SATURDAY, JANUARY 15, 1983
HONG KONG PLAYING IMPORTANT ROLE AS REGIONAL BUSINESS CENTRE
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HONG KONG'S SUCCESS AS A REGIONAL BUSINESS CENTRE IS ATTRIBUTABLE TO A NUMBER OF REASONS, INCLUDING ITS STABLE AND WELL ESTABLISHED LEGAL SYSTEM AND THE EASE OF MOVEMENT ENJOYED BY ITS BUSINESSMEN, THE SECRETARY FOR MONETARY AFFAIRS, MR DOUGLAS BLYE, SAID TODAY (SATURDAY).
HE SAID THERE IS A TENDENCY BECAUSE THERE IS A HABIT OF THINKING IN TERMS OF HONG KONG-CHINA ECONOMIC RELATIONS -- TO OVERLOOK THE FACT THAT HONG KONG IS A REGIONAL CENTRE IN WHICH AND FROM WHICH CONTRACTS ARE ARRANGED FOR THE SUPPLY OF GOODS AND SERVICES, WHICH QUITE FREQUENTLY DO NOT TOUCH HONG KONG.
HE SAID, I BELIEVE HONG KONG HAS BECOME A CENTRE FOR THIS TYPE OF BUSINESS ACTIVITY AND OTHER ACTIVITIES: BECAUSE IT HAS A GOVERNMENT WHICH CONSISTENTLY ADHERES TO THE PHILOSOPHY OF NON-INTERVENTIONISM; BECAUSE IT IS A MAJOR FINANCIAL CENTRE: BECAUSE OF THE STABILITY WHICH ARISES FROM A CONSTITUTION WHICH IS KNOWN TO GIVE NO ARBITRARY POWERS TO ANY INDIVIDUAL OR BODY: BECAUSE IT HAS A LEGAL SYSTEM WHICH HAS STABILITY AND AUTHORITY DERIVING FROM ITS BASIS IN COMMON WITH THE SYSTEMS OF THE UNITED STATES, CANADA AND MANY OTHER COMMONWEALTH COUNTRIES, AND IN THE LONG ESTABLISHED COMMON LAW SYSTEM OF ENGLAND AND WALES; BECAUSE IT IS ONE OF THE BEST COMMUNICATION CENTRES IN THE WORLD IF NOT THE BEST; AND NOT LEAST, BECAUSE BUSINESSMEN CAN MOVE INTO AND OUT OF THE TERRITORY WITH RELATIVE EASE.+
SPEAKING AT THE OPENING OF AN EXHIBITION AND SYMPOSIUM ORGANISED BY VICTORIA JAYCEES AND CITIBANK TODAY, MR BLYE SAID HE HAS NO DOUBTS THAT HONG KONG IS A VERY IMPORTANT INTERNATIONAL FINANCIAL CENTRE, WHICH IS EVIDENCED BY THE FACT THAT NO LESS THAN 83 INTERNATIONAL BANKS HAVE BRANCHES OPERATING IN HONG KONG.
HONG KONG'S STANDING WAS ENHANCED BY THE REMOVAL OF INTEREST TAX ON FOREIGN CURRENCY DEPOSITS IN FEBRUARY LAST YEAR, LEADING TO A 200 PER CENT INCREASE IN SUCH DEPOSITS FROM $32 BILLION TO $96 BILLION UP TO THE END OF NOVEMBER.
+BUT IN CASE ANYONE SHOULD DEDUCE FROM THE FIGURES I HAVE QUOTED THAT THERE HAS BEEN, TO USE THE POPULAR JARGON, AN OUTFLOW FROM HONG KONG, I SHOULD EXPLAIN THAT OUR LATEST MONETARY STATISTICS SHOW THAT HONG KONG DOLLAR DEPOSITS HAVE REMAINED STABLE AT A LEVEL OF AROUND $134 BILLION, MR BLYE SAID,
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