3
MONDAY, OCTOBER 2, 1989
HK GETS ON WITH BUSINESS WITH RENEWED VIGOUR: FS
* * * * *
USUAL
SINCE JUNE, ALL THE SIGNS ARE THAT HONG KONG HAS, IN ITS
AND GOT ON WITH BUSINESS WAY. PICKED UP THE PIECES
WITH RENEWED
VIGOUR, THE FINANCIAL SECRETARY.
SAID TODAY
(MONDAY).
SIR PIERS
JACOBS,
AND ACADEMIC LEADERS ADDRESSING OVER 200 BUSINESS, FINANCIAL
NEW AT A LUNCHEON ORGANISED BY THE ASIA SOCIETY IN
YORK, SIR PIERS HONG POINTED OUT THAT THE EFFECT OF THE RECENT EVENTS IN CHINA ON THE KONG ECONOMY WAS NOT VERY GREAT
THE IMMEDIATE IMPACT WAS
SEVERE.
ALTHOUGH
IMPORTANT THAN THE HE NOTED THAT FAR MORE REACTIONS IN HONG KONG WAS WHAT DID NOT HAPPEN.
IMMEDIATE MARKET
"THERE WAS NO PANIC. THE FINANCIAL SYSTEM, STRENGTHENED BY SHOWED NO SIGNS OF REFORMS INTRODUCED SINCE THE OCTOBER '87 CRASH, REAL STRAIN. THE EXCHANGE RATE, THANKS TO THE LINK, STAYED STABLE.
"THERE WAS LITTLE INTERRUPTION IN THE FLOW OF TRADE ACROSS BORDER WITH GUANGDONG.
THE
**THERE WAS NO SUDDEN
OF FACTORIES OR COLLAPSE ORDEI BOOKS. LIFE WENT ON AS BEFORE," HE SAID.
SHUTTING
OF
-
THE HANG SIR PIERS ADDED THAT SINCE JUNE 5,
VARIOUS SECTORS OF REGAINED SOME 20 PER CENT AND SHOWN CONFIDENCE IN THE TERRITORY'S FUTURE.
SENG INDEX HAD THE ECONOMY HAD
THE CENTRAL BUSINESS THE LARGEST SITE EVER SOLD IN WHICH HAD BEEN ADVERTISED BEFORE JUNE 4 FOR SALE BY TENDER
AND THE FIVE BIDDERS
SALE WAS CLINCHED AT US$350 MILLION JUSTIFIED THE
TO DECISION RESPECTABLE PRICE THAT
THE MARKET
OPERATE.
DISTRICT ATTRACTED
J
A
LET
WAS THE
INTERNATIONAL TERMINALS FOR THE TERMINALS.
US$1.35
ANOTHER FRESH INDICATION OF CONFIDENCE IN
LOAN OF
BILLION
HONG KONG'S FUTURE BY THE HONG KONG SECURED CONSTRUCTION OF TWO NEW CONTAINER
"THE LOAN
INCLUDED SYNDICATION
HONG
AND WAS OVERSUBSCRIBED ON ISSUE.' HE AMERICAN INTERESTS AND THE PAPER SAID.
KONG.
JAPANESE
"
THE
TELEVISION SUCCESSFUL
THE GOVERNMENT'S AWARD OF THE WORLD'S LARGEST CABLE NETWORK FRANCHISE AND THE PLEDGE OF US$700 MILLION BY CONSORTIUM TO COMPLETE THE SYSTEM WERE ALSO SIGNS OF CONFIDENCE.
TALKING ABOUT THE CHALLENGE CONFRONTING HONG SAID IT WAS UNIQUE, BUT NOT INSURMOUNTABLE.
KONG,
SIR PIERS
/HE SAID