Press Release

 

 

Speech by FS at HSBC Centre

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Following is the full text of the speech (English only) delivered by the Financial Secretary, Mr Donald Tsang, at HSBC Centre Opening Ceremony today (Monday):

Mr Whitson, Ladies and Gentlemen,

I am very pleased to be here today to officiate at this Opening Ceremony of the HSBC Centre. I am looking forward to visiting the Wayfoong Child Care Centre a little later. This facility will be a great boon to HSBC's working parents.

The building here is an impressive one. It will provide a very fine home for a great many HSBC people for many years to come. It represents a very major investment in Hong Kong. Its location is also noteworthy, as it gives a big shot in the arm to the development of West Kowloon as an important and growing business district. It is particularly pleasing to see major financial buildings springing up outside Central.

As we all know, the Asian financial crisis has inflicted pains and sufferings on businesses throughout the region over the last two years. While Hong Kong had its share of adverse impact, it has faired relatively well. The people of Hong Kong, and their businesses, have held up well, demonstrating their legendary resilience. HSBC is a very good example of how Hong Kong's best businesses have continued to perform well against an adverse regional business cycle. There are now clear signs of regional recovery. I am sure we can expect HSBC, and Hong Kong as a whole, to go from strength to strength. The opening of this new building cannot come at a better time, when Hong Kong emerges from the shadow of recession and is looking to a bright, new century.

Indeed, looking to the future is now the focus for all of us. We in government and in business must redouble our efforts to ensure that Hong Kong maintains its sharp competitive edge.

In this regard, the banking sector is responding well. We have seen innovative initiatives from banks to improve their efficiency and customer service. Both of them are, I know, very dear to HSBC's heart.

While encouraging healthy competition, we are mindful of the need to ensure that the swift process of change will not put the banking industry at risk.

We have embarked on a carefully measured programme of market reforms. They include the relaxation of the one branch policy for foreign banks, improvements in the disclosure and the transparency of the banking sector. We will not stop there. Other reforms are in the pipeline, including the widening of access to the RTGS (Real Time Gross Settlement) system by lesser financial institutions, and phased deregulation of the remaining interest rate rules. These reforms will put our banking sector in the forefront of competition among the top international financial centres.

As a major provider of financial services, HSBC has a big part to play in this. This important project shows that HSBC is playing its part with great distinction.

Thank you.

End/Monday, October 25, 1999

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