|
SOH CHEE SENG
The achievement of Singapore and Hong Kong as an
important financial centre in Asia is mainly due to their strategic location
and strong leadership and policy of the government. They both have an
efficient government. Singapore and Hong Kong have been the trading centre
in South East Asia and East Asia as they both have a well managed and
advanced communication facility.
Hong Kong will have more advantages as it is closer
to and part of China. Most Chinese companies will find it more convenience
to raise fund through IPO in Hong Kong as Singapore, as compared with Hong
Kong, is still a distance. I believe Hong Kong will remain as an important
financial centre in Asia in the next three decades.
JIA
HAO
Hong Kong is a free port, a bustling trade center,
and a shipping and banking emporium—one of the greatest trading and
transshipment centers in East Asia. Its present high levels of trading and
financial development are invariably attributed to its special political
position and history as the colony occupied by U.K. from the Opium War to
1997 as well as its advantageous geographical position, that is, ideally
located for trade in the Pacific Rim and China, Hong Kong as a free trade
zone has shipping connections with all major world ports and is an
international air hub. Hong Kong's observance of free trade principles is
more complete than anywhere else in the world. The city is a fierce champion
of free trade and an enthusiastic supporter of the free trade aspirations of
the General Agreement on Tariffs and Trade (GATT), its successor, the World
Trade Organization and the Asia-Pacific Economic Cooperation forum (APEC).It
fosters open competition and does not discriminate in favor of local
companies, or in favor of British or Chinese companies.
As to Singapore's economical success, I have to say
in my general understanding that an obsession with productivity, the high
standard of education of its workforce and its location at the heart of
ASEAN (Association of Southeast Asian Nations) has made Singapore the most
durable economy in the world. Especially its insistence on global knowledge
economy---to nurture and keep its own talents as well as to attract talents
from abroad.
In my observance, the common characteristic in both
economies is their mixture of western and eastern cultures to some extent
On June 30, 1997, after 155 years of British
colonial rule, Hong Kong officially became a Special Administrative Region
of the People's Republic of China. Such transition has not led to any
disorder. Instead, China's stable political environment and booming economy
definitely have a positive impact of HK's economy which consequently has a
positive impact on its trade finance market.
CONCLUSION
What contributed to trade finance development in
Hong Kong and Singapore?
. Their dependence on international trade
. International trade's dependence on trade finance
. International trade finance's dependence on local
or localized expertise - Jia Hao and Soh Chee Seng personify local expertise
. Their friendly trade and banking policies
. Their well developed transportation and
communication means.
What trade finance development caused? International
trade development . of course. And, ultimately -economic development,
obviously. Where there are right inputs - friendly federal policies, for
example -there is the intended output of economic development. Hong Kong and
Singapore are the best case studies of economic development through
international trade development through trade finance development through
favorable policies and practices. Economic development is the best strategy
than the foreign aid. International trade and not foreign aid is the best
means for economic development. This means becomes effective to achieve the
end result of economic development if there are right policies and right
intentions; serious, sincere, persistent and determined efforts as
demonstrated by Hong Kong and Singapore.
|
