FRIDAY, OCTOBER 25, 1991
HK IMPORTANT FOR ASIA-PACIFIC GROWTH: GOVERNOR
* *
HONG
OF
KONG'S
HAS ACHIEVED ECONOMY RESTRUCTURING DESPITE SOMETIMES ALARMIST
ITS FUTURE, THE GOVERNOR, UNCERTAINTIES
A
SIR
AND SUCCESSFUL
STORIES ABOUT
DAVID WILSON,
RAPID
THE SAID
TODAY (FRIDAY).
FORUM'S
HONG
IN
THE FASTEST
SPEAKING A'T THE OPENING OF THE WORLD ECONOMIC KONG FORUM, SIR DAVID SAID HONG KONG HAD AN IMPORTANT PART TO PLAY SUPPORTING THE GROWTH OF THE ASIA-PACIFIC REGION, DEVELOPING REGION IN THE WORLD.
DEVELOPMENT IN
THIS REGION GREATER THAN
"THE SUSTAINED PACE OF ECONOMIC HAS MEANT THAT THE VALUE OF TRANS-PACIFIC TRADE IS NOW THAT OF TRANS-ATLANTIC TRADE.
"IT
HAS MEANT THE EMERGENCE OF AN ASIA-PACIFIC COMPLEMENT THE MAJOR MARKETS OF NORTH AMERICA AND EUROPE; MEANT A SUCCESSION OF COUNTRIES IN THE REGION REACHING THE ECONOMIC TAKE-OFF," HE ADDED.
—
MARKET TO HAS
POINT
OF
AND IT
AND
NEW
OF
MORE
THAT
AND
THE REGIONAL ECONOMIES EXCLUDING JAPAN, AUSTRALIA ZEALAND WERF FORECAST TO GROW AT AN AVERAGE COMBINED RATE
MORE THAN DOUBLE THAN SIX
A YEAR IN THE 1990'S : PER CENT FOR THE FORECAST
ORGANISATION DEVELOPMENT OR THE EUROPEAN COMMUNITY.
FOR
ECONOMIC
CO-OPERATION
LOCATION
AS
HE SAID HONG KONG GIVEN AN ADVANTAGEOUS GEOGRAPHICAL IN THE REGION, HAD BECOME A REGIONAL BUSINESS AND FINANCIAL CENTRE WELL AS A REGIONAL ENTREPOT.
MULTINATIONALS
ASIAN
IT HAD ALSO BECOME THE PREFERRED LOCATION FOR LOOKING FOR A REGIONAL HEADQUARTERS FROM WHICH TO MANAGE THEIR BUSINESSES.
HE POINTED OUT THAT THE NUMBER OF FOREIGN FIRMS BASED IN KONG HAD BEEN INCREASING BY ABOUT 100 A YEAR.
HONG
REGARDING THE TRANSFER OF SOVEREIGNTY IN 1997, SAID THE ARRANGEMENTS FOR HONG KONG'S FUTURE HAD BEEN CLEARLY SET IN THE SINO-BRITISH JOINT DECLARATION AND THE BASIC LAW.
THE GOVERNOR
OUT
"OUR
FUTURE
IS
NOT
AS UNCERTAIN AS
SOME
WOULD
HAVE
YOU
BELIEVE. FAR FROM IT, HE SAID.
FT
REGION OF A FREE PRESENT LEGAL
SIR DAVID SAID THE FUTURE SPECIAL ADMINISTRATIVE HONG KONG WOULD CONTINUE TO HAVE A HIGH DEGREE OF AUTONOMY, MARKET ECONOMY, A FREELY CONVERTIBLE CURRENCY AND ITS SYSTEM.
"IT
WILL ALSO HAVE ITS OWN LEGISLATURE AND ITS OWN LOCAL HONG KONG CHINESE CHIEF EXECUTIVE," HE ADDED.
MAKING
EVERY POSSIBLE KEY ELEMENT
STRESSING THAT THE GOVERNMENT WAS PREPARATION TO ENSURE A SMOOTH TRANSITION, HE SAID: "A WILL BE TO DEVELOP THE ALREADY GOOD PRACTICAL WORKING RELATIONS WE HAVE ACROSS OUR NORTHERN BORDER.
THAT
/NOTING THAT