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FRIDAY, FEBRUARY 21, 1992
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THE SEMINAR WAS THE SECOND IN A SERIES ORGANISED BY THE DTI · TO HIGHLIGHT PADS AND THE SCOPE IT OFFERS. SIMILAR HIGH-LEVEL CONFERENCES WILL BE HELD THROUGHOUT THE UK THIS YEAR.
ON HONG KONG'S FAST GROWING ECONOMIC RELATIONS WITH CHINA. MR YAXLEY SAID:
"CHINA NEEDS HONG KONG AND HONG KONG NEEDS CHINA ON THE ECONOMIC FRONT.'
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CHINA NEEDED HONG KONG'S SKILLS AND
EXPERIENCE AND THIS HAD
ALREADY BEEN DEMONSTRATED QUITE DRAMATICALLY IN SOUTH CHINA.
ABOUT 30-40 PER CENT OF ALL FOREIGN INVESTMENT
IN CHINA CAME FROM HONG KONG. SHE ALSO NEEDED THE FOREIGN EXCHANGE WHICH IS EARNED IN HONG KONG.
IT IS ESTIMATED THAT 70 PER CENT OF ALL CHINA'S FOREIGN EXCHANGE EARNINGS COME FROM HONG KONG.
"THIS HARD CURRENCY IS VITAL ΤΟ CHINA'S DEVELOPMENT. IT SEEMS HIGHLY UNLIKELY ΤΟ ME OBSERVERS THAT SHE WOULD KILL THE GOOSE THAT LAYS HE SAID.
CONTINUED ECONOMIC AND TO MANY OTHER THE GOLDEN EGGS,
H
"IN RECENT YEARS, CHINA HAS INVESTED HEAVILY IN HONG KONG IN THE SAME WAY AS HONG KONG HAS INVESTED IN CHINA. FOR EXAMPLE, CHINA HAS MAJOR SHAREHOLDERS IN CATHAY PACIFIC AND IN THE TELEPHONE COMPANY," HE ADDED.
THE COMMISSIONER TOLD THE GUESTS THAT AGAINST THE BACKGROUND
• OF A RAPIDLY EXPANDING ASIA PACIFIC ECONOMY, AN ECONOMY WHICH IN A DECADE OR SO WOULD BE LARGER THAN THAT OF EUROPE OR NORTH AMERICA, HE BELIEVED THAT THERE WERE GREAT OPPORTUNITIES FOR BRITISH BUSINESSMEN .
"HONG KONG IS THE BEST BASE FROM WHICH ΤΟ GRASP THEM. IT OFFERS A GREAT MANY ADVANTAGES TO BRITISH BUSINESS, HE SAID.
BRITISH BUSINESS ALREADY HAD A LARGE AND. GROWING PRESENCE IN
HONG KONG:
H
BRITAIN'S TRADE AND SERVICE EXPORTS TO HONG KONG ARE WORTH WELL OVER TWO BILLION POUNDS A YEAR;
ПIONG KONG IS BRITAIN'S SECOND LARGEST MARKET IN THE ASIA-PACIFIC REGION AFTER JAPAN;
THERE ARE OVER 470 BRITISH FIRMS IN HONG KONG, AND A FURTHER 1,000 WHICH HAVE SIGNIFICANT BRITISH INVESTMENT OR MANAGEMENT;
BRITISH FIRMS HAVE INVESTMENTS IN HONG KONG WORTH ABOUT 20 BILLION POUNDS BRITAIN'S LARGEST INVESTMENT IN ASIA.
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/"50 HONG