4
TUESDAY, MAY 13, 1986
GOVERNOR LEAVES FOR LONDON
****
THE GOVERNOR, SIR EDWARD YOUDE, LEFT FOR LONDON TONIGHT (TUESDAY).
HE WAS SEEN OFF AT THE AIRPORT BY THE CHIEF SECRETARY, SIR DAVID AKERS-JONES, THE SENIOR UNOFFICIAL MEMBER OF THE EXECUTIVE COUNCIL, SIR S.Y. CHUNG, AND THE SENIOR UNOFFICIAL MEMBER OF THE LEGISLATIVE COUNCIL, MISS LYDIA DUNN.
JACOBS EXPLAINS HK'S SIGNIFICANT ROLE ****
WITH A VIGOROUS AND IMAGINATIVE HUMAN INFRASTRUCTURE, THERE 15 NO DOUBT THAT HONG KONG WILL CONTINUE TO BE A SIGNIFICANT FINANCIAL CENTRE, PARTICULARLY IN RELATION TO CHINA BUT ALSO IN THE REGION AND ON A FULL INTERNATIONAL BASIS, THE FINANCIAL SECRETARY (DESIGNATE) MR PIERS JACOBS, SAID IN VANCOUVER YESTERDAY (THIS MORNING HK TIRE.
THE HUMAN INFRASTRUCTURE COULD BE CALLED HONG KONG'S MOST SIGNIFICANT ASSET INSOFAR AS FINANCIAL SERVICES WERE CONCERNED, MR JACOBS SAID IN ADDRESSING THE HONG KONG CANADA BUSINESS ASSOCIATION ON HONG KONG'S ROLE IN CHINA'S ECONOMIC DEVELOPMENT AND ITS FUTURE AS A FINANCIAL CENTRE.
MR JACOBS, VISITING VANCOUVER IN CONNECTION WITH EXPO '86, SA THIS HUMAN INFRASTRUCTURE WHICH PROVIDED A FULL RANGE OF FINANCIAL SERVICES COMPRISED NOT ONLY LOCAL PEOPLE BUT ALSO MANY FROM OVERSEAS WHO HAD ESTABLISHED A PRESENCE IN HONG KONG.
REFERRING TO HONG KONG'S POSITION AS A FINANCIAL CENTRE,
MR JACOBS SAID NOTWITHSTANDING THE DEVELOPMENT OF TOKYO AND THE EXISTENCE OF LONDON AND NEW YORK, THERE WAS STILL PLENTY OF ROOM FOR OTHER FINANCIAL CENTRES, PARTICULARLY WHEN THEY HAD SOMETHING TO OFFER AND HONG KONG HAD TO BE REGARDED IN THAT LIGHT.
THERE WERE FOUR FACTORS OF SPECIAL RELEVANCE, HE SAID.
THE FIRST WAS LOW DIRECT TAXATION. THEN CAME FLEXIBILITY. +HONG KONG HAS A SMALL AND COMPARATIVELY TIGHTLY ORGANISED ADMINISTRATION. IT IS ABLE TO MOVE QUICKLY WHEN THE NEED ARISES, HE EXPLAINED.
+
THE THIRD FACTOR CONCERNED THE LEGAL SYSTEM AND LANGUAGE. HONG KONG WAS A COMMON LAW JURISDICTION AND WAS TIED IN WITH THE THINKING OF OTHER COMMON LAW JURISDICTIONS. THIS WAS PARTICULARLY RELEVANT IN RELATION TO LONDON AND NEW YORK, HE SAID.
HONG KONG'S