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Area 6 of Rotary International District 3450 — “China & WTO - The Economic Synergy with Hong Kong” WTO and Capital Formation — Opportunities and Challenges Mr Lawrence Fok Deputy Chief Operating Officer Hong Kong Exchanges and Clearing Ltd 31 August 2001 1 Implications for Mainland • • • • • • Stimulate market reforms Open up in more rapid pace and broader scope Greater foreign competition Fairer trading environment Wider access to international markets Reaffirms government’s commitment to reform 2 WTO Commitments Banking • Full market access by foreign companies • Allow local currency business with local enterprises and individuals Insurance • No limit on license number • Eliminate Geographical limitations • Relax foreign ownership restriction 3 WTO Commitments Securities • Allow minority foreign-owned JV to engage in fund management • Allow foreign ownership to increase 49% in 3 years • Allow minority foreign-owned JV to underwrite domestic equity issues • Allow minority foreign-owned JV to underwrite and trade international equity, corporate and government debts 4 Reforms in Mainland Banking Sector • Reformed financial administration system • Regional branches replaced provincial branches • Increased capital adequacy ratio • Reduced policy intervention • Introduced modern management systems • Merged state-owned banks 5 Reforms in Mainland Securities Sector • Established institutional investor base • Allowed insurance companies to enter securities market and promoted securities investment funds • Allowed financial institutions to list • Introduced professional standards for intermediaries • Introduced more financing channels for securities firms • Promoted formation of large securities firms • Reduced proportion of state-owned shares 6 Implications for Hong Kong • Opportunities to serve as leading capital formation and listing centre for Mainland enterprises • Important role to raise funds for Taiwan companies to penetrate into the Mainland market • Hong Kong’s securities market offers efficient and cost effective means of raising funds for Mainland and Taiwan enterprises 7 Hong Kong’s Advantages • One of largest concentration of international financial expertise in Asia • A large number of commercial banks, securities houses, fund management firms, professional service personnel and IT providers • Advanced financial market technology 8 Hong Kong’s Advantages • Growing commercial and social integration with Mainland • Geographic proximity with Mainland • Understands both Western and Chinese systems and acts as effective link for global investors • Minimal language and cultural barriers 9 Hong Kong — Capital Formation Centre for Mainland Enterprises • Over 70% funds raised in 2000 - 2001 were on China enterprises • As at 31/7/2001, 54 H Shares and 68 red chips, accounting for 30% of total MC • For Jan-July 2001, turnover of H Shares and red chips accounted for over 40% of market turnover • Over 80% of total turnover of H Shares dually listed in New York and Hong Kong was recorded in Hong Kong • 3 out of 10 listed companies with largest MC were China enterprises as at end of July 2001 10 Challenges • High levels of entry requirements and operational restrictions • Re-adjust to new style of doing business • Increased competition from multinationals and Mainland’s business sector • Diminishing gateway function 11 The Strength of Hong Kong • Freedom of capital flow, rule of law, level playing field, corporate governance, flexibility to changes • Hong Kong’s software infrastructure provides a firm ground for future opportunities • Hong Kong’s regulatory standards have gained confidence of international institutions • Integral in maintaining Kong Kong’s key financial position 12 The Way Forward for HKEx • Strengthen the role of primary international capital formation centre for Mainland • Step up marketing efforts among Mainland enterprises • Set up a liaison office in Mainland • Work closely with financial regulators and operators in Mainland • Focus future developments of Hong Kong stock market on China dimension 13