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Hong Kong Business Summit' 99
"Hong Kong, China : Into the Next Millennium"

2^nd December 1999

"The Role of Financial Services Industry in the Future Hong Kong Economy"

Speech By Mr Andrew Sheng
- Chairman Securities and Futures Commission

HK financial markets - dramatic structural changes

• MPF coming onstream

• TraHKer Fund transformed fund management market - largest index stock fund in Asia - HK$33 bn

• GEM poised to attract high growth companies to list in Hong Kong

• 107 venture capital funds managing US$10.7 bn in 1997, one-third of total venture capital funds in Asia

• SEHK/NASDAQ link by early 2000

• Other strategic alliances matter of time

Meeting competition through the Web

• ATS & ECNs invading exchange business

• Global alliances emerging

• Internet trading rapidly being adopted in HK

• Internet banking in pipeline

• Web-friendly eFrastructure designed and will be implemented within 2 years

Hong Kong - Market Opportunities

• WTO access for Mainland creates opportunities for HK

• Hong Kong is Manhattan to Pearl River Delta

• Shenzhen emerging as hi-tech centre for Mainland due to proximity to Hong Kong

• Best broadband infrastructure with 135 ISPs

• 12th IT usage economy in world (4th in Asia)

• Open and free press - key to deep financial markets

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