SUNDAY, MARCH 31, 1985
SOUND BASIS FOR HK TO FACE FUTURE FS
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THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, TODAY (SUNDAY) EXPRESSED HIS FIRM BELIEF THAT A SOUND BASIS EXISTED FOR HONG KONG TO FACE THE CHALLENGES OF THE FUTURE.
+POLITICALLY, UNCERTAINTY HAS BEEN REMOVED. HONG KONG'S RELATIONSHIP WITH ITS HUGE MAINLAND NEIGHBOUR IS FLOURISHING- THE MOVES TOWARDS A MORE REPRESENTATIVE SYSTEM OF GOVERNMENT WILL ENABLE HONG KONG'S YOUTHFUL POPULATION NOT ONLY TO FEEL THAT THEY BELONG TO HONG KONG, BUT THAT THEY ARE ACTIVELY BUILDING ITS FUTURE, SIR JOHN SAID AT THE HONG KONG AFFAIRS SOCIETY SYMPOSIUM.
THE GOVERNMENT WAS COMMITTED TO PROVIDING THE SOCIAL, MEDICAL, EDUCATIONAL AND OTHER RESOURCES AS WELL AS TO MAINTAINING THE ECONOMIC AND FISCAL ENVIRONMENT REQUIRED FOR A SUCCESSFUL FUTURE.
+ALL THE SIGNS ARE THAT DOMESTIC AND INTERNATIONAL INVESTORS APPRECIATE THE UNIQUE STRENGTHS AND ATTRACTIONS OF HONG KONG AS A PLACE IN WHICH BUSINESS CAN BE DONE EASILY AND PROFITABLY, AND IN WHICH THOSE WHO TAKE THE RISKS AND DO THE WORK ARE ABLE TO RETAIN THE FRUITS OF THEIR SUCCESS, SIR JOHN SAID.
HE SAID THAT HONG KONG'S POLITICAL RELATIONSHIP WITH ITS MAINLAND NEIGHBOUR HAD DRAWN MUCH ATTENTION IN RECENT YEARS, BUT THE ECONOMIC RELATIONSHIP HAD AT THE SAME TIME DEVELOPED DRAMATICALLY.
THE TRADITIONAL RELATIONSHIP, BASED ON THE SUPPLY OF FOOD AND WATER TO HONG KONG AND THE PRÉSENCE IN HONG KONG OF CHINA-BASED BANKS, SHIPPING, RETAILING AND TRADE ORGANISATIONS HAD BEEN SUPPLÉMENTED BY RAPID GROWTH IN THE DIRECT AND ENTREPOT TRADE, AND BY EXTENSIVE HONG KONG INVESTMENT IN THE SPECIAL ECONOMIC ZONES AND FURTHER AFIELD.
WITH THE 60 PER CENT GROWTH LAST YEAR IN DOMESTIC EXPORTS TO CHINA, CHINA BECAME HONG KONG'S SECOND LARGEST EXPORT MARKET.
THE GROWTH IN THE ENTREPOT TRADE HAD BEEN EQUALLY REMARKABLE, SIR JOHN SAID. LAST YEAR RE-EXPORTS TO CHINA SHOWED A 30 PER CENT GROWTH.
+ IT IS VERY DIFFICULT TO ESTIMATE THE RATE OF GROWTH OF TWO-WAY TRADE IN THE YEARS AHEAD; I HAVE EVERY CONFIDENCE THAT THE TREND WILL CONTINUE TO BE SHARPLY UPWARD, HE SAID.
HONG KONG