TUESDAY, MAY 13, 1986
5
HONG KONG'S MAIN BUSINESS LANGUAGE WAS ENGLISH WHICH HAD BECOME THE INTERNATIONAL LANGUAGE OF COMMERCE AND ITS USE LOCALLY WAS OF
INESTIMABLE ADVANTAGE.
+AND, MOST IMPORTANT FOR THE FUTURE, THERE IS PROVISION IN THE SINO-BRITISH DECLARATION FOR THE PRESERVATION OF BOTH THE LEGAL SYSTEM AND THE ENGLISH LANGUAGE, HE ADDED,
GEOGRAPHY WAS THE FOURTH FACTOR, MR JACOBS SAID. HONG KONG'S LOCATION ON THE COAST OF CHINA HAD LED TO NOTEWORTHY DEVELOPMENTS IN RELATION TO ITS ROLE VIS A VIS THE MAINLAND.
HE NOTED THAT RECENTLY CHINA HAD MADE INCREASING USE OF HONG KONG'S FINANCIAL SECTOR.
MR JACOBS ALSO SAID MANY OF THE DEPOSIT TAKING INSTITUTIONS, LEGAL AND ACCOUNTANCY FIRMS AND MERCHANTS BANKS IN HONG KONG MAD BRANCHES OR PARENT FIRMS OVERSEAS. MEANWHILE, HONG KONG'S OWN LOCAL BANKS MAINTAINED A PRESENCE IN OVER 30 COUNTRIES.
HE SAID THIS INTERNATIONAL ASPECT WAS OF VITAL IMPORTANCE FOR THE FUTURE.
TURNING TO THE GROWING TRADING AND INVESTMENT LINKS WITH CHINA, MR JACOBS SAID THIS SYMBIOTIC RELATIONSHIP HAD BEEN AND WOULD CONTINUE TO BE OF INCREASING SIGNIFICANCE.
HE SAID THERE WERE TWO MORE SIGNIFICANT RECENT DEVELOPMENT ! THE ECONOMIC RELATIONSHIP BETWEEN HONG KONG AND CHINA.
THE FIRST WAS THE RE-EMERGENCE OF HONG KONG'S TRADITIONAL ROLE AS AN ENTREPOT PORT FOR CHINA.
SINCE 1980 CHINA HAD ONCE AGAIN BECOME THE LARGEST MARKET F HONG KONG'S RE-EXPORTS, IN ADDITION TO ITS MORE TRADITIONAL AND IMPORTANT ROLE AS THE LARGEST SOURCE OF GOODS RE-EXPORTED THROUGH HONG KONG.
MR JACOBS SAID HONG KONG HAD MODERN AND EFFICIENT PORT FACILITIES AND FREQUENT SHIPPING AND AIR LINKS WITH MOST PARTS OF THE WORLD.
THE EFFICIENCY AND PROSPERITY OF HONG KONG WERE OF DIRECT BENEFIT TO CHINA IN ITS DRIVE TO EXPAND ITS INTERNATIONAL TRADE.
IN ADDITION, THE PORT ACTIVITY WAS MATCHED BY OR RELATED TO THE MANY FINANCIAL OR COMMERCIAL SERVICES AVAILABLE IN HONG KONG - INSURANCE, BANKING, LEGAL SERVICES, IMPORT/EXPORT AND MANY OTHERS, ALL OF BENEFIT NOT ONLY TO HONG KONG BUT ALSO TO CHINA, HE SAID.
MR JACOBS SAID THE SECOND IMPORTANT DEVELOPMENT WAS THE .. GROWTH OF HONG KONG'S OWN DOMESTIC EXPORTS TO THE MAINLAND, THOUGH T SOME EXTENT THIS TRADE HAD BEEN CURTAILED RECENTLY HAVING REGA:... CHINA'S WISH TO PRESERVE ITS FOREIGN EXCHANGE.
/IN T