TUESDAY, JUNE 21, 1994
H
'WHAT DO YOU NEED TO DO TO START UP IN HONG KONG?" HE ASKED. "YOU REGISTER AS A BUSINESS. YOU RENT AN OFFICE AND HIRE STAFF IN AN OPEN MARKET. YOU PLUG YOURSELF INTO THE LOCAL COMMUNICATION SYSTEMS. THEN YOU GO OUT TO LUNCH WITH YOUR FIRST CLIENT. ALL WE ASK IS THAT YOU PAY YOUR TAXES."
MR MILLER DESCRIBED DENG XIAOPING'S DECISION TO RE-OPEN THE CHINESE ECONOMY TO FOREIGN TRADE AND INVESTMENT AS "THE MOST SIGNIFICANT ECONOMIC EVENT FOR HONG KONG IN THE LAST 25 YEARS".
CIM
"WITH THE RE-OPENING OF CHINA IN THE LATE 70'S, WE REGAINED OUR TRADITIONAL ROLE AS PRINCIPAL ENTREPOT FOR THE CHINA TRADE. IN SHORT HAND,
WENT FROM A MANUFACTURING ECONOMY TO A SERVICE ECONOMY. SERVICES NOW ACCOUNT FOR SOME 75% OF OUR GDP. FINANCIAL SERVICES ALONE ACCOUNT FOR 10 PER CENT OF GDP," HE SAID.
"THIS IS NOT TO SAY THAT WE STOPPED MANUFACTURING. INDEED, OVER THE LAST 10 YEARS, WHILE THE SIZE OF OUR MANUFACTURING WORK FORCE HAS BEEN HALVED, THE VALUE OF HONG HONG'S DOMESTIC INDUSTRIAL PRODUCTION HAS GONE UP 85%.
"UNDERLYING THESE FIGURES IS NOT SIMPLY AN INCREASE IN PRODUCTIVITY, BUT ALSO A MOVEMENT UP THE TECHNOLOGICAL SCALE. INWARD FOREIGN INVESTMENT HAS HELPED. YOUR INVESTMENT IN OUR INDUSTRY NOW AMOUNTS TO SOME C$24 MILLION AND ACCOUNTED FOR C$146 MILLION IN SALES LAST YEAR."
MR
MILLER EMPHASISED THE PART PLAYED BY HONG KONG BUSINESSMEN
IN DEVELOPING CHINA'S ECONOMY.
"HONG
KONG HAS HELPED PRIME CHINA'S DEVELOPMENT PUMP NOT JUST IN THE SOUTH, BUT ELSEWHERE AS WELL, HE SAID.
"HONG KONG INVESTORS ACCOUNT FOR ABOUT 70% OF REALISED FOREIGN INVESTMENT IN CHINA. THEY HAVE PUT THEIR MONEY NOT SIMPLY INTO OFF- SHORE MANUFACTURING, BUT ALSO INTO POWER STATIONS, INTO FACILITIES, INTO TELECOMMUNICATIONS AND INTO ALL MANNER OF NEEDED INFRASTRUCTURE, AS WELL AS INTO HOTELS, PROPERTY
TRANSPORTATION."
PORT BADLY AND
MR MILLER SAID TRANSPORT LINKS WITH ALL PARTS OF CHINA WERE VERY GOOD, BUT THOSE WITH GUANGDONG AND THE PEARL RIVER DELTA PARTICULARLY SO.
"THE BIGGEST HIGH-SPEED FERRY OPERATION SERVICES HONG KONG AND THE PEARL RIVER ESTUARY,
*
IN THE WORLD NOW
HE SAID.
-
OVER 20 MILLION PEOPLE PASS THROUGH THE TERMINALS BACH YEAR
MORE PASSENGERS THAN AIRPORT.
INTERNATIONAL FERRY
ΚΑΙ THOSE USING
TAK
MORE THAN 6 MILLION OF THEM ARE BUSINESSMEN, MANAGERS AND TECHNICIANS COMMUTING DAILY TO TOWNS AND CITIES IN THE DELTA, ΤΟ MANAGE AND SERVICE OFF-SHORE PRODUCTION.
MR MILLER CATALOGUED WHAT THIS DYNAMIC ECONOMIC DEVELOPMENT IN THE REGION MEANT FOR CANADIANS WANTING TO DO BUSINESS ON THE SIDE OF THE PACIFIC,
ASIAN
/HE SAID: