TNAG-0936-FCO40-1155-Visit-of-Norman-Fowler--Minister-of-Transport--to-Hong-Kong--1980 — Page 79

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The Territory's monetary system functions without a Central Bank. It has, however, 74 licensed banks and 803 banking offices, many of which have branches all over the world. There are also about 100 representative offices of foreign banks. The main British bank is the Standard and Chartered Bank, and the Hong Kong and Shanghai Banking Corporation has many branches in the Territory. Extensive credit information is provided and loans and advances are available to both local and foreign concerns. Interest rate levels are normally established by the commercial banks in reaction to market

forces.

Hong Kong has received loans from the Asian Development Bank and the British Government. Through the United Kingdom's accession to GATT, Hong Kong's exports are given "Most Favoured Nation" treatment by the majority of its overseas markets. Hong Kong is not a participant in the IMF Special Drawing Account but observes IMF rules.

It is a beneficiary under the EEC Generalised System of Preferences and under the GSP of Austria, Switzerland, Sweden, Japan, Australia, USA and New Zealand. Hong Kong was not ranted Associated Status

when the United Kingdom joined the EEC. Hong Kong is a member of the Asian Productivity Organisation (APO), the Asian Development Bank,

and an associate member of ECAFE (Economic Commission for Asia

Far East).

and the Far

Hong Kong has no controls on imports, exports or re-exports, other than those arising from international obligations or exercised for health or security purposes (e.g. strategic goods or goods from Communist countries). There are no general customs tariffs on imported goods and only four items are dutiable: alcoholic liquor, tobacco, hydrocarbon oils and table waters. Hong Kong has agreed to restrict certain textile items to the EEC, Australia, Canada, Finland, Norway, Sweden and the United States.

Foreign investment: at the end of June 1977 to tal foreign investment in Hong Kong's manufacturing industry amounted to approximately In2010m. The USA is the leading investor (51%) followed by Japan (13%) and the United Kingdom (8%).

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