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THURSDAY, MAY 12, 1994
HK'S REPUTATION AS A LEVEL PLAYING FIELD IMPORTANT
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HONG KONG MUST VIGOROUSLY PROTECT ITS REPUTATION AS A LEVEL PLAYING FIELD, THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, SAID TODAY (THURSDAY).
SPEAKING AT A LUNCH MEETING OF THE DUTCH BUSINESS ASSOCIATION, SIR HAMISH SAID HONG KONG'S DEVOTION TO PRESERVING THIS LEVEL PLAYING FIELD WAS THE KEY TO THE TERRITORY'S SUCCESS, THE ENVY OF OTHERS AND A GREAT ATTRACTION TO INTERNATIONAL INVESTORS AND BUSINESSMEN,
SIR HAMISH SAID HỌNG KONG'S COMMITMENT ΤΟ A LEVEL PLAYING FIELD WAS A COMMITMENT TO FAIR COMPETITION, MOST RELEVANT TO A TENDER SITUATION, WHERE NO DISCRIMINATION SHOULD BE ALLOWED.
"IN TRADE TERMS IT MEANS THAT HONG KONG IS A FREE PORT, RAISING NO TARIFFS ON IMPORTS, NOR RESTRICTING OR DISCOURAGING IMPORTS IN ANY OTHER WAY.
"IN DOMESTIC TERMS A LEVEL PLAYING FIELD HAS MEANT NO SUBSIDIES TO INDUSTRY OR SERVICES, NO SPECIAL DEALS OR PRIVILEGES. REGULATION AND PRUDENTIAL SUPERVISION ARE ONLY THERE WHEN STRICTLY NECESSARY.
"ALSO IMPORTANT TO THE BUSINESS SECTOR ARE READY RESOURCE TO IMPARTIAL JUSTICE; FREEDOM FROM OFFICIAL CORRUPTION; AND BUSINESS ETHICS, WHICH ARE AMONG THE BEST IN THE REGION, HE SAID.
SIR HAMISH SAID THE GOVERNMENT WAS DETERMINED ΤΟ KEEP THE PLAYING FIELD LEVEL IN HONG KONG BECAUSE IT BELIEVED VERY STRONGLY IT WAS RIGHT IN PRINCIPLE TO DO SO.
AS A RESULT, HE ADDED, THE LEVEL PLAYING FIELD HAD KEPT OUR ECONOMY LEAN, FIT AND ADAPTABLE.
"GDP PER CAPITA HAS RISEN STEADILY, UP FROM US$5,875 10 YEARS AGO TO A FORECAST US$20,600 THIS YEAR. REAL WAGES HAVE RISEN, AND WITH THEM STANDARDS OF LIVING."
SIR HAMISH SAID THE MOST RECENTLY UPDATED INDICATORS OF HONG KONG'S SUCCESS WERE FIGURES PUBLISHED BY THE GATT IN GENEVA ABOUT A FORTNIGHT AGO WHICH SHOWED THAT WITH TOTAL TRADE VALUED AT $2,119 BILLION IN 1993 HONG KONG HAD BECOME THE WORLD'S EIGHTH LARGEST TRADING ENTITY.
"WE WERE THE WORLD'S SEVENTH LARGEST IMPORTER BY VALUE AND EIGHTH LARGEST EXPORTER.
AND
"EXCLUDE TRADE BETWEEN MEMBER STATES OF THE EUROPEAN UNION THOSE FIGURES BECOME FOURTH AND FIFTH RESPECTIVELY. REMARKABLE FIGURES FOR SUCH A SMALL PLACE AND A POWERFUL DEMONSTRATION OF KONG'S ECONOMIC SUCCESS, HE SAID.
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HONG
SIR HAMISH NOTED THAT THE NETHERLANDS WAS FIFTH AMONG INVESTORS IN HONG KONG INDUSTRY.
OVERSEAS
/ "TWENTY-SIX DUTCH