20
FRIDAY, NOVEMBER 27, 1992
FOR KONG'S AS AN
"THE JOINT DECLARATION, AND INDEED THE BASIC LAW, PROVIDE THE FUTURE SPECIAL ADMINISTRATIVE REGION (SAR) TO RETAIN HONG STATUS AS A FREE PORT AND AS A SEPARATE CUSTOMS TERRITORY; INTERNATIONAL FINANCIAL CENTRE, WITH FREE FLOW OF CAPITAL.
"THESE ARRANGEMENTS ARE ALREADY IN PLACE," MR JACKSON SAID.
TRADE
HONG
HONG KONG'S A TIGHTLY CONTROLLED BORDER WAS SO IMPORTANT TO
WHY THE WHICH WAS SEPARATE ECONOMIC AND COMMERCIAL STATUS, DEVELOPMENT HAD TAKEN VERY SERIOUSLY ACCUSATIONS THAT SOME OF KONG'S TEXTILES QUOTA WAS BEING USED TO COVER SHIPMENTS OF GOODS; OR THAT HONG KONG WAS BEING USED AS A TRANSHIPMENT FRAUDULENT CONSIGNMENTS,
MR JACKSON ADMITTED THAT NO SYSTEM WAS PERFECT BUT THESE TRANSGRESSIONS VERY SERIOUSLY."
"NOT ONLY
TEXTILES DO THEY BREACH OUR BILATERAL THEY CHIP AWAY AT THE VERY BASIS OF OUR COMMERCIAL AUTONOMY.
"WE
CHINA-MADE ROUTE FOR
"WE TAKE
AGREEMENTS,
ACTIVITY, KONG, OF
SUCH STOP DO EVERYTHING IN OUR POWER TO WILL THROUGH BORDER CHECKS, SPOT-CHECKS IN FACTORIES THROUGHOUT HONG
THE CO-OPERATION
OTHER CUSTOMS AUTHORITIES, INTELLIGENCE, REWARDING INFORMERS AND THROUGH LEGAL
INFRINGEMENTS.
WITH
GATHERING ACTION AGAINST
"HONG KONG'S COMMERCIAL AUTONOMY MUST BE VIGOROUSLY ENFORCED TO BE CREDIBLE. THERE MUST BE NO VANISHING BORDER, FOR THE ECONOMIC GOOD OF ALL INVOLVED, HF SAID.
++
HK A VITAL BASE FOR OVERSEAS FIRMS
HONG KONG IS AN IMPORTANT LOCATION FOR OVERSEAS COMPANIES AN INTEREST IN ASIA-PACIFIC, THE DIRECTOR-GENERAL OF INDUSTRY, MR BARMA, SAID TODAY (FRIDAY).
WITH
TH
OFFICES
SPEAKING AT A SEMINAR IN COLOGNE, GERMANY, MR BARMA SAID ENTERPRISES CHOSE TO SET
REGIONAL1. HEADQUARTERS UP THEIR
HONG IN
KONG TO TAKE ADVANTAGE REPRESENTATIONAL
MANY
AND
OF ITS
EFFICIENT INFRASTRUCTURE AND CLOSE TIES WITHIN THE REGION.
AS AT MID-1991, 880 COMPANIES HAD DONE 80.
REGARDING MANUFACTURING, MR
OF
BARMA SAID THE TOTAL VALUE OVERSEAS INVESTMENT AT ORIGINAL COST AT THE END OF 1991 WAS OVER $34.3 BILLION.
JAPAN WAS
INDUSTRIAL THE UNITED
OVERSEAS THE LEADING SOURCE COUNTRY OF INVESTMENT, ACCOUNTING FOR 32 PER CENT OF THE TOTAL VALUE. STATES CAME SECOND WITH 28 PER CENT, AND CHINA THIRD WITH 11 PER CENT.
ESTABLISHED ITS
MR BARMA SAID OVER THE YEARS, HONG KONG HAD STATUS AS AN INTERNATIONAL FINANCIAL AND SERVICE CENTRE.
/"THERE ARE