The Government hopes to work closely with the community, especially the financial services sector, to promote Hong Kong as an international financial centre, Secretary for Financial Services & the Treasury Frederick Ma says.

These measures include enhancing corporate governance, promoting Hong Kong as a regional asset management centre as well as a capital formation centre and investment platform for Mainland enterprises, and facilitating the development of the local bond market, he said.

In an article published today in the FSTB & You column of the Financial Services & the Treasury Bureau website, Mr Ma said there are a number of financial news items for 2004 which are all closely related to the strengthening of the development of Hong Kong as an international financial centre.

Mr Ma selected the following as his top 10 financial news stories in 2004:

*Since February, banks in Hong Kong have started to conduct personal renminbi business here. In the past 10 months, the amount of renminbi deposits rose to about 10 billion RMB.

*In February, the State Council approved overseas investment of the National Social Security Fund. President of the National Social Security Fund Council Xiang Huaicheng said in November Hong Kong would be among the Fund's top choices in overseas investments.

*In May, the Government launched the $6 billion securitisation of revenues from tolled tunnels and bridges, which is the largest securitisation bond offering ever in Hong Kong and the first made available to retail investors. It is also among the largest in the region.

*The Legislative Council passed the Deposit Protection Scheme Ordinance in May, which will enhance deposit protection in Hong Kong. The scheme is expected to start in 2006.

*In July, the Government launched the $20 billion global bond offering - the largest dual currency and multi-tranche offering in the region, available to both retail and institutional investors. It is also the largest subscription and issue amounts for a retail bond offering.

*The Professional Accountants (Amendment) Ordinance was passed in the Legislative Council in July, enhancing the transparency and independence of the regulation of the accounting profession.

*In August, the China Insurance Regulatory Commission announced its approval for qualified insurance companies in the Mainland to invest their foreign exchange funds in overseas bond markets.

*In October, rented safe deposit boxes at DBS Bank were accidentally destroyed. The Monetary Authority subsequently took a series of measures to ensure proper protection for customers of all banks in Hong Kong .

*In December, the planned listing of the Housing Authority's Link Real Estate Investment Trust was suspended pending a possible appeal to the Court of Final Appeal by a public housing tenant.