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"The objective of the sponsored visit programme is to enhance mutual understanding of Chinese and Hong Kong government officials on each other's systems," he said.
The delegation will be briefed by senior Hong Kong Government officials on policies relating to education and manpower, health and welfare, housing, infrastructure development and the civil service.
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Working Group on Reinsurance set up
A Working Group on Reinsurance has been set up as part of the Government's initiatives to further promote insurance services in Hong Kong.
A Financial Services Branch spokesman today (Monday) said that the working group would advise the Government on the potential for the reinsurance business in Hong Kong, China and other countries in Southeast Asia as well as on ways to promote the development of Hong Kong as a regional reinsurance centre.
He said that the formation of the working group was aiming at implementing one of the proposals set out in the Action Agendas for leading service industries which was an important part of the Financial Secretary's 1996-97 Budget.
The spokesman pointed out that the development of the reinsurance market would enable Hong Kong to service the reinsurance requirements of the territory and of the region, currently estimated at $4.8 billion and $45 billion respectively.
'We believe that there is a huge potential for reinsurance business in the region as the market is growing rapidly. We also believe that we are well-positioned to tap this business," he emphasised.
"While we already have here the presence of a number of reputable and well established reinsurers serving the local and regional needs, there is still plenty of scope for our services to reach out further.
"We hope the Working Group will provide us with pointers on how Hong Kong may enhance its role as provider of reinsurance for the region," the spokesman added.
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