MONDAY, SEPTEMBER 22, 1986
RIGHT ENVIRONMENT FOR SUCCESSFUL BUSINESS PROVIDED FS
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THE GOVERNMENT HAS ACHIEVED ITS AIM TO PROVIDE THE RIGHT ENVIRONMENT FOR SUCCESSFUL BUSINESS OPERATIONS, THE FINANCIAL SECRETARY, MR PIERS JACOBS, SAID TODAY (MONDAY).
SPEAKING AT THE OPENING CEREMONY OF THE 13TH GENERAL CONFERENCE OF THE EAST ASIAN INSURANCE CONGRESS, MR JACOBS SAID THAT OVER THE YEARS HONG KONG HAD SEEN THE GROWTH OF A COMMERCIAL AND COMMUNICATIONS INFRASTRUCTURE LENDING ITSELF READILY TO A WIDE VARIETY OF BUSINESS OPERATIONS.
+THE CORPORATE TAX RATE IS ONLY 18.5 PER CENT AND THERE IS NO GOVERNMENT INTERFERENCE IN THE FLOW OF CAPITAL.
+OUR COMMERCIAL LAWS AND LEGAL SYSTEMS ARE BY AND LARGE MODELLED UPON THOSE OF THE UNITED KINGDOM MODIFIED AS NECESSARY TO SUIT OUR OWN CIRCUMSTANCES.
+WE HAVE IN HONG KONG MANY CREATIVE AND ENTERPRISING BUSINESSMEN AND A HARDWORKING LABOUR FORCE,+ HE SAID.
MR JACOBS SAID HONG KONG'S GROSS DOMESTIC PRODUCT HAD ENJOYED AN AVERAGE ANNUAL GROWTH RATE OF NINE PER CENT OVER THE PAST 10 YEARS AND IN PER CAPITA TERMS THE GROWTH RATE WAS 6.7 PER CENT.
+ BY ANY STANDARDS THIS RECORD IS RESPECTABLE,+ HE SAID, ADDING THAT WHILE THE MANUFACTURING SECTOR HAD GROWN RAPIDLY OVER THIS PERIOD, THE SERVICES SECTORS GENERALLY AND THE FINANCIAL SECTOR IN PARTICULAR HAVE EXPANDED EVEN FASTER.
+ALSO, RE-EXPORTS OVER THE PAST 10 YEARS INCREASED AT AN AVERAGE ANNUAL RATE OF 20 PER CENT IN REAL TERMS, OFTEN REFLECTING THE CHINA TRADE, HE SAID.
+ALL THIS ACTIVITY HAS GENERATED A SUBSTANTIAL AMOUNT OF BUSINESS FOR THE INSURANCE INDUSTRY, + HE ADDED.
MR JACOBS SAID HONG KONG, BEING A MAJOR WORLD FINANCIAL AND FREE TRADE CENTRE, HAD BECOME A NATURAL BASE FOR A LARGE VOLUME OF INTERNATIONAL INSURANCE BUSINESS AND ONE OF THE MOST SIGNIFICANT INSURANCE CENTRES IN EAST ASIA.
+LOOKING AHEAD, I HAVE NO DOUBT THAT CHINA'S MODERNISATION PROGRAMMES AND OPEN-DOOR POLICY, AND THE CONTINUED ECONOMIC DEVELOPMENT IN THE PACIFIC BASIN, WILL GENERATE FURTHER BUSINESS.
+ HONG KONG WITH ITS PROXIMITY TO CHINA AND ITS POSITION IN THE EAST ASIAN REGION WILL STAND TO BENEFIT,+ HE SAID.
MR JACOBS SAID HONG KONG CHERISHED ITS INTERNATIONAL LINKS AND WORKED HARD TO MAINTAIN GOOD RELATIONSHIPS.
+ HONG KONG'S FUTURE ROLE IN WORLD INSURANCE CAN ONLY GAIN IN IMPORTANCE AND RECOGNITION AS HONG KONG CONTINUES TO PROSPEK, + HE SAID.
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