SATURDAY, JUNE 29, 1991
1
HK A PROMINENT MARKET FOR FINANCIAL ACTIVITIES: SES
*
PLAY
HONG KONG HAS AN IMPORTANT REGIONAL AND INTERNATIONAL
ROLE TO
AS AN ENTREP, A MANUFACTURING CENTRE OF SOPHISTICATED PRODUCTS AND AS A PROMINENT MARKET FOR INSURANCE AND OTHER FINANCIAL ACTIVITIES, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID TODAY (SATURDAY).
SPEAKING AT THE NATIONAL CONVENTION OF TOHO MUTUAL LIFE INSURANCE COMPANY LIMITED THIS AFTERNOON, MRS CHAN SAID THE GOVERNMENT WAS COMMITTED TO ENSURING THAT BUSINESS IN HONG KONG CONTINUE TO THRIVE.
COULD
"A FLAIR FOR TRADE, MINIMUM GOVERNMENT INTERVENTION AND ACTIVE ENCOURAGEMENT OF FREE ENTERPRISE AND COMPETITION HAVE HELPED MAKE HONG KONG WHAT IT IS TODAY. SHE SAID,
++
MRS CHAN NOTED THAT JAPAN WAS A MAJOR INVESTOR IN HONG KONG.
"INDEED HONG KONG HAS BEEN ONE OF THE MOST FAVOURED PLACES FOR JAPANESE INVESTMENT SINCE THE EARLY 1970'S, SHE SAID.
MRS CHAN SAID ACCORDING TO JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY, THE COUNTRY'S CUMULATIVE INVESTMENT IN HONG EXCLUDING PROPERTY, AMOUNTED TO SOME US$9.2 BILLION.
KONG,
"INCLUDING PROPERTY, IT IS OF COURSE VERY CONSIDERABLY HIGHER,'
SHE SAID.
"IN 1990, JAPAN WAS HONG KONG'S THIRD LARGEST TRADING PARTNER AFTER CHINA AND THE UNITED STATES, ACCOUNTING FOR 10.9 PER CENT OF OUR TOTAL TRADE.
"SHE WAS THE FIFTH LARGEST MARKET FOR HONG KONG 9 DOMESTIC EXPORTS WHILE BEING AT THE SAME TIME, OUR SECOND LARGEST SOURCE OF IMPORT, SHE SAID.
MRS CHAN NOTRD THAT NOTHING DEMONSTRATED MORK VIVIDLY THE CLOSE ECONOMIC RELATIONSHIP BETWEEN HONG KONG AND JAPAN THAN, PERHAPS, THE FLOW OF TOURIST BETWEEN THE TWO PLACES.
"IN 1990, 1.3 MILLION JAPANESE VISITED HONG KONG
THIS REPRESENTED OVER 20 PER CENT OF OUR TOTAL NUMBER OF TOURISTS THAT
YEAR.
"ALTOGETHER, JAPANESE TOURISTS ARE ESTIMATED то HAVE SPENT ABOUT HK$9.2 BILLION IN HONG KONG THAT IS ABOUT 25 PER CENT OF THE TOTAL TOURISTS EXPENDITURE IN THAT YEAR.
"SO EVEN THOUGH HONG KONG'S IMPORTS FROM JAPAN FAR OUTWEIGH OUR EXPORTS TO YOU THIS IS PARTIALLY OFFSET BY YOUR GENEROUS SPENDING IN HONG KONG, SHE SAID.
I
IS A HONG
TOHO MUTUAL LIFE INSURANCE IS ONE OF THE MOST RENOWNED LIFE INSURANCE COMPANIES IN JAPAN. ITS ESTABLISHMENT IN HONG KONG SYMBOL OF THE RAPIDLY GROWING ECONOMIC RELATIONSHIPS BETWEEN KONG AND JAPAN AND SOPHISTICATION OF HONG
A RECOGNITION OF THE GROWING MATURITY AND KONG'S FINANCIAL AND SERVICES SECTORS.
0
12