FRIDAY, MAY 2, 1986
10
ADB GETS ASSURANCE ON HK'S PARTICIPATION
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SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, TODAY (FRIDAY) ASSURED THE BOARD OF GOVERNORS OF THE ASIAN DEVELOPMENT BANK THAT THERE IS NO DOUBT ABOUT HONG KONG'S CONTINUED PARTICIPATION IN THE ADB AFTER 1997.
ADDRESSING THE 19TH ANNUAL GENERAL MEETING OF THE BOARD IN MANILA, MR NENDICK SAID THE BRITISH AND CHINESE GOVERNMENTS HAD AGREED, THROUGH DISCUSSIONS IN THE SINO-BRITISH JOINT LIAISON GROUP, THAT HONG KONG WOULD CONTINUE TO BE A MEMBER OF THE BANK.
+ THE CHINESE GOVERNMENT HAS ALSO AGREED TO ASSUME IN 1997 RESPONSIBILITY FOR GUARANTEEING HONG KONG'S FINANCIAL OBLIGATIONS TO THE BANK, HE SAID.
+WE WILL CONTINUE TO PLAY OUR ROLE AS A MEMBER IN THE BANK. THROUGH MEMBERSHIP, WE HOPE TO CONTINUE TO CONTRIBUTE TO THE DEVELOPMENT OF THE ASIAN-PACIFIC REGION, HE ADDED.
TURNING TO PROTECTIONISM, MR NENDICK SAID A TREND TOWARDS GREATER PROTECTIONISM POSED A REAL THREAT TO TERRITORIES LIKE HONG KONG WHICH HAD EXPORT-ORIENTED ECONOMIES.
HE SAID PROTECTIONIST MEASURES HAD AN ADVERSE EFFECT ON WORLD TRADE AND HENCE ON ECONOMIC GROWTH AND THAT IN THE LONG RUN NO ONE WOULD BENEFIT.
+THEY ARE PARTICULARLY UNJUST WHEN APPLIED TO HONG KONG, AS WE ARE COMMITTED TO AN OPEN MARKET POLICY IN TRADE AS WELL AS FOR INVESTMENT IN OUR INDUSTRY, HE SAID.
ON HONG KONG'S ECONOMY, MR NENDICK SAID THE GOVERNMENT MAINTAINED A POLICY OF ALLOWING MARKET FORCES TO PLAY THE MAJOR ROLE IN DEVELOPMENT OF THE ECONOMY.
+THE GOVERNMENT SEES ITS ROLE AS BEING THAT OF CREATING A SOUND AND STABLE ENVIRONMENT IN WHICH FREE ENTERPRISE CAN FLOURISH.
+ IT IS WITHIN THIS FRAMEWORK THAT TRADE AND INDUSTRY HAVE PROSPERED IN HONG KONG AND WE HAVE NO INTENTION OF CHANGING THESE GROUND RULES, HE SAID.
MR NENDICK SAID THE GOVERNMENT HAD CONTINUED TO INVEST IN DEVELOPMENT OF THE TERRITORY'S PHYSICAL INFRASTRUCTURE AND OF HUMAN RESOURCES.
/+THERE ARE