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| No.5 August, 2009 |
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Further fiscal market reform urged |
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 Hong Kong has urged more Asian economies to press ahead with more market reform to ensure they continue to thrive into the future.
Hong Kong’s Secretary for Financial Services & the Treasury, Professor KC Chan, also said Asian economies should deepen market reform through measures like developing local currency bond markets to improve the efficiency of financial intermediation. |
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Speaking at the Special Ministerial Session of the World Capital Markets Symposium in Kuala Lumpur on August 10, Professor Chan said international commitment was growing for the reconstruction of global financial order.
But he said financial regulatory reform should not hinder capital flows to emerging markets and developing economies.
"Voices from emerging economies should be duly reflected in shaping the new global financial architecture, for instance, in the areas of regulation of global banks, hedge funds and credit rating agencies in view of the cross-jurisdiction business nature of these entities," Professor Chan said.
While noting there were gaps concerning the regulation of these entities, Professor Chan said policymakers should be mindful reforms would neither lead to market fragmentation nor hinder the development of level playing fields for financial institutions.
Hong Kong is drawing lessons from the crisis and the experience of other countries in a review of the city's fiscal regulatory structure to ensure changes facilitate market development and provide adequate investor protection.
Professor Chan reaffirmed Hong Kong's strong commitment to a capital market with free flows of capital, sound regulation enhancing market quality and discouraging excessive risk-taking that posed a threat to the financial system as a whole.
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