Hong Kong Secretary for Financial Services & the Treasury Frederick Ma said Thursday Hong Kong Special Administrative Region government will spare no effort in creating a conducive environment for maintaining Hong Kong's competitiveness as a regional asset management center.

Speaking at opening session of the Forum on Hong Kong as an International Asset Management Center, Ma said Hong Kong is one of the most prominent asset management center in Asia, with a significant presence of global fund houses.

According to a Securities & Futures Commission survey, the total assets of Hong Kong's fund management business in 2003 amounted to 2.947 trillion HK dollars (377.8 billion US dollars), of which 1.86 trillion HK dollars, or 63 percent, originated from overseas investors.

The prospects for assets management business are tremendous, Ma said, adding the high savings rate in Asia, the good prospects for economic growth in the region, and the Chinese mainland's policies towards broadening the scope of investment, all present huge opportunities for Hong Kong.

He also cited the government's efforts in meeting with the challenges that Hong Kong was facing. They include keen competition in a globalized economy, volatile economic, financial and geo-political environment in the region and the world at large and the demand for talent.

Noting the existence of sufficient and good quality human resources was key to Hong Kong's further development as an international asset-management center, Ma said there is a need for Hong Kong to step up efforts in expanding the pool of talent through strengthening local education and training and attraction of talent from outside.

"We must capitalize on our strengths, seize all the development opportunities and prepare ourselves well for the challenges ahead," Ma added.

Source: Xinhua