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This is the tenth agreement Hong Kong has signed in the area of investment promotion and protection. Other countries with which Hong Kong has signed a similar agreement are the Netherlands, Australia, Denmark, Sweden, Switzerland, New Zealand, Italy, France and Germany.

Mr Tsang arrived in continental Europe on Sunday (October 6) and will visit Italy and Austria later this week.

He will sign an air services agreement with Italy and another investment promotion and protection agreement with Austria on behalf of Hong Kong on October 9 and 11 respectively.

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Government supports effort to expand stock market

The Government supported any effort to involve all concerned to work together to expand the stock market and maintain Hong Kong's competitiveness as an international financial centre, the acting Financial Secretary, Mr Rafael Hui, said today (Tuesday).

Speaking at the 10th anniversary reception of the Stock Exchange of Hong Kong Limited, Mr Hui said the Exchange had made substantial and remarkable progress since it was reconstituted 10 years ago.

"Growing competition world-wide will compel us to exert continuing efforts to keep our leading position as an international financial centre," Mr Hui said.

"The maintenance and development of Hong Kong as an international financial centre can never be over-emphasised. It is stipulated under Article 109 of the Basic Law that we must do so."

Turning to the future, Mr Hui said he welcomed the Exchange's proposal to set up a working group to study the stock market brokerage industry.

"This is certainly in keeping with the vision of the Financial Secretary to consolidate and further develop Hong Kong as a first-class international financial centre, and to strengthen its position as a provider of high-quality services to the rest of the region and to the world.

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