|The financial services sector is
one of the pillars of Hong Kong's
economy. Encompassing key services such
as banking, securities, insurance, fund
management and other related services,
the sector accounts for about 5.3 per cent
of Hong Kong's total workforce,
employing 175 000 people. Being a
high value-added sector, its contribution
to the Gross Domestic Product is
disproportionately high, at 13 per cent.
Hong Kong is an international financial centre
with an integrated network of financial institutions and markets.
The Government's policy is to maintain and further develop an appropriate
legal, regulatory, infrastructural and administrative framework,
with the aim of providing a level playing field for all market participants,
maintaining the stability of the financial and monetary systems
and enabling Hong Kong to compete effectively with other major financial
Major achievements in 2004 included:
||Hong Kong became the world's 11th largest
banking centre in terms of external assets and sixth largest
centre for foreign exchange trading.
||Hong Kong's stock market ranked ninth
worldwide in terms of market capitalisation and third in terms
of equity funds raised.
||The Hong Kong dollar debt market continued
to grow in 2004. The total outstanding amount of Hong Kong dollar
debt securities reached $608 billion at year-end, up from $558
billion a year earlier.
||Total assets of Mandatory Provident Fund
(MPF) schemes grew to about $120.18 billion at year-end. About
97.9 per cent of employers, 96.2 per cent of relevant employees
and 79.6 per cent of self-employed people have enrolled in MPF