Jake's View | A critical review of the financial development council's study

During their brainstorming, the [financial services development] council defined five areas of study, according to the council chairwoman. These include finding opportunities in the mainland, promoting the financial services industry overseas, training talent, further developing the financial sector and encouraging new and innovative businesses.

I assume, of course, that these five are in addition to the principal area of study, namely the relative merits of the Chateaubriand and the Chateau Medoc in the sorts of restaurants that one might expect a financial services council to frequent.

I can think of no reason why anyone should wish to quibble with this obvious purpose although someone had better hurry up to raise the money for it. But let us examine the other five purposes:

Finding opportunities in the mainland. It's not so much a matter of finding them as being granted them. If Beijing prohibits ordinary citizens of China from buying Hong Kong listed equities then it doesn't matter how many willing buyers the council can find in the mainland.

And if Beijing does grant them access to our market we will not need the council to find the opportunity. This newspaper will trumpet the news immediately. Every dealing room in town will know all about it in minutes. Every investment bank lawyer will have combed through the fine details before the council members have ordered dessert.