MONDAY, SEPTEMBER 19, 1988
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"CHINA HAS BECOME HONG KONG'S MAIN TRADING PARTNER, AND IS ALSO THE THIRD LARGEST SOURCE OF FOREIGN INVESTMENT IN THE TERRITORY.
"CHINA IS POLITICALLY COMMITTED TO HONG KONG AND ITS ATTITUDE
HAS BEEN VERY SINCERE," SHE SAID.
THOUGH CHINA HAD A SOCIALIST ECONOMY AND HONG KONG WAS CAPITALIST, CHINA HAD DEMONSTRATED QUITE CONVINCINGLY THAT A WORKING RELATIONSHIP COULD EMERGE DESPITE THE BASIC DIFFERENCES OF THE TWO SYSTEMS.
SHE POINTED TO THE POSITIVE DEVELOPMENTS THAT HAD TAKEN PLACE IN IMPLEMENTING THE TERMS OF THE 1984 SINO-BRITISH JOINT DECLARATION.
MISS CHUNG SAID BRITAIN TOO WAS COMMITTED ΤΟ HIONG KONG, AND ITS OWN INTERESTS COINCIDED WITH THE INTERESTS OF THOSE WHO WANTED A PROSPEROUS AND STABLE TERRITORY.
IT WAS WRONG TO SAY THAT BRITAIN WAS WALKING AWAY FROM HIONG KONG, SHE SAID, ADDING THAT "I AM SURE UK WILL CONTINUE TO PLAY A VERY IMPORTANT ROLE IN THE AFFAIRS OF THE REGION BEFORE AND AFTER 1997".
HONG KONG ITSELF WAS A REASON FOR CONFIDENCE, MISS CHUNG SAID. SHE REFERRED TO THE TERRITORY'S ROBUST ECONOMY IN WHICH IMPRESSIVE FACTORS INCLUDED IMPRESSIVE GROWTH
IN THE GROSS DOMESTIC PRODUCT, VERY LOW UNEMPLOYMENT AND STRONG DOMESTIC AND INTERNATIONAL INVESTMENT.
MAJOR INFRASTRUCTURAL PROJECTS WERE UNDERWAY INVOLVING BOTH THE PUBLIC AND PRIVATE SECTORS.
"NOT ONLY IS THE QUANTITY OF BUSINESS GROWING, SO IS THE QUALITY AND MATURITY OF HONG KONG PRODUCTS, SHE SAID, NOTING THAT MANY OVERSEAS FIRMS WERE MAKING HONG KONG THEIR HEADQUARTERS OPERATIONS IN ASIA.
HONG KONG WAS BECOMING A CENTRE FOR BUSINESS SERVICES EXPANDING RAPIDLY IN SELLING ITS PRODUCTS TO OTHER MARKETS, AND KONG FIRMS WERE DIVERSIFYING RAPIDLY AND MAKING THEIR INFLUENCE AS A MULTINATIONAL FORCE.
FOR
AND
HONG FELT
MISS CHUNG SAID HER FOURTHI REASON FOR CONFIDENCE WAS THE INTERNATIONAL COMMUNITY, WHICH HAD CONTINUED TO SHOW FAITH IN HONG KONG. THE UNITED STATES WAS A GOOD EXAMPLE, BEING HONG KONG'S BIGGEST EXPORT MARKET AND HONG KONG IN RETURN WAS AN IMPORTANT MARKET FOR U.S. GOODS.
MAJOR U.S. FIRMS HAD HEADQUARTERS IN HONG KONG AND JAPAN ACCOUNTED FOR 20 PER CENT OF TOTAL KNOWN OVERSEAS INVESTMENT IN THE TERRITORY.
**UK AND EEC ARE ALSO FAST CATCHING UP ON THE POTENTIAL DEVELOPMENTS OF THE PACIFIC RIM COUNTRIES AND RAPIDLY UTILISING HONG KONG'S IMPORTANCE AS A GATEWAY TO CHINA, SHE ADDED.
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