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FRIDAY, JUNE 4, 1993
THE SUCCESS, HE SAID, WAS ALSO OWED MUCH TO HONG KONG'S DILIGENT AND VERSATILE WORKFORCE AND A RESOURCEFUL, PRAGMATIC AND RESILIENT BUSINESS SECTOR.
HOWEVER, HE STRESSED THAT HONG KONG WAS WELL AWARE OF THE IMPORTANCE OF ENSURING THAT ECONOMIC SUCCESS WAS TRANSLATED INTO A BETTER LIFE FOR HONG KONG PEOPLE.
ON HONG KONG'S RELATIONS WITH CHINA, MR MACLEOD SAID CHINA AND HONG KONG WERE AT PRESENT EACH OTHER'S LARGEST TRADING PARTNER AND LARGEST EXTERNAL INVESTOR.
TO
HE NOTED THAT CHINA'S INVESTMENT IN HONG KONG WAS ESTIMATED HAVE EXCEEDED US$12 BILLION WHILE HONG KONG ACCOUNTED FOR AROUND 70 PER CENT OF FOREIGN INVESTMENT IN CHINA.
SOME 90 PER CENT OF THE EXTERNALLY SYNDICATED LOANS FOR CHINA WERE ARRANGED IN HONG KONG, HE ADDED.
**WE ALSO PROVIDE THE CAPITAL AND EXPERTISE FOR CHINA'S FLEDGLING FINANCIAL MARKET. NINE LEADING STATE-OWNED FIRMS IN CHINA WILL LIST THEIR SHARES ON THE HONG KONG STOCK MARKET IN THE NEXT FEW MONTHS, HE SAID.
HE FURTHER NOTED THAT HONG KONG'S ECONOMIC INFLUENCE ON QUANGDONG HAD BEEN PARTICULARLY DRAMATIC.
HE BELIEVED THAT HONG KONG HAD THE CAPITAL, KNOW-HOW, MANAGEMENT EXPERTISE AND CUSTOMER CONNECTIONS TO HELP NURTURE THIS "FIFTH DRAGON" OF ASIA.
-
THAT
"IT IS THIS ROLE THE ROLE OF HELPING IN CHINA'S ECONOMIC LIBERALISATION AND BENEFITTING FROM CHINA'S ECONOMIC PROGRESS PARTICULARLY INSPIRES CONFIDENCE AND OPTIMISM IN HONG KONG'S HE SAID.
MR MACLEOD ALSO EXPECTED HONG KONG'S ROLE AS THE KEY SERVICES CENTRE TO STRENGTHEN.
FUTURE,
REGIONAL
HE NOTED THAT MORE RECENTLY JAPANESE REGIONAL BANKS HAD BEEN COMING то HONG KONG IN INCREASING NUMBERS TO TAKE ADVANTAGE OF THE GROWTH IN ECONOMIC LINKS BETWEEN JAPAN AND CHINA.
THIS TREND WAS EXPECTED TO CONTINUE IN THE FORESEEABLE FUTURE AND HONG KONG WAS EXPECTED TO REMAIN A PRIORITY AREA FOR JAPANESE BANKS AS A WHOLE DESPITE THE CUTBACKS THEY WERE MAKING IN OTHER PARTS OF THE WORLD, HE SAID.
ON THE POLITICAL FRONT, HE SAID TALKS BETWEEN BRITAIN AND CHINA OVER HONG KONG'S CONSTITUTIONAL DEVELOPMENT WERE WELL UNDERWAY.
"FOUR ROUNDS OF CONSULTATIONS HAVE BEEN HELD IN BEIJING SO FAR. WE ALL HOPE THEY WILL RESULT IN AN UNDERSTANDING WITH THE CHINESE GOVERNMENT ON ARRANGEMENTS FOR THE 1994/95 ELECTIONS WHICH ARE OPEN, FAIR AND ACCEPTABLE TO THE PEOPLE OF HONG KONG, HE SAID.
"
FOR THE LONG-TERM OUTLOOK, MR MACLEOD SAID: "IT IS IN CHINA'S INTEREST TO SEE HONG KONG PROSPER AND FLOURISH AFTER 1997.
"IT IS