TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 191

1988-06-01 18:22

G.I.S

in

I

3

:

P.05/13

Chapter

III

We set

out

ous

strategy

and

objectives. We point out that, in international terms, the

Hong Kong

of market

companies,

stock market is a fringe market - small in terms

with a darrow range of listed

capitalisation,

an

inadequate settlement

and system

regulation. other financial sectors in Hong Kong

gold

trading,

significant.

banking and fund management

lacking

P

notably

axe more

We summarise

paras. 3.11 and 3.12 -

our main objectives for Hong Kong in

11

we

We accept that becoming a corner of the

so-called "global marketplace" carries risks, but

believe October demonstrates that these

probably cannot now be avoided in any case. Hong

Kong must act to capitalise on the international

interest in its markets while minimising the risks

its strengthening

systems and controls.

believe, therefore, that Hong Kong should aim to

become the pra-eminent capital market in South

East Asia and to that end, should See the

by

progressive

We

internationalisation of its securities

markets as ап important

internationalisation

We

strategic objective; by

mean

the use Of Hong