| Abstract | The Singapore government announced a series of measures in February 1998 to boost its financial sector. Most of the major measures were about attracting international fund managers and developing its capital markets, key areas where Singapore lags behind Hong Kong. To maintain its top-tier position as a financial centre in the face of global financial liberalisation, particularly amidst the financial reforms of Singapore and Japan, Hong Kong needs to consolidate its current competitive advantages while positioning itself to take advantage of new developments. The article discusses the measures taken regarding financial reform of Singapore in 1998 and the challenges faced by Hong Kong. |
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