22
WEDNESDAY, OCTOBER 17, 1990
HEADQUARTERS
YEARS
AGO.
TODAY, THERE ARE 600 FOREIGN FIRMS WHOSE REGIONAL IS IN
MORE THAN DOUBLE THE NUMBER ONLY FIVE HONG KONG OVER ONE THIRD ARE EUROPEAN BASED.
HE SAID ARRIVALS FAR EXCEEDED DEPARTURES,
POLICIES,
FISCAL LOW TAX, PRUDENT AND PREDICTABLE "OPENNESS, IMPARTIAL AND ACCESSIBLE LEGAL SYSTEM, EFFICIENT ADMINISTRATION, FIRST ENTERPRISE, THE CLASS INFRASTRUCTURE AND COMMUNICATIONS, COMMERCIAL HONG KONG WORK ETHIC, AND THE INGENUITY AND ADAPTABILITY OF OUR LABOUR FORCE CONTINUE TO ATTRACT FOREIGN INVESTORS," SIR DAVID SAID.
OUTLINING THE GROWTH IN HONG KONG/CHINA TRADE AND HONG INVESTMENTS IN CHINA, THE GOVERNOR SAID HONG KONG BUSINESSMEN HAD CONFINED THEIR INVESTMENT ATTENTION TO SOUTH CHINA.
KONG'S NOT
"IN THIS, THEY ARE VERY MUCH AHEAD OF THEIR MAJOR SOUTH KOREA AND TAIWAN.
COMPETITORS,
"THEY HAVE DIVERSIFIED THEIR MANUFACTURING INTERESTS, NOT
AND
IN EVEN IN
BUT THROUGHOUT SOUTH EAST ASIA, CHINA,
HE SAID. CENTRAL AMERICA, THE CARIBBEAN AND THE EEC,
ONLY NORTH AND
SECTOR, SERVICES.
THERE HAD
THE BEEN A PARALLEL EXPORT OF CAPITAL IN
INTO PARTICULARLY
PROPERTY HOTEL NETWORKS,
AND
SERVICES FINANCIAL
THERE IS CAPITAL It HE
"BUT THIS IS NOT, AS SOME CLAIM, A CAPITAL FLIGHT. STILL PLENTY OF CAPITAL IN HONG KONG, BUT THOSE WHO CONTROL HAVE AN EYE TO THE MAIN CHANCE, WHEREVER IN THE WORLD THAT MAY BE, SAID.
TURNING TO HONG KONG'S FINANCIAL SERVICES, SIR DAVID
SAID IT
HAD GROWN RAPIDLY.
"FROM A SECONDARY TRADE-RELATED ACTIVITY THEY HAVE EXPANDED BECOME A VITAL PART OF HONG KONG'S ECONOMY.
то
"HONG KONG
FINANCIAL CENTRE,
WE
+
IS THE REGION'S MOST OPEN AND MOST ENTERPRISING
BETWEEN WITH NO DISTINCTION DRAWN BUSINESS. DOMESTIC BANKING SYNDICATION CENTRE, HE SAID.
HAVE
THE BECOME
OFF-SHORE AND REGION'S LARGEST
"NOT
45
COUNTRIES TERMS OF
OVER 400 FOREIGN BANKS FROM SURPRISINGLY, REPRESENTED IN HONG KONG. 78 OF THE WORLD'S TOP 100 IN CAPITAL HAVE FULL BANK LICENCES IN HONG KONG.
ARE
"THERE IS SCARCELY A MAJOR BANK IN THE WORLD REPRESENTED IN ONE FORM OR ANOTHER, THE GOVERNOR SAID.
++
WHICH
IS NOT
BANKING
SIR DAVID SAID THE EUROPEAN INVOLVEMENT IN HONG KONG'S SECTOR WAS SIGNIFICANT, COMPRISING ABOUT ONE-THIRD OF LICENCED BANKS.
/"THE FRENCH