The building of an international financial centre
From the functional point of view, Hong Kong, unlike the traditional centres such as London and New York, did not begin its career as a net exporter of capital. At the same time, unlike many other newly emergent centres, it does not confine its activities to entrepot financial services or offshore banking, since the domestic market is also highly dynamic. The most appropriate appellation is therefore ‘regional financial centre’. As the designation implies, it is a focal point for the flow of funds across national boundaries in the Asian-Pacific area.