(Xinhua)
Updated: 2008-03-16 09:18

About 200,000 people, or 5.4 percent of Hong Kong's workforce, are now working in the financial sector, thereby contributing to the success of the southern Chinese territory as a financial hub, a senior official said Saturday.

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Chan Ka-Keung, the professor-turned-secretary for financial services and the treasury of the Hong Kong Special Administrative Region (HKSAR) government, said the financial sector contributed more than 16 percent of Hong Kong's gross domestic product (GDP), citing statistics from the local Securities and Futures Commission.

"No doubt Hong Kong's success as a major international center can be attributed, to a large extent, to the availability of a big pool of financial talent," he told a forum at the Chinese University of Hong Kong on human resources challenges.

Chan said the HKSAR government, universities and the industry have invested heavily in producing talent, which, together with regulatory environment and access to international markets, made the important factors for the competitiveness of a financial center.

The HKSAR government has been devoting more than HK$50 billion ($6.41 billion) a year to build up the pool of local talent.

Chief Executive Donald Tsang has, among other measures, announced in his policy address last year that free education would be extended from 9 to 12 years.

To attract talents from outside Hong Kong, the government has modified the Quality Migrant Admission Scheme by relaxing restrictions on age limit and other requirements.

Over 3,000 students graduated from business faculties of local universities each year and the proportion of the population with post-secondary education in "business and commercial studies" increased from 26 percent in 1996 to 32 percent in 2006, he said.

"Human capital is the single most important asset of Hong Kong and of any financial companies," he said, calling for concerted efforts to produce talents.

The government was keenly aware of the importance of having a favorable living environment for the overseas talent and their families and will continue to work towards improving the air quality and environment as a whole, he added.