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SCMP Reporter

The Hong Kong Government has been urged to set up an independent review committee to oversee the SAR's financial markets.

 China Infrastructure Group executive chairman Edward Chow Kwong-fai said regulators and the Government's financial arm were competent but 'regrettably not very good at reviewing or criticising themselves'.

 Mr Chow said the independent review committee could copy the Securities Review Committee established by then governor Sir David Wilson in 1988 after the market crash.

 He said the committee should be headed by a chairman detached from daily operation and supervision of the financial markets.

 Mr Chow, an election candidate, said the Provisional Legislative Council's financial affairs panel last November called for a market review.

 'To some degree it was a passive, not a pro-active, move,' he said.

 A Financial Services Bureau report on a financial market review was satisfactory in summarising market problems but lacked proposals to increase financial activities, Mr Chow said.

 He said the low stock market turnover and banks' tightening up of lending had a negative impact on business.

 'No matter how well the system is regulated, if the business transactions in the financial market are insufficient, people in the business will be hungry,' he said.

 Mr Chow said the Government needed to focus on the development of the debt market and a second board to stimulate the market.

 He said the Government needed to actively promote market plans to encourage listings.

 'When the economy is not going well, more people will want to raise capital. A second board could loosen up requirements on listing applicants,' he said.



Call for neutral market reviewer