SUNDAY, JUNE 2, 1985
+THE WORLD IS NOT STATIC AND ONLY FOOLS COULD EXPECT FINANCIAL ACTIVITIES TO REMAIN SO, SIR JOHN SAID.
HE PROMISED THAT ANY CHANGE TO HONG KONG'S SUPERVISORY APPROACH, WHETHER OR NOT LEGISLATION WAS INVOLVED, WOULD BE MADE ONLY AFTER FULL CONSULTATION WITH THE INDUSTRY.
+THERE WILL BE NO SURPRISES. NOTHING IS MORE UPSETTING THAN SUDDEN CHOPS AND CHANGES,+ HE SAID.
QUOTING THE WORDS OF THE U.S. SECRETARY OF STATE, MR
GEORGE SCHULTZ, SIR JOHN SAID THE SINO-BRITISH AGREEMENT WAS +A SOLID FOUNDATION FOR HONG KONG'S ENDURING FUTURE AND PROGRESS.+ MR SCHULTZ HAD ALSO SAID THAT BUSINESS COMMUNITIES +WILL SEE IN THIS AGREEMENT GOOD REASON FOR SUSTAINED CONFIDENCE IN THE FUTURE OF HONG KONG AS AN ATTRACTIVE AND THRIVING COMMERCIAL SECTOR+.
EARLIER IN HIS SPEECH, SIR JOHN TOLD THE CONFERENCE THAT HONG KONG'S SOLE NATURAL RESOURCE WAS THE ONE DEEP WATER HARBOUR IN THE SOUTH OF CHINA+.
HONG KONG WAS SELF SUFFICIENT IN NOTHING NOT EVEN WATER, BUT IT HAD THRIVED TO BECOME ONE OF THE WORLD'S GREATEST COMMERCIAL CENTRES, WITH AN ESTIMATED PER CAPITA GDP OF ABOUT US$6 700.
+AND WE EXPECT IT TO GO ON INCREASING FASTER THAN ELSEWHERE, HE ADDED.
MANUFACTURING HAD TO REMAIN THE FOUNDATION OF THE ECONOMY. WITH A MULTITUDE OF SMALL ENTERPRISES, HONG KONG WAS FLEXIBLE AND OPEN TO CHANGE.
THE CONTRIBUTION OF THE FINANCIAL AND RELATED SERVICES SECTOR TO HONG KONG'S GROSS DOMESTIC PRODUCT HAD, IN PARTICULAR, ALSO GREATLY INCREASED. IT WAS STILL GROWING AND BECOMING INCREASINGLY EXPORT ORIENTED.
THE PRESENCE IN TOUGH COMPETITION OF THE MANY BANKS AND INSTITUTIONS AND HONG KONG'S EXCELLENT COMMUNICATIONS AND FREEDOM UNDER THE LAW HAD BEEN OF GREAT IMPORTANCE.
+WE IN HONG KONG ARE PROUD AS WE CONSIDER OUR SUCCESS, EVEN THOUGH IT IS NOT DUE ENTIRELY TO OUR OWN EFFORTS. THE BENEFITS MUST NEVER BE IGNORED OF OUR CLOSE TRADING RELATIONSHIP WITH CHINA, TO WHICH HONG KONG IS AN OBVIOUS GATEWAY, SIR JOHN SAID.
IN OUTLYING SOME OF HONG KONG'S ECONOMIC STATISTICS, SIR JOHN ALSO SAID THAT SINCE THE HONG KONG DOLLAR WAS SUCCESSFULLY LINKED TO THE U.S. DOLLAR IN OCTOBER 1983, IT HAD BEEN ONE OF THE STRONGEST CURRENCIES IN THE WORLD.
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