Department of Foreign Affairs and Trade Relationships Weakening New Rules Increasing Competition New...
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![Page 1: Department of Foreign Affairs and Trade Relationships Weakening New Rules Increasing Competition New Finance Needed.](https://reader036.fdocuments.net/reader036/viewer/2022081516/56649e495503460f94b3c2af/html5/thumbnails/1.jpg)
![Page 2: Department of Foreign Affairs and Trade Relationships Weakening New Rules Increasing Competition New Finance Needed.](https://reader036.fdocuments.net/reader036/viewer/2022081516/56649e495503460f94b3c2af/html5/thumbnails/2.jpg)
Department of Foreign Affairs and Trade
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Relationships Weakening New Rules
Increasi
ng
Competitio
nNew Finance
Needed
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Relations under Strain -Many Loans Not Performing
0
10
20
30
40
50
60
Per
cen
tag
e
Peak of Crisis Dec-98 Dec-00 Sep-01
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Relations under Strain -Bank Lending Contracting
-30
-20
-10
0
10
20
30
40
50
60
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02
per
cen
t ch
ang
e
Hong Kong
Japan
Philippines
Taiwan
Thailand
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Competition IncreasingTariff Rates Falling
0
5
10
15
20
25
30
Per
cen
tag
e
1995 1998 1999 2000
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Competition Increasing Foreign Direct Investment Inflows Increasing
0
100
200
300
400
500
600
700
800
900
US
$ M
illio
ns
Total China Hong Kong
Indonesia Malaysia Singapore
1980 1985 1990 1995 2000
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New Finance Sources Needed -Value of East Asian IPOs Rising
0
5000
10000
15000
20000
25000
30000
35000
40000
Nu
mb
er
Total Japan Hong Kong
Republic of Korea Singapore Thailand
1995 1996 1997 1998 1999 2000
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Governments Tightening Rules -Checklist of Reporting Requirements
Mandatory consolidated reporting
Disclosure of derivatives
Disclosure of related party transactions1
Reporting frequency in months1
Mandatory disclosure of extraordinary events1
Japan Yes Yes Yes 6 Yes
Republic of Korea
Yes Yes Yes 6 Yes
China No na Yes 3 (2002) Yes
Hong Kong
Yes Yes Yes 3 Yes
Taiwan Yes Yes Yes 6 Yes
Singapore Yes Yes Yes 6 Yes
Malaysia Yes Yes Yes 3 Yes
Indonesia Yes Yes Yes 12 Yes
Philippines Yes(draft) Yes Yes 3 Yes
Thailand Yes Yes(draft) Yes 3 Yes
Vietnam No No No 3 Yes
Australia Yes Yes Yes 3 Yes
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Accounting Standards VariableIndex Based on Annual Report Inclusions
0
10
20
30
40
50
60
70
80
90
Per
cen
tag
e
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High income economies leading
Hong Kong
Singapore
Australia
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Good progress in middle income economies Japan
Malaysia
ROK
Taiwan
China
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Slower progress in emerging economies
Thailand
Indonesia
PhilippinesVietnam
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Implications for Business?Implications for Business?
Best opportunities in economies moving to rules based business
Listing and disclosure rules
set to reduce risk
Opportunities to
implement ‘regulation
revolution’
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Summing up
• Relationship approach set to decline
• Crisis, competition, finance needs driving
move to rules based business
• Slow progress risky in emerging economies
• Aid program opportunities
• Commercial implications significant