CONFIDENTIAL
35
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of Hong Kong as a regional financial centre. It will
probably take а long time for China to develop its own
financial sector fully to meet all the requirements of its
fast growing economy. Here Hong Kong's financial sector
will clearly have a role to contribute. Two new roles are
already developing, namely Hong Kong as an off-shore stock
market and an off-shore Renminbi cash trading centre for
China.
63.
In sum, while the current move by China to
restore discipline in its financial sector may have a very mild negative impact on the Hong Kong economy in the short
term, the trend of broadening and deepening of financial
reforms in China can be expected to benefit Hong Kong
significantly in the longer term.
Economic Analysis Division Financial Services Branch Government Secretariat 22 September 1993
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