DOCSLIB.ORG

The Banking System of Hong Kong: Perspectives on Changes and Development

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Banking System of Hong Kong: Perspectives on Changes and Development THE BANKING SYSTEM OF HONG KONG: PERSPECTIVES ON CHANGES AND DEVELOPMENT Yuen Yin Chan Submitted in partial fulfillrnent of the requirements for the degree of Master of Development Economics Dalhousie University Halifax, Nova Scotia September 1998 O Copyright by Yuen Yin Chan, 1998 Nationai Library Bibiïïthèque nationale du Canada Acquisitions and Acquiçitians et Bibiiographic SeMces services bibliographiques 395 Weltigtm Street 395. nie Wellington O&awaON KIAW OttawaON K1A ON4 Canada canada The author has granted a non- L'auteur a accordé une licence non exclusive licence allowing the exclusive permettant à la National Lïbrary of Canada to BLbliothèque nationale du Canada de reproduce, loan, distn-bute or sell reproduire, prêter, distrïïuer ou copies of this thesis in microform, vendre des copies de cette thèse sous paper or electronic formats. la forme de microfiche/nlm, de reproduction sur papier ou sur format électronique. The author retains ownership of the L'auteur conserve la propriété du copyright in this thesis. Neither the droit d'auteur qui protège cette thèse. thesis nor substantial extracts from it Ni la thèse ni des extraits substantiels may be printed or otherurise de celle-ci ne doivent être imprimés reproduced without the author's ou autrement reproduits sans son permission. autorisation. TABLE OF CONTENTS TABLE OF CONTENTS ........... .. ..... .................... .... LIST OF TABLES ..........................-.-..-..... ...................................... ........ ABSTRACT ...... .......... .. ... ... .. .. ... ....... ........................ ... ............ .. ...... -.. ABBREVIATIONS..................................... ..... ............................... ........ ACKNOWLEDGMENTS...............-...- - .--... ........... ..-............-. ...... ..... ..... CHAPTER 1 IM'RODUCTION ....... ........-..................... ......................... 2 BANKING AND ECONOMlC DEVELOPMENT............ Overview,,.. .. .. ... .. ... .. ..... .. ... .... ... .... .......... .. .. ....... .. .. .. Functions of a Banking System............. .. ............. ... Channeling Savings into Real Investment.. .. ... Providing the Means for Payment.............. ... ... Providing a Variety of Stores of Wealth ........... Providing Entrepreneurial Talent.. .. .. .. .. ... .. .. Stabilizing the Economy ............ ... ................. .. Role of Banking System in Econornic Development.. .. Relationship between Financial Development and Economic Growth ........................... ....... ... 2.4.1 Demand-following Finance ..... ........ .. 2.4.2 Supply-leading Finance .................................... 13 3 THE ROLE OF BANKING IN THE ECONOMY OF HONG KONG............................................................... 16 3.1 The Development of the Banking Industry................ 16 3.2 Hong Kong as an International Financial Centre ....... 22 3.3 Significance of the Banking Industry to the Economy ................ ..... ........................................... 30 4 THE CENTRAL AND COMMERCIAL BANKING IN HONG KONG .................. .. ...................-. ........................ 37 4.1 Hong Kong Monetary Authority ............................... 37 4.2 Monetary Policy .......................................................... 43 4.3 Commercial Banking .................................................. 48 4.3.1 Legal Framework........................................... 48 4.3.2 Status of Foreign Banks .................. .. ............ 51 4.3.3 Major Banking Groups......................... .. .... 54 5 BANKl-NG SYSTEM N PIIIAINLAND CHINA AND ITS RELATIONSHIP WITJ3 HONG KONG ..................... 63 5.1 Ovewiew of Mainland China's Banking System ....... 63 5.1.1 Pre-reform System .......................................... 63 5.1.2 Current System............................................... 64 5.2 Mainland China - Hong Kong Banking Activities .... 83 5.2.1 Overview of China .Hong Kong Econornic Relations.................................... .... .................... 83 5.2.2 Hong Kong's Banking Activities in Mainland China................................................................. 84 5.2.3 Mainland China's Banking Activities in Hong Kong .................................................................. 86 6 TRENDS AND ISSUES ............... -... .......................... 92 6.1 Monetary System of Hong Kong after 1997 ............... 92 6.1.1 Two Monetary Systems............ .. ............... 93 6.1.2 Two Monetary Authorhies................. .............. 94 6.1.3 Two Currencies................................................ 95 6.3 Cornpetitions frorn Other Financial Centres............... 99 7 SWYAND CONCLUSION.................................. 1 14 Appendix 1 Selective Basic Law Provisions Related To Monetary . Policies ......................... ..,.. ,. .................. 1 19 BIBLIOGRAPHY ............................................. ............................. 131 LIST OF TABLES Table 3.1 : Ranking of Hong Kong as an International Financial Centre, 1995 ................ ....... ................................ 23 Table 3.2: Authonzed. Banking Institutions in Hong Kong: Domicile and Parentage ........... .... ........................ 24 Table 3 -3: Authonzed Banking Institutions in Hong Kong: Country/Region of Beneficial Ownership .................... 26 Table 3.4: Presence of World's Largest 500 Banks in Hong Kong ........................................ ..... ............................. 27 Table 3.5: Extemal Liabilities and Clairns of Hong Kong's Banking System ............... .. .................................... 28 Table 3.6: Loans to Non-Bank Customers by Hong Kong's Banks ......................................................................... 39 Table 3.7: Geographical Breakdown of Net Extemal Clairns/Liabilities of Hong Kong's Authorized . Banking Institutions .................................................... 3 1 Table 3.8: Total Loans for Use in Hong Kong by Economic Sector............. ., .......................................................... 32 Table 3.9: Employment in the Industry Sector: 'Financing, Insurance, Real Estate and Business Services' ............. 33 Table 3.10: Contribution to GDP by the Industry Sector: 'Financing, Insurance, Real Estate and Business Services' ....................................................................... 34 vii Table 4.1 : The Three-tier Banking System of Hong Kong. .. ...... .. 50 Table 4.2: Distribution of Assets, Deposits and Loans in Hong Kong's Banking System........ ...... .. ....... ................... .. 58 Table 5.1: A Measurement of the Independence of the People's Bank of China......................................................... .. 71 Table 5.2: The Banking Structure of Mainland China .............. .... 75 Table 5.3 : Loans and Deposits of Major Banking Institutions in Mainland China, 1994.. .. .. .. .. ... ... .. .. .. .. .. .. - -... .. .. 76 Table 5.4: Bank Representative Offices in Mainland China, by Country of Origin, End 1994........................................ 78 Table 5.5: Contracted Extemal Loans to Mainland China, 1979-1993......... ......... ...................... ............... , .... ...... 86 Table 5.6: Member Banks of Bank of China Group in Hong Kong ........................ ............... ......................... .............. 87 Table 6.1: Cornparison of Hong Kong and Japan: Selected Categories, 1995................ .. ...........-.... ........... 10 1 Table 6.2: Cornparison of Hong Kong and Tokyo as Offshore Banking Centres.. .. ....................................................... 102 Table 6.3: Cornpaison of Hong Kong and Singapore as International Financial Centres.... ..... ..... ...... .... ......... 105 Table 6.4: Cornparison of Hong Kong and Shanghai as Financial Centres .................... .. ............................. .. ...... .... 1 1 1 ABSTRACT The objective of this thesis is to analyze the development. structure and prospects of Hong Kong's banking system. In pahcdar. it attempts to investigate the monetary relationship between Hong Kong and Mainland China Through the assessment of the development of banking systems in Hong Kong and to a lesser extent Mainland China this thesis shows how these two economies carried out reforms in response to the changes and challenges to their banking industries, notably, the establishment of the Hong Kong Monetary Authority and the empowered authority of the People's Bank of China. This study illustrates that Hong Kong and Mainland China have already established a close banking relationship. Despite this intimate relationship. the monetary systems of Hong Kong and Mainland China will remain entirely separate even after Hong Kong's return to China in 1997. As a small open economy, Hong Kong mut continue to compete with other financial centres in the region, such as Singapore which stands out as an imminent cornpetitor of Hong Kong. This study concludes that the future development of the Hong Kong banking industry will hinge on whether Hong Kong can maintain its openness to the international cornrnunity and exercise proper and prudent supervision over its financiai institutions. More importantly, the economic and political development of Mainland China, if this continues on the right track. will Merboost the sustainable developrnent of Hong Kong's economy. ABBREVIATIONS ABC Agricultural Bank of China ACUs Asian Currency Units BOC Bank of China BOCOM Bank of Communications CI Certificate of Indebtedness CITIC China International Trust and Investment
Load more

Recommended publications
  • Regulatory Responses to the Chinese Shadow Banking Development
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Portal Czasopism Naukowych (E-Journals) Jagiellonian Journal of Management vol. 1 (2015), no. 4, pp. 305–317 doi:10.4467/2450114XJJM.15.021.4830 www.ejournals.eu/jjm Regulatory responses to the Chinese shadow banking development Piotr Łasak1 The Jagiellonian University in Kraków, Institute of Economics, Finance and Management Abstract Shadow banking systems were developing rapidly in the Western economies during the last two decades. Research from recent years show that within the last years equally important process of shadow banking development occurs in some emerging markets, and among oth- ers, in China. The system was not only a sophisticated part of China’s financial market, but played very important role in the development of the Chinese economy. The aim of this arti- cle is a description of the mechanisms of shadow banking development in China, character- istics of the main threats of this system and the regulatory approach in the country. Despite many threats, the shadow banking system plays an important role in the Chinese econo- my. There is a need for its regulation and support for further development. Paper type: review article Keywords: Chinese financial market, shadow banking, trust companies, wealth manage- ment products Introduction Shadow banking is evolving mainly in developed countries. The Financial Stabili- ty Board estimates that in 2014 more than 80% of global shadow banking assets re- side in advanced economies (FSB Financial Stability Board, 2015, p. 2). Despite that there are several countries classified as an emerging economy or developing coun- try, where the system is growing very rapidly.
    [Show full text]
  • The Public Banks and People's Bank of China: Confronting
    Chapter 13 Godfrey Yeung THE PUBLIC BANKS AND PEOPLE’S BANK OF CHINA: CONFRONTING COVID-19 (IF NOT WITHOUT CONTROVERSY) he outbreak of Covid-19 in Wuhan and its subsequent dom- ino effects due to the lock-down in major cities have had a devastating effect on the Chinese economy. China is an Tinteresting case to illustrate what policy instruments the central bank can deploy through state-owned commercial banks (a form of ‘hybrid’ public banks) to buffer the economic shock during times of crisis. In addition to the standardized practice of liquidity injection into the banking system to maintain its financial viability, the Chi- nese central bank issued two top-down and explicit administra- tive directives to state-owned commercial banks: the minimum quota on lending to small- and medium-sized enterprises (MSEs) and non-profitable lending. Notwithstanding its controversy on loopholes related to such lending practices, these pro-active policy directives provide counter-cyclical lending and appear able to pro- vide short-term relief for SMEs from the Covid-19 shock in a timely manner. This has helped to mitigate the devastating impacts of the pandemic on the Chinese economy. 283 Godfrey Yeung INTRODUCTION The outbreak of Covid-19 leading to the lock-down in Wuhan on January 23, 2020 and the subsequent pandemic had significant im- pacts on the Chinese economy. China’s policy response regarding the banking system has helped to mitigate the devastating impacts of pandemic on the Chinese economy. Before we review the measures implemented by the Chinese gov- ernment, it is important for us to give a brief overview of the roles of two major group of actors (institutions) in the banking system.
    [Show full text]
  • Annual Report
    Annual Report 2006–2007 Group of Thirty 30 Group of Thirty, Washington, DC Copies of this paper are available from: Group of Thirty 1726 M Street, N.W., Suite 200 Washington, DC 20036 Tel.: (202) 331-2472, Fax (202) 785-9423 E-mail: [email protected] WWW: http://www.group30.org Annual Report 2006–2007 Published by Group of Thirty© Washington, DC 2008 Table of Contents I. Introduction ..................................................................................... 5 II. The Group of Thirty Membership ................................................... 7 III. The Work of the Group of Thirty in FY2006 and FY2007 ........... 13 Plenary Sessions .......................................................................... 13 International Banking Seminars ................................................. 13 Study Group Activities ................................................................ 14 Publications ................................................................................. 16 IV. The Finances of the Group .......................................................... 19 Annex 1. Past Membership of the Group of Thirty .......................... 31 Annex 2. Schedule of Meetings and Seminars: .............................. 33 Annex 3. International Banking Seminars ...................................... 35 Annex 4. Plenary Sessions ............................................................... 37 Annex 5. The Group of Thirty (G30) Study on Reinsurance and International Financial Markets ............................................
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Wednesday, 29
    LEGISLATIVE COUNCIL ─ 29 April 2015 9455 OFFICIAL RECORD OF PROCEEDINGS Wednesday, 29 April 2015 The Council met at Eleven o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG DR THE HONOURABLE LAU WONG-FAT, G.B.M., G.B.S., J.P. THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE ABRAHAM SHEK LAI-HIM, G.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, S.B.S., J.P. THE HONOURABLE FREDERICK FUNG KIN-KEE, S.B.S., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P. 9456 LEGISLATIVE COUNCIL ─ 29 April 2015 THE HONOURABLE WONG KWOK-HING, B.B.S., M.H. PROF THE HONOURABLE JOSEPH LEE KOK-LONG, S.B.S., J.P., Ph.D., R.N. THE HONOURABLE JEFFREY LAM KIN-FUNG, G.B.S., J.P. THE HONOURABLE ANDREW LEUNG KWAN-YUEN, G.B.S., J.P. THE HONOURABLE WONG TING-KWONG, S.B.S., J.P. THE HONOURABLE CYD HO SAU-LAN, J.P. THE HONOURABLE STARRY LEE WAI-KING, J.P. DR THE HONOURABLE LAM TAI-FAI, S.B.S., J.P. THE HONOURABLE CHAN HAK-KAN, J.P. THE HONOURABLE CHAN KIN-POR, B.B.S., J.P. DR THE HONOURABLE PRISCILLA LEUNG MEI-FUN, S.B.S., J.P.
    [Show full text]
  • Bank of China Limited, Luxembourg Branch
    http://www.oblible.com BANK OF CHINA (LUXEMBOURG) S.A. (incorporated with limited liability under the laws of Luxembourg) Issue of EUR 800,000,000 0.125 per cent. Notes due 2023 Guaranteed by Bank of China Limited, Luxembourg Branch under the U.S.$40,000,000,000 Medium Term Note Programme of Bank of China Limited ______________ These Listing Particulars (the “Listing Particulars”) are prepared in connection with the U.S.$40,000,000,000 Medium Term Note Programme (the “Programme”) established by Bank of China Limited (the “Bank”), and the EUR 800,000,000 0.125 per cent. Notes due 2023 (the “Notes”) to be issued by Bank of China (Luxembourg) S.A. (the “Issuer”) and unconditionally and irrevocably guaranteed by Bank of China Limited, Luxembourg Branch (the “Guarantor”) on 16 January 2020 under the Programme. The Offering Circular in respect of the Programme dated 4 April 2019 (the “Principal Offering Circular”) as supplemented by the supplemental offering circular dated 8 October 2019 (the “Supplement”) and the second supplemental offering circular dated 8 October 2019 (the “Second Supplement”, and together with the Principal Offering Circular and the Supplement, the “Offering Circular”), is set out in Annex A hereto and forms part of these Listing Particulars. Terms defined in the Offering Circular have the same meaning when used in these Listing Particulars. Pursuant to the Approval by the Enterprise Borrowing Foreign Debt Registration Certificate of [2019] (《企业借用外债备案登记证明》(发改办外资备 [[2019]51 号])) issued by the NDRC General Office on 24 January 2019 (the “NDRC Approval”), the Bank is not required to complete the pre-issuance registration in respect of the Notes with the NDRC as the Notes will be issued within the NDRC Approval.
    [Show full text]
  • China: a New Paradigm in Branchless Banking?
    China: A New Paradigm in Branchless Banking? Leesa Shrader and Eric Duflos March 2014 1 Acknowledgments This paper includes input from Stephen Rasmussen (CGAP) and Peter Zetterli, Stefan Staschen, Mingyao Zhou, and Lingjun Wang (consultants). The authors especially thank Stephen Rasmussen, and Greg Chen (CGAP) for reviewing the report, and the IFC Advisory Team in China: Fangfang Jiang, Yolanda Yun Zhu, and Zhifang Luo for their great collaboration during the field visits. The authors also thank Susan Pleming and Anna Nunan (CGAP) for editing the report. The authors would like to thank IFC, PBOC, China Union Pay, F-Road, and the Postal Savings Bank for their support for field work during field evaluation of the agent banking pilots in China, as well as Shift Thought Ltd for its June 2013 special report for CGAP, “Digital Money in China.” GENERAL BENCHMARKS Population: 1,351 billion (2012) (World Bank 2012b) Urban population: 52% urban, 48% rural (2012) (World Bank 2012b) Population below poverty line: 13.4%—128 million (2011) (World Bank n.d.) GNI per capita $9,040 (2012) (World Bank 2012b) Gini coefficient: 0. 474 (2012) (Economist 2013c) Number of SIMs: 1.104 billion (December 2012) (Ericsson 2013, p. 2) Commercial bank branches per 100,000 adults: 7.72 (2012)1 ATM per 100,000 adults: 37.51 (IMF 2012a) Towns/villages with no access: 1,865 from total 40,466 (2012) (Tianqi 2013) % of adults who have used a bank account in the past 12 months: 64 (World Bank 2012a) Household loan accounts with commercial banks per 1,000 adults: 846.74 (IMF 2012a) Internet users: 564 million (2012) (China Internet Network Information Center 2013) 1 World Bank, Commercial Bank Branch Data 2012, accessed 29 January 2014.
    [Show full text]
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • Prospectus E.Pdf
    IMPORTANT If you are in any doubt about this prospectus, you should consult your stockbroker, bank manager, solicitor, professional accountant or other professional adviser. (Incorporated in Hong Kong with limited liability under the Companies Ordinance) GLOBAL OFFERING Number of Offer Shares in the Global Offering: 2,298,435,000 (subject to adjustment and the Over-allotment Option) Number of Hong Kong OÅer Shares: 229,843,500 (subject to adjustment) Maximum OÅer Price: HK$9.50 per OÅer Share payable in full on application in Hong Kong dollars, subject to refund Nominal Value: HK$5.00 per Share Stock Code: 2388 Joint Global Coordinators and Joint Bookrunners BOC International Goldman Sachs (Asia) L.L.C. UBS Warburg Holdings Limited Joint Sponsors BOCI Asia Limited Goldman Sachs (Asia) L.L.C. UBS Warburg Asia Limited The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus. A copy of this prospectus, together with the documents speciÑed in the section headed ""Documents Delivered to the Registrar of Companies'' in Appendix VIII, has been registered by the Registrar of Companies in Hong Kong as required by Section 38D of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong. The Securities and Futures Commission and the Registrar of Companies in Hong Kong take no responsibility as to the contents of this prospectus or any other document referred to above.
    [Show full text]
  • Printed Version for Despatch to Shareholders (PDF: 9281KB)
    Stock Code: 2388 BOC Hong Kong (Holdings) Limited Annual Report 2009 52/F Bank of China Tower, 1 Garden Road, Hong Kong Website: www.bochk.com Solid FOUNDatIONS for SUSTAINABLE GROWTH Annual Report 2009 Theme Hong Kong’s modern cityscape is complemented by its wealth of natural resources. The formation of these world-class rock and geological features takes hundred million of years. Hong Kong Geopark helps ensure that our future generations will be able to enjoy the legacy of these beautiful natural wonders. The Group takes great pleasure in pioneering the “Hong Kong Geopark Charity Green Walk”, a key focus of our Corporate Social Responsibility (CSR) programme in the year ahead. Our commitment to CSR is at the heart of our long-term competitiveness, enabling younger generations to enjoy the natural environment we are endowed with, and contributing to the sustainable development of the economy, society and environment as a whole. By embracing CSR, we reinforce our vision of becoming the premier bank of choice and creating greater value for our customers, shareholders and employees. OUR VISION TO BE YOUR PREMIER BANK OUR MISSION OUR CORE VALUES Build Social Responsibility customer satisfaction and provide quality We care for and contribute to our communities and professional service Performance Offer We measure results and reward achievement rewarding career opportunities and cultivate staff commitment Integrity We uphold trustworthiness and business ethics Create values and deliver superior returns to Respect shareholders We cherish every individual Innovation Combining the initials of mission and We encourage creativity core values, we have Teamwork BOC SPIRIT We work together to succeed Be environmentally friendly for our better future: As a good corporate citizen, we do not use lamination as normally adopted by the industry in our Annual Report 2009.
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Thursday, 12 July
    LEGISLATIVE COUNCIL ─ 12 July 2001 7709 OFFICIAL RECORD OF PROCEEDINGS Thursday, 12 July 2001 The Council met at Nine o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE MRS RITA FAN HSU LAI-TAI, G.B.S., J.P. THE HONOURABLE KENNETH TING WOO-SHOU, J.P. THE HONOURABLE JAMES TIEN PEI-CHUN, G.B.S., J.P. THE HONOURABLE DAVID CHU YU-LIN, J.P. THE HONOURABLE CYD HO SAU-LAN THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, J.P. THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE MARTIN LEE CHU-MING, S.C., J.P. THE HONOURABLE ERIC LI KA-CHEUNG, J.P. DR THE HONOURABLE DAVID LI KWOK-PO, G.B.S., J.P. THE HONOURABLE FRED LI WAH-MING, J.P. DR THE HONOURABLE LUI MING-WAH, J.P. THE HONOURABLE NG LEUNG-SING, J.P. PROF THE HONOURABLE NG CHING-FAI 7710 LEGISLATIVE COUNCIL ─ 12 July 2001 THE HONOURABLE MARGARET NG THE HONOURABLE MRS SELINA CHOW LIANG SHUK-YEE, J.P. THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE HUI CHEUNG-CHING, J.P. THE HONOURABLE CHAN KWOK-KEUNG THE HONOURABLE CHAN YUEN-HAN, J.P. THE HONOURABLE BERNARD CHAN THE HONOURABLE CHAN KAM-LAM THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG THE HONOURABLE SIN CHUNG-KAI THE HONOURABLE ANDREW WONG WANG-FAT, J.P. DR THE HONOURABLE PHILIP WONG YU-HONG THE HONOURABLE WONG YUNG-KAN THE HONOURABLE JASPER TSANG YOK-SING, J.P.
    [Show full text]
  • Property Management Revenue from Property Management for 2003 Increased by 11.0% Over 2002 to HK$94 Million
    032 Executive management’s report Property review This caused revenue from investment properties for the year of our properties further and establishing them as a to decline slightly by 1% over 2002 to HK$888 million. benchmark for the industry in Hong Kong. Our staff performed outstandingly during the period of SARS For Two IFC, the quality of the office building and its to ensure shoppers’safety and mitigate the effects of the management enabled MTR to attract tenants despite the outbreak on public confidence. We also supported tenants lingering cautious sentiment resulting from SARS, the war in through aggressive promotion campaigns, including an Iraq and the weak economy. Considerable effort was taken attractive rebate promotion. Within this context, we took full to explain to potential tenants, agents and the business advantage of the relaxation of travel restrictions on tourists community the merits of the building, which is ideally suited from Mainland China through proactive, tailor-made to the sophisticated needs of multi-national corporations. programmes, such as organising shopping tours, designed The decision by Swiss banking giant UBS to lease seven floors to bring high spending Mainland visitors to our shopping represented one of the largest and highest profile relocations centres. These programmes proved successful in boosting of an office tenant in Hong Kong in 2003. UBS joined a growing the business turnover of our tenants. list of leading institutions in the building, including the Hong The Total Quality Service Regime, our pioneering customer Kong Monetary Authority, reinforcing Two IFC’s position as the service enhancement programme, and our computerised building of choice for top-tier corporations.
    [Show full text]
  • Next-Generation Retail Banking in China Building Eight Transformational Capabilities
    Asia Retail Banking Practice Next-generation retail banking in China Building eight transformational capabilities March 2012 Jan Bellens Emmanuel Pitsilis Jun Xu Asia Retail Banking Practice Next-generation retail banking in China Building eight transformational capabilities March 2012 Jan Bellens Emmanuel Pitsilis Jun Xu Next-generation retail banking in China 5 Building eight transformational capabilities Rapid but uneven growth, weak return Retail banking in China has grown at breakneck speed in the last decade. During the period 2000–10, retail deposits grew by 4.5 times and loans by a staggering 17 times. Products per customer have increased to four from just above one. All banks combined, there are more than 200,000 employees dedicated to retail today compared with almost none ten years ago. Retail product offerings, the talent pool, channels, and infrastructure have all grown dramatically in scale and quality. More exciting days are ahead. By 2015, China will become the second-largest retail banking market in the world, after the United States. By 2020, total retail banking revenue is expected to reach $280 billion1 a year from $127 billion today, new research from McKinsey & Company shows (Exhibit 1). Exhibit 1 China will become the second-largest retail banking market in the world by 2015, with an annual revenue pool of around $280 billion by 2020. Revenue of retail banking post-risk, top 5 countries $ billion 2011E 2015E 2020E United United United 443 602 754 States States States Japan 141 China1 161 China1 279 China1 127 Japan 156 Japan 174 Germany 83 Germany 89 Germany 107 United United United 63 88 104 Kingdom Kingdom Kingdom 1 China forecast based on conservative scenario.
    [Show full text]