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WEDNESDAY, SEPTEMBER 20. 1989
ECONOMY, INVESTMENT OPPORTUNITIES REMAIN STRONG * * * * *
THE RECENT UNREST IN CHINA
NOT AFFECTED 4
TAKEN TIG DEGREE.
AND THE ECONOMIC MEASURES BEING KONG'S ECONOMY TO ANY SIGNIFICANT
VITAL SIGNS ARE STILL GOOD. AND SUBSTANTIAL INVESTMENT IN HONG KONG BY BOTH BLIC AND PRIVATE SECTORS IS CONTINUING.
THE MY DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE
IN SAL MBA ATA, MR PETER JOHNSON, EMPHASISED THESE POINTS IN SPEECIES LANT VEK TO THE SAN FRANCISCO CHAMBER OF COMMERCE AND THE CALIFORNIA H. "ER OF THE AMERICA!! PLANNING ASSOCIATION,
T
DE NOTED THAT SIGNIFICANT PRIVATE SECTOR DEVELOPMENTS HAD INCLUDED THE STABLISHMENT BY MCDONNELL DOUGLAS CORPORATION AS A MAJOR PRESENCE IN HONG KONG, THE RELOCATION OF HAYES MICRO COMPUTER PRODUCTS REGIONAL HEADQUARTERS FROM SINGAPORE TO HONG KONG. AND SUBSTANTIAL INVESTMENTS BY MULTINATIONAL CORPORATIONS SUCH AS NEC OF JAPAN AND 3M OF THE UNITED STATES.
ANOTHER IMPORTANT PRIVATE SECTOR DEVELOPMENT WAS A COMMITMENT BY U.S. WEST TO INVEST $500 MILLION IN HONG KONG CABLE COMMUNICATIONS, THE WINNING CONSORTIUM FOR THE TERRITORY'S CABLE TELEVISION FRANCHISE.
GOVERNMENT'S COMMITMENT ΤΟ THE TERRITORY REMAINS AS STRONG AS EVER. LAST YEAR WE SPENT ABOUT $1 BILLION ON PUBLIC WORKS.
"MEANWHILE. THE HONG KONG
"THIS YEAR IT WILL BE ABOUT 20 PER CENT MORE IN REAL TERMS, AND FURTHER INCREASES ARE ANTICIPATED THROUGH THE 1990'S AS WE CONTINUE TO PROVIDE HONG KONG WITH THE INFRASTRUCTURE AND THE SERVICES IT NEEDS FOR THE 21ST CENTURY, INCLUDING A REPLACEMENT AIRPORT FOR KAI TAK, ON WHICH A DECISION IS EXPECTED IN OCTOBER, AND EXPANDED PORT FACILITIES," MR JOHNSON SAID.
MR JOHNSON EXPLAINED THAT HONG KONG'S PHENOMENAL ECONOMIC PROGRESS IN THE PAST FEW YEARS HAD BEEN DUE TO A SUBSTANTIAL DEGREE TO THE DEVELOPING RELATIONSHIP WITH CHINA. AND TO THE ECONOMIC CHANGES WHICH HAD TAKEN PLACE THERE.
HE NOTED. FOR EXAMPLE, THAT HONG KONG HAD BEEN THE SOURCE OF ABOUT TWO THIRDS OF THE CONTRACTUAL VALUE OF ALL FOREIGN INVESTMENT IN CHINA, AS WELL AS A LARGE PROPORTION OF CHINA'S FOREIGN LOANS THAT HONG KONG HAD SERVED A ROLE AS AN ENTREPOT, WITH ABOUT ONE THIRD OF CHINA'S EXPORTS TO THE WORLD PASSING THROUGH THE TERRITORY: AND THAT CHINA WAS NOW HONG KONG'S LARGEST TRADING PARTNER.
"SO FAR THE CHINESE GOVERNMENT HAS EMPHASISED THAT THEIR OPEN DOOR ECONOMIC POLICIES REMAIN IN FORCE.. .. IMPORTANT AS CHINA IS TO US, HOWEVER, IT IS WELL TO REMEMBER THAT NOT ALL OF HONG KONG'S EGGS ARE IN THE CHINA BASKET, MR JOHNSON SAID.
/HE EXPLAINED