•
impossible to fight. Hong Kong would then be placed at
a competitive disadvantage with its main competitors,
Korea and Taiwan, who have generally gained trade at
Hong Kong's expense where Hong Kong has lost
beneficiary status in individual products. Japan is
likely to
to be another beneficiary is Hong Kong were to
be excluded from this scheme. In 1984 about 16.1% of
Hong Kong exports to the United States, ог US$ 1.326
million, enjoyed GSP duty free status.
18.
ų
the se
from 29
30
Mr Brittan has been briefed to raise
during a visit to Washington
concerns
October.
FINANCIAL SECTOR
19.
The financial sector in Hong Kong has grown
rapidly in both domestic and international
importance
in recent years. Hong Kong now rank s as the third
biggest financial centre in the world. Unlike most
major economies, Hong Kong has no central bank. Those
functions which might typically be performed by one
such as supervising financial institutions, managing official foreign exchange reserves or providing banking
services to the Government are carried out by various
Government offices ог by the note-issuing banks (the
Hong Kong and Shanghai Banking Corporation and the
Chartered Bank).
20. At the end of 1984, there were 140 banks in Hong
Kong licensed under the Banking Ordinance, of which 44 were local companies. They maintained a total of 1,547
offices in Hong Kong. In addition there were 112 representative offices of foreign banks.
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