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Following is the opening statement by the Commissioner for Census and Statistics, Mr Frederick W H HO, at the IMF's Coordinated Portfolio Investment Survey Asia-Pacific Regional Workshop 2002 this (June 25) morning:
Ladies & Gentlemen,
Welcome to the IMF's Coordinated Portfolio Investment Survey (CPIS) (note 1) Asia-Pacific Regional Workshop 2002.
May I express that Hong Kong is very delighted to be given the opportunity to host this regional workshop. I also like to express my sincere appreciation to the IMF for its untiring efforts in promoting the compilation and dissemination of timely and quality economic and financial statistics by statistical authorities. The implementation of the 2001 round of CPIS with over 70 participating countries/territories and the series of regional workshops for the personnel engaged in such work to exchange experience and expertise are typical examples of such efforts.
Data from the CPIS will provide useful information for various countries/territories to improve their own statistical systems for compiling statistics on portfolio investment and associated income flows in the balance of payments (BoP) account.
Hong Kong takes an active role to work closely with the international community. As an international financial centre, Hong Kong is in full support of the IMF's initiatives of enhancing the quality of economic and financial statistics. Hong Kong will continue to participate in future rounds of CPIS and related initiatives.
I understand that you have been actively involved in conducting the 2001 CPIS, from collection to analysis of relevant data. This regional workshop is intended to provide a forum for experts from the IMF and compilers from the 13 participating countries/territories in the region (including Hong Kong) to review the progress of the 2001 CPIS and to share experience and to learn about others' practices. Experts from the IMF will also discuss the arrangements for supplying data and metadata to the IMF and the plan for future rounds of CPIS. I am sure that the 2001 CPIS is bringing about a considerable enhancement to the availability and quality of data on cross-border portfolio investment at the global level.
Taking this opportunity, I would also like to share with you the major statistical developments of Hong Kong relating to the IMF's Special Data Dissemination Standard (SDDS) (note 2) in recent years.
First, Hong Kong has enhanced its statistical systems to fully meet the requirements of SDDS, subsequent to subscription to the SDDS in April 1997. In particular, dissemination of the first set of BoP account with detailed components in year 2000 was a big step forward. At present, quarterly BoP account of Hong Kong is disseminated with a time lag of less than three months.
Second, the first set of annual International Investment Position (IIP) statistics of Hong Kong for reference years 2000 and 2001 has just been published. The availability of IIP data will facilitate analysis of changes in the stock of external financial assets and liabilities of Hong Kong and enhance the transparency of its financial markets. In compiling both the BoP and IIP statistics, the standards prescribed in the Fifth Edition of the Balance of Payments Manual of the IMF are closely followed.
Third, the first set of quarterly external debt (ED) statistics for the first quarter of 2002 was published on 24 June (yesterday). ED is a new data category under the SDDS.
Turning to the CPIS again, cross-border flows of portfolio investment are substantial and volatile in such an international financial centre as Hong Kong. Not only the holdings of portfolio investment assets by Hong Kong investors are on the increase, various financial instruments issued by Hong Kong companies are increasingly popular among non-resident investors in recent years. In particular, Hong Kong has been actively developing its debt markets. Participation in the CPIS has provided an effective means for Hong Kong to enhance its statistical system for compiling portfolio investment and related statistics.
I would like to emphasize that these developments do not mark an end to what we want to do. My colleagues and I will make utmost efforts to continue the development of Hong Kong's statistical systems. We will of course take particular advantage of the opportunity of this workshop to learn from you in the compilation of economic and financial statistics.
I see that there is a very substantive agenda for the workshop. I am sure there will be hardwork, but very useful work, to be done during the workshop. So, let me wish that you will have most fruitful deliberations. I will see you again tomorrow at the dinner reception. Meanwhile, apart from working, if you do have a bit of time to spare, do find your way around our rather beautiful city.
Thank you very much.
Notes:
1. The first round of CPIS was conducted by the IMF relating to the position as at end-1997, with participation of 29 countries/territories. The survey aimed to address concerns on data discrepancies in cross-border portfolio investment recorded at the global level. The 2001 round of CPIS is the second round being conducted by the IMF relating to the position as at end-2001, with participation of over 70 countries/territories.
2. The SDDS of the IMF was formally established in 1996 as a standard of practices for economies in the provision of economic and financial data to the public. Countries/territories subscribing to the SDDS pledge to produce economic and financial statistics that meet international standards. Requirements of the SDDS consist of four dimensions: the data dimension (including coverage, periodicity and timeliness); access by the public; integrity; and quality of the disseminated data.
End/Tuesday, June 25, 2002
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