Question 1 Read the excerpt below from the article Hong Kong to unveil details on pilot scheme to boost bond market as soon as next month' and answer the questions that follow Hong Kong to unveil details on pilot scheme to boost bond market as soon as next month The Hong Kong Monetary Authority will announce next month details of a grant scheme to support first-time bond issuers, as part of a government initiative to expand the city's bond market, according to a senior official Vincent Lee Wing-sing, an executive director at the HKMA, the city's de facto central bank, told reporters on Friday that matters sl to be ironed out include"We hope to announce the details in May." Lee said. The HKS2.5 milUSS318,606) three-year pilot scheme aims to cut the costs of issuing bonds in the city by giving grants to issuers, so as to attract more of them to sell bonds in the city Hong Kong faces competition from other places for the investor dollar. particularly Singapore, which launched its own grant scheme for bond issuers in June 2017 Hong Kong's plan also includes extending a tax exemption on debt instruments from those with an original maturity of not less than seven years to those of any duration. That would mean Hong Kong investors would enjoy tax concessions on interest income and trading profits from a wider range of debt instruments, the government has said. However Lee said this step may take a longer time as it requires the approval of Hong Kong's Legislative Council