Finance making a statement
According to the Half-Yearly Monetary and Financial Stability Report released by the Hong Kong Monetary Authority last month, the local banking sector continued to record healthy growth. It was also mentioned in the report that for 2012 as a whole, the aggregate pre-tax operating profits of retail banks recorded an increase of 12.7 per cent. This was far higher than the banking sector anticipated, so recruitment levels in the sector should remain cautiously encouraging.
The size of the finance-industry workforce in the third quarter of 2012 was 226,000, making up 6.2 per cent of total employment. Assuming no major financial crisis breaks out again in the near future, hiring momentum in the sector is expected to build.
The US and European economies show no sign of recovery, but the impact on Hong Kong's banking sector is only slight because its risk-resistance capacity is quite strong. Hong Kong also has the massive Chinese market as a backup, which provides a plethora of business opportunities for the sector here. Hence, the banking sector in Hong Kong is expected to keep developing healthily amidst the global economic recession.
Ng Leung-sing, legislative councillor, Finance Functional Constituency
As told to Chiu Po-sze