- 8 -
business overall and that its dominance has continued to grow recent years. [Tables B and C attached provide additional detail.]
2.8 However, these overall
magnitudes also indicate
that by comparison with say
London and Tokyo, both Hong Kong and Singapore should be regarded as secondary
centres. Nevertheless, like
the UK and Japan, their
share of bank intermediation
far outstrips their share of
eg world exports, as
illustrated in Chart 2.
CHART 2: COMPARISON OF % SHARES OF BANK INTERMEDIATION AND TRADE
%% SHARE
20
15
10
2.9 IFS further
disaggregates the data on assets. Over the same period
as for total assets and
liabilities - 1980 to
1991 - the deposit banks' total outstanding foreign
credit to non-banks has
grown three-fold and within this Hong Kong's share has
risen from 2% to 10% while
Singapore's has grown from
2.5% to 7.4% (see Chart 3
and attached Table D). Hong
Kong has risen in rank from
12th in 1980 to 3rd at end-
1991 while Singapore's rank
has risen from 11th to 4th.
UK
HK
SINGAPORE JAPAN
BANKING INTERMEDIATION
VISIBLE TRADE
CHART 3: MARKET SHARE IN CROSS BORDER NON-BANK CREDIT
%% SHARE
25
20
20
UK
15
10
HK
JAPAN
2.10 This picture of Hong
Kong's lead over Singapore is supported by other evidence. For instance, in
1988 the Jao Report on Hong
S'PORE
GERMANY
USA.
0
1980 1985
1986
1987
1988
1989
1990 1991
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