HELPING THE MANUFACTURING INDUSTRY MOVE UPMARKET, HENCE THE INJECTION OF FUNDS INTO THE INDUSTRY AND TECHNOLOGY DEVELOPMENT COUNCIL, INTO THE NEW INDUSTRIAL ESTATE AT TSEUNG KWAN O, AND INTO THE NEW INDUSTRY TECHNOLOGY CENTRE CORPORATION, ALL TO HELP MOVE HONG KONG UP THE TECHNOLOGY LADDER.

DYNAMIC DEVELOPMENT IN FINANCIAL SERVICES

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THE BEST EXAMPLE OF THE DYNAMIC DEVELOPMENT OF THE SERVICE ECONOMY IS HONG KONG'S FINANCIAL SERVICES, THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

FOR NEARLY 10% OF GDP,

FAST

THIS SECTOR NOW ACCOUNTS APPROACHING THE CONTRIBUTION OF THE ENTIRE MANUFACTURING SECTOR, HE SAID IN HIS 1994/95 BUDGET.

IN 1993, THE STOCK MARKET WAS THE FOCUS OF MOST ATTENTION:

*

+

THE HANG SENG INDEX ROSE BY 116% DURING THE YEAR, THE SECOND BEST PERFORMANCE IN THE WORLD.

MARKET CAPITALISATION INCREASED BY 123%, RAISING HONG KONG TO SIXTH LARGEST STOCK MARKET IN THE WORLD, UP FROM 15TH PLACE ONLY FIVE YEARS AGO.

* AVERAGE DAILY STOCK MARKET TURNOVER ROSE BY THREE-QUARTERS.

* AVERAGE DAILY TURNOVER ON INDEX FUTURES DOUBLED.

BUT JUST AS IMPRESSIVE, HE SAID, ALTHOUGH LESS NOTICED, WAS THE GROWTH OF THE CAPITAL MARKETS LAST YEAR:

THE NUMBER OF DEBT INSTRUMENTS LISTED ON THE HONG KONG STOCK EXCHANGE INCREASED FOUR TIMES.

THE

TOTAL VOLUME OF FUNDS REACHED $190 BILLION, ASTOUNDING INCREASE OF 41 TIMES.

AN

HE SAID THE NUMBER OF FINANCIAL INSTITUTIONS ALSO CONTINUED TO

INCREASE AND THEIR BUSINESS TO EXPAND:

寨

HONG KONG NOW HAS A TOTAL OF 174 LICENSED BANKS.

* THE LOCAL INSURANCE MARKET HAS ACHIEVED ANNUAL GROWTH RATES OF 20% TO 30% IN RECENT YEARS. IT IS NOW A MAJOR INDUSTRY IN ITS OWN RIGHT, WITH A WORKFORCE OF 20,000, AND GROSS INSURANCE PREMIUMS OF OVER $30 BILLION.

/TO A

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