HK's wealth management industry has promising future

Hong Kong's wealth management industry has a favorable and promising outlook based on its own advantages and the rapid economic development of Chinese mainland, said Hong Kong's Financial Secretary Henry Tang Friday.

At the opening ceremony of the Financial World Expo 2006, Henry Tang said Hong Kong can develop into a leading asset management center based on its rule of law, a robust and effective regulatory regime, absence of foreign exchange control, the world's freest economy, and one of the world's most efficient tax systems.

"Last year, Hong Kong's combined fund management business reached 4,526 billion HK dollars, which stands for a 25 percent increase compared with the previous year," added the financial chief.