MONDAY, MAY 24, 1993
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ECONOMIC FUNDAMENTALS OF HK REMAIN SOUND
FOR
WITH CONTINUED STRONG GROWTH IN CHINA'S ECONOMY, THE PROSPECTS FURTHER DEVELOPMENT OF HONG KONG-CHINA ECONOMIC RELATIONS, PARTICULARLY IN RESPECT OF TRADE AND INVESTMENT, ARE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SALD TODAY (MONDAY).
BRIGHT,
THE
SPEAKING AT THE OPENING OF THE 11TH WORLD LEASING CONVENTION, MR MACLEOD SAID THE TERRITORY'S ECONOMIC LINKS WITH GUANGDONG WOULD BECOME EVEN MORE INTIMATE.
HE NOTED THAT HONG KONG-BASED BUSINESSES AND THEIR MAINLAND JOINT VENTURE PARTNERS NOW EMPLOYED SOME THREE MILLION PEOPLE IN OVER 25,000 FACTORIES IN SOUTHERN CHINA.
"THIS FIGURE IS MORE THAN FIVE TIMES THE SIZE OF HONG KONG'S OWN MANUFACTURING WORKFORCE," HE SAID.
NOTING THAT THIS REGIONAL DIVISION OF LABOUR AND INDUSTRIAL CO-OPERATION BETWEEN HONG KONG AND GUANGDONG WAS OF SUBSTANTIAL BENEFIT TO BOTH PLACES, MR MACLEOD SAID THERE WAS STILL AMPLE SCOPE FOR FURTHER GROWTH AND DEVELOPMENT OF OUTWARD PROCESSING ACTIVITIES IN GUANGDONG.
TURNING TO THE FINANCIAL FRONT, MR MACLEOD SAID THE TERRITORY HAD ESTABLISHED ITSELF AS THE SINGLE MOST IMPORTANT FINANCIAL AND BUSINESS SERVICES CENTRE FOR CHINA.
"THIS IS ESPECIALLY TRUE IN THE AREAS OF FUND RAISING, BUSINESS DEALINGS AND PROFESSIONAL SERVICE SUPPORT.
"WE PROVIDE A VITAL CONDUIT FOR RAISING FUNDS FOR CHINA THROUGH LOAN SYNDICATION, NEGOTIABLE CERTIFICATES OF DEPOSIT (FROM BANKS ONLY), AND SHARE INSURANCE, HE SAID,
"NINE STATE-OWNED INDUSTRIAL ENTERPRISES IN CHINA ARE CURRENTLY SEEKING LISTING ON THE HONG KONG STOCK EXCHANGE, AND THE FIRST LISTING FEW OF THE SHARES OF ONE OF THESE ENTERPRISES IS EXPECTED IN THE NEXT MONTHS, HE SAID.
++
"THE BANK OF CHINA GROUP IS NOW HONG KONG'S SECOND MOST
BANKING GROUP AFTER THE HONGKONG BANK GROUP. ON THE OUR BANKS HAVE ALSO STRENGTHENED THEIR PRESENCE IN
IMPORTANT HAND, SAID.
OTHER
"
CHINA,
НВ
"MORE THAN 35 BRANCHES OR REPRESENTATIVE OFFICES OF HONG KONG'S BANKS HAVE BEEN SET UP IN THE MAINLAND, ' MR MACLEOD SAID.
·
OF HONG ABOUND FOR
HE TOLD PARTICIPANTS THAT THE ECONOMIC FUNDAMENTALS REMAINED SOUND AND ROBUST AND THAT OPPORTUNITIES INVESTORS BOTH IN HONG KONG AND IN CHINA.
KONG
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