TUESDAY, NOVEMBER 17, 1981
1
GOVERNOR SUGGESTS SHARING
OF BUSINESS ROLE WITH CHINA
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THE MORE HONG KONG BUSINESSMEN CAN SHARE WITH CHINESE AUTHOR ITIES THE IR EXPERIENCES OF MANUFACTURING, MANAGING, AND MARKETING, THE HEALTHIER WILL BE HONG KONG'S ROLE IN CHINA'S MODERNISATION PROGRAMME, THE GOVERNOR, SIR MURRAY MACLEHOSE TOLD HONG KONG ACCOUNTANTS TONIGHT (TUESDAY).
+OF COURSE THIS ROLE DEPENDS PRIMARILY ON HONG KONG'S OWN PROSPERITY AND SO ON OUR ABILITY TO ADVANCE OUR OWN INDUSTRY AND TECHNOLOGY, AND TO SELL IN FOREIGN MARKETS AS WELL AS TO ABSORB AND PAY FOR CHINA PRODUCTS,+ SIR MURRAY SAID AT THE 1981 ANNUAL DINNER OF THE HONG KONG SOCIETY OF ACCOUNTANT, S HELD AT THE HONG KONG HILTON.
DISCUSSING THE ECONOMY OF HONG KONG AND THE GROWTH OF INVESTMENT IN NEIGHBOURING AND OTHER PARTS OF CHINA+, SIR MURRAY SAID THIS DEVELOPMENT UNDOUBTEDLY POSES BOTH OPPORTUNITIES FOR OUR ENTREPRENEURS, AND PROBLEMS FOR OUR LAWYERS AND ACCOUNTANTS+.
BUT IT IS CLEAR, SIR MURRAY SAID, THAT THE PRESENT CHINESE ADMINISTRATION AT THE HIGHEST LEVEL IS DETERMINED THAT
INVESTMENT IN CHINA WHETHER IN EQUITY JOINT VENTURES OR IN LESSER FORMS OF JOINT UNDERTAKINGS SHOULD SUCCEED.
THE GOVERNOR SUGGESTED THAT THE LACK OF RECENT PRECEDENT FOR OUTSIDE INVESTMENT IN CHINA SHOULD NOT DETER BUSINESSMEN FROM DOING BUSINESS WITH THE COUNTRY.
WITH THE STRONG BACK ING FOR THE RECENT DEVELOPMENT AT THE HIGHEST LEVEL, INVESTORS SHOULD BE ABLE TO SECURE AGREEMENT TO ANY WORKABLE PROPOSAL PROMISING PROFIT TO BOTH SIDES, HE SAID.
HE CITED TWO CASES OF INVESTMENT IN CHINA AT OPPOSITE ENDS OF THE INDUSTRIAL SPECTRUM -- IN WHICH BUSINESSMEN INVOLVED PRESSED AHEAD IN SPITE OF THE LACK OF PRECISE LEGAL DEFINITIONS OF WHAT THE IR RIGHTS WOULD BE IN SETTING UP SUCH VENTURES.
SIR MURRAY REFERRED TO THE LARGEST OF 29 EQUITY JOINT VENTURES SO FAR ESTABLISHED IN CHINA BY HONG KONG FIRMS, . WHICH IS THE CHINA-SCHINDLER ELEVATOR COMPANY, WITH FACTORIES IN PEKING AND SHANGHAI. SOME OF THE LIFTS PRODUCED BY THE JOINT VENTURE HAVE ALREADY BEEN SOLD HERE IN HONG KONG, HE POINTED OUT.
HE ALSO REFERRED AT THE OTHER END OF THE SCALE TO A FACTORY SET UP IN THE SHENZHEN SPECIAL ECONOMIC ZONE +BY AN ENTERPRISING INDIVIDUAL TO PRODUCE ARTIFICIAL FLIES FOR TROUT AND SALMON FISHING+.
+A PRETTY IMPROBABLE IDEA ON THE FACE OF IT BUT IN PRACTICE IT HAS TURNED OUT TO BE A VERY GOOD ONE,+ SIR MURRAY SAID.
THE WORK