Financial Reform - Meeting Competition

19. The Asian financial turmoil underlined the need for timely reforms on the financial front. We have implemented a series of measures to reinforce the linked exchange rate system. We have fostered the demutualisation, merger and listing of the securities and futures exchanges, and established a link with the NASDAQ. The Growth Enterprise Market is providing a useful avenue for start-ups to raise capital. The US dollar payment system is in place and is linked with the Hong Kong dollar real-time gross settlement system. The Securities and Futures Bill, which will enable us to keep pace with new developments in the market, will be announced next month. All these help to consolidate Hong Kong's position as an international financial centre and enhance the overall vitality of our economy.

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