21
FRIDAY, NOVEMBER 27, 1992
HERE FROM
"THERE ARE NOW SOME 480 OVERSEAS BANKS REPRESENTED AROUND THE WORLD, AN OVERWHELMING MAJORITY OF THE WORLD'S TOP BANKS IN TERMS OF TOTAL ASSETS ARE PRESENT HERE, HE SAID.
NOTING THAT HONG KONG'S STOCK MARKET WAS AT PRESENT ONE OF THE LARGEST AND MOST ACTIVE IN ASIA, MR BARMA SAID SOME 400 PUBLIC COMPANIES WERE CURRENTLY LISTED ON THE HONG KONG STOCK EXCHANGE, WITH A TOTAL MARKET CAPITALISATION OF ABOUT $1,443 BILLION.
"THIS HAS MADE HONG KONG THE SECOND LARGEST STOCK MARKET IN ASIA, AFTER JAPAN. MANY OF THE WORLD'S MAJOR SECURITIES HOUSES AND INSURANCE COMPANIES ARE PRESENT HERE, HE SAID,
MR BARMA SAID THE OPENING OF THE RORDER WITH CHINA IN 1978 GAVE HONG KONG NEW IMPETUS IN ITS ECONOMIC DEVELOPMENT, WITH HONG KONG BUSINESS CARRYING ON LOW-COST, HIGH-VOLUME AND LABOUR-INTENSIVE MANUFACTURING ACTIVITIES ACROSS THE BORDER IN GUANGDONG IN SOUTHERN
CHINA.
"THIS HONG KONG/SOUTHERN CHINA PARTNERSHIP NOW HAS A SUCCESSFUL TRACK RECORD OF 14 YEARS, HE SAID.
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MR BARMA SAID THE CLOSE ECONOMIC RELATIONSHIP BETWEEN HONG KONG AND CHINA HAD PLACED HONG KONG IN A UNIQUE POSITION TO CONTRIBUTE TOWARDS CHINA'S ECONOMIC DEVELOPMENT WHILE FURTHERING ITS OWN.
"THE OPENING OF CHINA AS A MARKET AND A SOURCE OF LABOUR AND LAND FACILITATES THE FURTHER UPGRADING AND TRANSFORMATION OF HONG KONG'S OWN ECONOMY.
**THE
FLOURISHING RE-EXPORT TRADE BRINGS BUSINESS NOT ONLY TO TRADERS, BUT ALSO OUR SERVICE SECTOR SUCH AS TRANSPORTATION, COMMUNICATION, FINANCE AND EVEN TOURISM.
OUR
"THIS ENHANCES HONG KONG'S POSITION AS AN INTERNATIONAL COMMERCIAL AND FINANCIAL CENTRE.
HONG
KONG
"OUTWARD PROCESSING ACTIVITIES IN CHINA ALSO ALLOW COMPANIES TO CONCENTRATE THEIR EFFORTS IN MARKETING AND DEVELOPING NORE CAPITAL INTENSIVF, HIGHER TECHNOLOGY, AND HIGHER VALUE-ADDED MANUFACTURING IN HONG KONG AND TO MOVE UP MARKET, HE SAID.
"
MR BARMA ADDED THAT COMPETITIVE MANUFACTURING INVOLVED THE STRATEGIC LOCATION OF THE LOW-COST ACTIVITIES SO THAT THE MORE COMPLEX ACTIVITIES WERE IN CONVENIENT PROXIMITY.
"THUS AS FAR AS THE INDUSTRIAL DEVELOPMENT OF HONG KONG IS CONCERNED, THE SHIFTING OF HONG KONG'S LABOUR INTENSIVE ASSEMBLY OPERATIONS. INTO SOUTHERN CHINA HAS CREATED A STRONG DEMAND FOR HONG KONG TO BECOME A SUPPORT BASE NOT ONLY IN PROVIDING A VARIETY OF TECHNOLOGICAL SFRVICES BUT ALSO IN THE SUPPLY OF MATERIALS, PARTS, COMPONENTS AND TOOLING, HE SAID.
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MR BARNA SAID THE RELOCATION PROCESS HAD ALSO ENABLED HONG KONG MANUFACTURERS AND THEIR WORKFORCE TO CONCENTRATE ON THE MORE SKILL- INTENSIVE ACTIVITIES LOCALLY, THEREBY CONTRIBUTING DIRECTLY SUBSTANTIAL IMPROVEMENT IN LABOUR PRODUCTIVITY.
TO
THE
/"YOU WILL