4
Patten settles easily into the governorship and the pace of C hëse reform continues to accelerate, then the Hong Kong financial sector should continue to thrive but more as a service provider to China than as the major regional financial centre after Tokyo, a role
which Singapore is more likely to assume. The attached 'balance sheet' seeks to draw the analysis together, illustrating the strengths and weaknesses of Hong Kong relative to Singapore both in the various markets analysed and factors of supply.
The Strengths And Weaknesses Of Hong Kong As A Regional Financial Centre Relative To Singapore
[+ implies a relative strength of Hong Kong]
Markets
Banking
Equities
Bonds
Foreign Exch'ge
Derivatives
Fund Management
Gold
Overall view of Markets
Supply Factors
Politics
Relative Costs
Skilled Labour
Technology
Regulation
Taxation
Critical Mass
Overall view of
Supply Factors
+
'Mark'
Comment
but possibly narrower than Singapore
more international issues offset by corporate migration
Hong Kong government bond market slowly developing
Hong Kong less developed
0
+
Possible flight from Hong Kong
Converging
Converged in approach but not in style
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