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Financial and Monetary Affairs
government bond programme, with the current borrowing ceiling at $200 billion, was established in 2009 to promote the further and sustainable development of the bond market in Hong Kong. From July 2013, new legislation also provided a tax framework for Islamic bonds (sukuk) comparable to that for conventional bonds.
Chart 7
2,000
Total Outstanding HKD Debt Securities
HK$ Billion
1,500
1,261
1,309
1,419
1,000
1,245
1,107
500
2009
2010
2011
2012
2013
Year
An Open Insurance Market
Hong Kong continues to be one of the most open insurance centres in the world, with 13 of the world's top 20 insurers authorised to conduct insurance business in Hong Kong either directly or through a group company. Of the 155 authorised insurers at the end of 2013, 70 were from the Mainland or one of 20 overseas jurisdictions. There were 18 professional re- insurers in Hong Kong, including most of the world's top re-insurers. Gross premium income in 2013 was $290.7* billion, representing an increase of 10.4 per cent over 2012.
Chart 8
Annual Gross Premiums of Insurance Market
350
300
291*
250
HK$ Billion
263
200
234
205
150
185
100
50
0
2009
2010
2011
Year
2012
2013
Mandatory Provident Fund
The Mandatory Provident Fund (MPF) system has been in operation since December 2000 to assist the employed population of Hong Kong to accumulate retirement savings. Net asset values (NAV) of MPF schemes stood at $514 billion at the end of 2013 with an annualised rate of
*
Provisional statistics.
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