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FRIDAY, SEPTEMBER 25, 1992
U.S.-CHINA TRADE DISPUTE MAIN CONCERN OF HONG KONG
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THE FINANCIAL SECRETARY, MR HAMISH MACLEOD IN HIS FIRST FULL DAY IN NEW YORK ON THURSDAY (SEPTEMBER 24) TO PROMOTE HONG KONG, WAS INTERVIEWED ON CNN'S "BUSINESS MORNING" PROGRAMME, ADDRESSED SOME 150 BUSINESS LEADERS, AND HELD MEETINGS WITH FOUR IMPORTANT FINANCIAL INSTITUTIONS.
DURING HIS LIVE INTERVIEW ON CNN, MR MACLEOD SAID IN RESPONSE TO A QUESTION THAT THERE WAS NO SIGN OF CHINA REVERSING ITS ECONOMIC REFORMS.
"QUITE THE REVERSE," HE SAID: "WE HAVE A SITUATION IN WHICH THE PRIVATE SECTOR IN CHINA IS GROWING VERY FAST IN THE SPECIAL ZONES NEAR HONG KONG.
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MR MACLEOD ALSO SAID THAT THE FAILURE OF THE UNITED STATES CHINA TO RESOLVE THEIR TRADE DISPUTES WAS THE MAIN CONCERN OF HONG KONG AT THE MOMENT AND THAT THE U.S. ADMINISTRATION UNDERSTOOD THE POSSIBLE EFFECT ON HONG KONG IF THE ISSUES WERE NOT RESOLVED.
HE ALSO SAID THE OUTFLOW OF PEOPLE FROM HONG KONG WAS BEGINNING TO REVERSE.
DURING A QUESTION AND ANSWER SESSION FOLLOWING HIS LUNCHEON ADDRESS TO THE ASIA SOCIETY, MR MACLEOD SAID HONG KONG'S CURRENCY HAD NOT BEEN AFFECTED BY THE CURRENT UNCERTAINTY OF CURRENCIES IN EUROPE DUE TO THE HONG KONG DOLLAR'S LINK TO THE U.S. DOLLAR.
NOTING THAT HONG KONG'S CURRENCY HAS GONE UP AGAINST THE CURRENCIES OF ITS TRADING PARTNERS SINCE 1983, THE FINANCIAL SECRETARY SAID THE VOLATILITY OF EUROPEAN CURRENCIES AND THE UNCERTAINTY IN CURRENCY MARKETS AND EXCHANGE RATES WERE UNHELPFUL TO WORLD TRADE UNWELCOMED BY BUSINESS.
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MR MACLEOD ALSO SAID IN RESPONSE ΤΟ A QUESTION THAT KONG'S NEW AIRPORT AT CHEK LAP KOK WOULD BE RUN ON COMMERCIAL LINES, BUT IT WOULD BE ENTIRELY OWNED BY THE HONG KONG GOVERNMENT.
WHILE VARIOUS ASPECTS OF THE AIRPORT'S OPERATION, SUCH AS CARGO HANDLING AND CATERING, WOULD BE PRIVATISED, HE SAID: "WE'RE STAMPEDING INTO WHOLESALE PRIVATISATION.
IN ADDITION TO HIS LUNCHEON ADDRESS, WHICH WAS CO-SPONSORED THE HONG KONG ASSOCIATION OF NEW YORK, MR MACLEOD MET OFFICIALS TWO BOND RATING SERVICES, MOODY'S AND STANDARD & POOR'S, AND INVESTMENT BANKING FIRMS OF MORGAN STANLEY AND GOLDMAN SACHS.
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