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the greatly improved relations between the United Kingdom
and China over Hong Kong and the acceptance of the Chinese
Government that Hong Kong has a major part to play in the
modernisation of China. This in turn is only one facet of
the great change in personalities and policies that have
come to pass in China itself and these have greatly
increased confidence, and hope in the whole East Asian
region, not least in both Japan and the countries of
ASEAN. But the impact in Hong Kong has been greatest
because it is closest and has led to both a renewal of
confidence and a rapid influx of firms who rightly see
in Hong Kong a platform from which to do business in Hong
Kong itself, in China and in this growth area of the
Western Pacific and South China Sea.
Our host tonight, the Hong Kong and Shanghai
Bank, has of course worldwide interests, interests which
have been greatly strengthened by its union with Marine
Midland, but its roots are in Hong Kong, it is the Hong
Kong Government's banker, and it is a bank of note issue.
It also performs as a lender of last resort, some of the
functions of a central bank. I am convinced that developments
over the last five years have shown that Hong Kong and its
banks have a role to play in the long-term future of China, as no
doubt it has in the future of clients all over the world.
celebrating its first 100 years in New York, I look forward
with confidence to the century to come.
In
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