TNAG-1373-FCO40-1819-Ministerial-visits-from-the-UK-to-Hong-Kong-1985 — Page 61

acknowledging the Government's commitment to free trade in general, Mr Channon announced that HMG would press

for the Arrangement to be renewed next year. He also said that any renewed MFA should be transitional, given

the approach of a new GATT round, and that a more

was arrangement

inevitable

He

liberal

and desirable.

also confirmed that HMG would be seeking above average

improvements in the access level for the poorest developing countries and those whose own trade barriers to British exports were acceptably low.

FINANCIAL SECTOR

21.

in recent

now

as rank s

central bank.

importance

the third

Unlike most

Those

The financial sector in Hong Kong has grown

rapidly in both domestic and international

Hong Kong years.

biggest financial centre in the world. major economies, Hong Kong has no

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

Government offices ог by

and Hong Kong

Chartered Bank).

are carried out by various

(the the note-issuing banks

Shanghai Banking Corporation and the

22.

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

112 addition there were

representative offices of foreign banks.

Hong Kong.

In