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5
probably fortunately
economies. As a
-
not
as great as in some other
regulators must now look
such
as
result,
comprehensively at the various sectors,
traditional banking, trading in securities, financial
futures and other instruments, insurance, and so on.
9.
The recent
The
recent reorganisation in the Government
policy branches therefore is appropriate.
Monetary Affairs Branch now has overall policy
responsibility for all areas of financial services.
The Secretary for Monetary Affairs working directly to
the Financial Secretary will be keeping these rapidly
developing areas under regular review in order to
consider whether any changes in government policies or
regulatory structures are called for. We will be able
to respond swiftly and effectively.
10.
Despite the growing
importance
of the
financial services sector Hong Kong remains heavily
dependent on external trade in goods for its economic
well-being. This year saw a number of important
events in the international trading scene. The first
relates to the General Agreement on Tariffs and Trade,
the GATT. Hong Kong had for some years already been
playing a de facto autonomous
role in the GATT from
/within the
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