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WEDNESDAY, OCTOBER 11. 1989
HK PLAYS ROLE REFLECTING ITS ECONOMIC STATUS
HONG KONG, WITHIN THE LIMITS OF ITS AUTONOMY, HAS NOW BEGUN TO PLAY A ROLE IN THE WORLD THAT REFLECTS THE TERRITORY'S ECONOMIC IMPORTANCE, THE GOVERNOR, SIR DAVID WILSON, SAID TODAY (WEDNESDAY).
THE GOVERNOR SAID THAT HONG KONG BEING THE WORLD'S 11TH LARGEST TRADING ECONOMY, IT WAS RIGHT THAT WE SHOULD
DO So, NOTING THAT IN THE PAST. AS THE TERRITORY DEVELOPED, IT WAS SOMEWHAT HESITANT ABOUT INVOLVING ITSELF IN INTERNATIONAL AFFAIRS.
THE GOVERNOR SAID THE ASIA-PACIFIC REGION CONTAINED THE FASTEST GROWING ECONOMIES IN THE WORLD, AND HONG KONG WAS ONE OF THEM.
"SIXTY PER CENT OF OUR TOTAL TRADE IS NOW WITH ASIA AND AUSTRALASIA. AND WE PLAY AN IMPORTANT ROLE IN BUILDING UP TRADE WITHIN THE REGION, H SIR DAVID SAID.
REGION TO PAST
"GOODS GOING THROUGH HONG KONG FROM ONE PART OF THE ANOTHER, NOT COUNTING CHINA, HAVE GROWN BY 45 PER CENT IN THE YEAR." HE ADDED.
SIR DAVID SAID HONG KONG'S FINANCIAL SERVICES SECTOR HAD BECOME INCREASINGLY IMPORTANT IN REGIONAL TERMS.
ALSO
"BECAUSE OF THE TIME DIFFERENCE, BUSINESS CAN BE DONE HERE WHEN LONDON AND NEW YORK ARE CLOSED," HE SAID.
HE POINTED OUT THAT HONG KONG NOW HAD 135 OVERSEAS INCORPORATED BANKS, OF WHICH 11 WERE GIVEN NEW LICENCES THIS YEAR. TWELVE OVERSEAS SECURITIES COMPANIES AND COMMODITIES TRADING COMPANIES HAD ALSO SET UP BUSINESS HERE THIS YEAR.
BASE
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THE GOVERNOR SAID HONG KONG HAD MANY ADVANTAGES AS A REGIONAL ITS LOCATION, GOOD COMMUNICATIONS, AN EFFICIENT AND APOLITICAL ADMINISTRATION, AN IMPARTIAL SYSTEM OF JUSTICE, A WELL-EDUCATED AND EFFICIENT WORKFORCE. AND ALL THE CONVENIENCES OF A MODERN CITY.
"ADD TO THIS THE MAGNIFICENT NEW CONVENTION AND EXHIBITION CENTRE THE LARGEST IN ASIA WHICH WILL OFFICIALLY BE OPENED NEXT MONTH BY HIS ROYAL HIGHNESS THE PRINCE OF WALES, AND ONE CAN SEE HOW HONG KONG IS INCREASINGLY BECOMING A MAJOR REGIONAL CENTRE FOR TRADE, FINANCE AND COMMUNICATIONS," HE SAID.
"SO IT IS NOT SURPRISING THAT MANY COMPANIES HAVE CHOSEN TO BASE THEIR REGIONAL OFFICES HERE. FOR EXAMPLE, 10 OF OUR OVERSEAS INCORPORATED BANKS OPERATE AS REGIONAL HEADQUARTERS. SO DO MANY OTHER INTERNATIONAL COMPANIES, T HE SAID.
REFERRING TO HONG KONG'S ROLE AS A GATEWAY TO CHINA, SIR DAVID SAID THAT STATISTICS IN THIS AREA WERE STARTLING AND REVEALING.
"OUR RE-EXPORTS INCREASED BY 51 PER CENT IN VALUE IN THE SINGLE YEAR 1987 TO 1988. ALMOST A HALF OF THESE ORIGINATED IN CHINA. AND OVER ONE-THIRD WENT TO CHINA.
/"CHINA HAS