WEDNESDAY, APRIL 20, 1988
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IMPORTANCE OF BUSINESS CONFIDENCE STRESSED
ECONOMIC AND FINANCIAL DEVELOPMENT CANNOT BE EASILY DIVORCED FROM POLITICAL AND SOCIAL DEVELOPMENT, THE HON THOMAS CLYDESDALE SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THERE WERE CERTAIN FUNDAMENTAL FACTORS WHICH AFFECTED AND OFTEN HAD A STRONG INFLUENCE ON THE DEVELOPMENT AND GROWTH OF BUSINESS OPERATIONS.
"ONE OF THESE IS THE LEVEL OF CONFIDENCE SHOWN BY PRINCIPALS, INVESTORS AND SHAREHOLDERS, THAT IS THOSE WHO FINANCE, DEAL WITH AND OTHERWISE SUPPORT THE BUSINESS FUNCTION,' MR CLYDESDALE SAID DURING THE BUDGET DEBATE,
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"IF CONFIDENCE IS SUSTAINED AT A HIGH LEVEL, A GREAT DEAL MORE CAN BE DONE BY THE BUSINESS ENTERPRISE, HE SAID,
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I AM SURE THIS SIMPLE OBSERVATION WILL NOT BE REFUTED. CONFIDENCE IS THE BASIS FOR ALL GENUINE GROWTH IN ANY ENTERPRISE.
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"HONG KONG IS A VERY LARGE BUSINESS ENTERPRISE INDEED. AGAIN AM SURE THAT NO MEMBER OF THIS COUNCIL WILL DISAGREE WHEN I SAY THAT BUSINESS, AND PARTICULARLY INTERNATIONAL BUSINESS, IS THE CORE, THE VERY NUCLEUS, OF THE HONG KONG ECONOMY, PERHAPS TO A GREATER EXTENT THAN VIRTUALLY ANY OTHER TERRITORY IN THE WORLD, EXCEPT SOME OF THE OPEC COUNTRIES.
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MR CLYDESDALE SAID HONG KONG'S REMARKABLE ECONOMIC, TRADE AND INDUSTRIAL SUCCESS, WHICH HAD FUELLED EQUALLY REMARKABLE SOCIAL DEVELOPMENT, HAD BEEN ACHIEVED BECAUSE LOCAL AND FOREIGN BUSINESSMEN HAD HAD CONFIDENCE IN THE TERRITORY'S VITALITY, POTENTIAL AND FUTURE.
"THIS HAS ENABLED INVESTMENT DECISIONS ΤΟ BE MADE IN ATMOSPHERE OF STABILITY AND TRUST, HE SAID.
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"INVESTORS HAVE BEEN ABLE TO COMMIT THEIR COMPANIES AND THEIR RESOURCES TO LONG TERM DEVELOPMENT IN THE SURE AND CERTAIN KNOWLEDGE THAT GOVERNMENT POLICIES AFFECTING THEIR INVESTMENT WOULD NOT CHANGE, THAT PROMISES GIVEN BY THE HONG KONG AUTHORITIES WOULD BE KEPT AND THAT THEY WOULD BE OPERATING WITHIN A FREE ENTERPRISE, LOW TAX ENVIRONMENT, WITHOUT ANY FORM OF DISCRIMINATION AGAINST THEM.
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BUT HR SAID HONG KONG NOW HAD A SITUATION WHERE CONSTITUTION AND POLITICAL FUTURE WAS PLACING STRESSES AND STRAINS LOCAL CONFIDENCE IN PEOPLE'S ABILITY ΤΟ MAINTAIN THEIR ECONOMIC SUCCESS AND THEIR EXISTING LIFESTYLE.
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