policy address

78. Hong Kong is a leading international financial centre in the Asia-Pacific region. We will continue to consolidate this position, which is of vital importance to our prosperity. The banking sector is laying the groundwork for implementing the New Basel Capital Accord to meet the highest international standards. The Government upgrades the quality of financial markets by enhancing the regulatory regime and the promotion of good corporate governance. A Securities and Futures (Amendment) Bill aimed at strengthening the regulation of listed companies will be introduced into the Legislative Council in this legislative session. We will continue to promote the development of the bond market and fund management business, and further promote the asset management industry in Hong Kong. To attract more investors and offshore funds to Hong Kong, measures have been taken to abolish estate duty and exempt offshore funds from profits tax.