XN000022-1980-01-09 — Page 2

F

WEDNESDAY, JANUARY 9, 1980

HK PLAYS IMPORTANT ROLE IN CHINA'S MODERNISATION

****

THE ACTING GOVERNOR, SIR JACK CATER SAYS IT IS NOW CLEAR THAT THE CHINESE GOVERNMENT SEES HONG KONG AS PLAYING AN IMPORTANT PART IN ITS MODERNISATION AND ECONOMIC PROGRAMMES.

SPEAKING AT THE DIAMOND ANNIVERSARY LUNCHEON OF THE HONG KONG BRANCH OF THE INSTITUTE OF CHARTERED SHIPBROKERS TODAY (WEDNESDAY), SIR JACK SAID HONG KONG WAS NO LONGER JUST A DOT ON THE MAP, BY VALUE OF EXPORTS IT WAS AMONGST THE 18 LEADING TRADERS OF THE WORLD.

+ IN A WORLD WHICH WAS SEEMINGLY BECOMING MORE AND MORE PROTECTIONIST, HONG KONG'S PERFORMANCE OVER THE LAST DECADE HAS ONCE MORE VINDICATED OUR BELIEF IN FREE TRADE.

+ IN A PERIOD WHEN THE WORLD HAS BEEN FULL OF DOUBTS AND ANXIETIES EXACERBATED BY OIL CRISES, HONG KONG HAS RECORDED A SUSTAINED HIGH LEVEL OF GROWTH, ILLUSTRATED BY A 119 PER CENT INCREASE IN CARGO HANDLING THROUGH THE PORT, FROM 13.7 MILLION TONS AT THE BEGINNING OF THE SEVENTIES TO ALMOST 30 MILLION TONS TODAY, + HE SAID.

SIR JACK ALSO NOTED THAT OUR SUCCESS AS A PORT AND AS A MANUFACTURING CENTRE IS DUE NOT ONLY TO THE FACILITIES WE PROVIDE AND TO THE QUALITY OF THE GOODS WHICH WE PRODUCE, BUT ALSO TO THE ATMOSPHERE WHICH WE HAVE SOUGHT TO ENCOURAGE, AN ATMOSPHERE IN WHICH THE DEVELOPER, THE TRADER, THE INDUSTRIALIST AND THE BUSINESSMAN WILL FLOURISH.

+HE WILL FLOURISH BECAUSE HE KNOWS THAT HE IS WANTED HERE, BECAUSE HE IS OPERATING IN A COMMUNITY WHICH BELIEVES IN INITIATIVE, IN HARD WORK AND THINKS IT RIGHT THAT A MAN SHOULD RETAIN A FAIR PROPORTION OF THE FRUITS OF HIS LABOUR AND INGENUITY, BECAUSE HE KNOWS THAT WE REGARD THE FREE MOVEMENT OF CAPITAL AND GOODS AS ESSENTIAL TO OUR GROWTH, BECAUSE HE MAY FEEL CONFIDENT THAT WE SHALL MAINTAIN OUR FREE PORT STATUS AND OUR LOW TAX STRUCTURE,

+ABOVE ALL, HE IS AWARE THAT WE BELIEVE FIRMLY IN THE BENEFITS OF VIGOROUS TRADE, FREE FROM ARTIFICIAL BARRIERS, HE ADDED.

SIR JACK ALSO POINTED OUT THAT MUCH OF THE SUCCESS OF OUR BUSINESS ENTERPRISES WAS DUE TO THE HARD WORK, FLEXIBILITY AND GOOD SENSE OF THE ORDINARY WORKING PEOPLE OF HONG KONG AND THEY DESERVED A FAIR SHARE OF THE INCREASING PROSPERITY, + THE BUSINESSMAN - INDUSTRIALIST OR TRADER FORGETS THAT AT HIS, AND OUR PERIL, HE CAUTIONED.

-

12