XN000022-1982-03-05 — Page 3

FRIDAY, MARCH 5, 1982

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MOVE TO PLUG LOOPHOLES IN VIDEO GAMES LAW

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IN RESPONSE TO REQUESTS FROM UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL, IT HAS BEEN AGREED THAT ALL THREE READINGS OF THE MISCELLANEOUS LICENCES (AMENDMENT) (NO. 2) BILL WILL BE TAKEN IN THE LEGISLATIVE COUNCIL SESSION ON WEDNESDAY (MARCH 10).

IF PASSED, THE BILL WILL BECOME EFFECTIVE ON FRIDAY (MARCH 12).

HENCE THE

A GOVERNMENT SPOKESMAN SAID, THE BILL DOES NOT INVOLVE ANY NEW POLICY AND IS MERELY PLUGGING LOOPHOLES, INTENTION TO ENACT IT AS QUICKLY AS POSSIBLE.+

INVESTMENTS WELCOME, VISITING US BUSINESSMEN TOLD

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OVERSEAS INVESTMENT, PARTICULARLY FROM THE UNITED STATES, WAS MOST WELCOME, THE FINANCIAL SECRETARY, MR JOHN BREMRIDGE, TOLD MEMBERS OF THE ASIA PACIFIC COUNCIL OF AMERICAN CHAMBERS OF COMMERCE THIS MORNING AT THE HILTON HOTEL.

THE COUNCIL IS HOLDING ITS SEMI-ANNUAL MEETING IN HONG KONG.

AMONG THE FACTORS MAKING HONG KONG ATTRACTIVE TO AMERICAN AND OTHER INVESTORS WERE THE EXCELLENT RELATIONS WITH CHINA, A STABLE ECONOMIC POLICY WITH MINIMUM BUREAUCRATIC INTERFERENCE, AND NON-DISCRIMINATION AGAINST OVERSEAS COMPANIES, HE SAID.

OTHER FACTORS OF ENCOURAGEMENT WERE THE LOW STANDARD RATES OF TAXATION, A FREE MONEY MARKET AND SOPHISTICATED BACK-UP SERVICES IN THE FIELDS OF FINANCE, TRANSPORT AND COMMUNICATIONS.

MR BREMRIDGE SAID THERE WERE REAL OPPORTUNITIES FOR ECONOMIC AND COMMERCIAL COOPERATION WITH CHINA +FOR OUR MUTUAL BENEFIT+.

THESE OPPORTUNITIES WOULD BECOME INCREASINGLY THE FOCUS OF MUCH OF THE BUSINESS ACTIVITY IN HONG KONG.

HONG KONG HAD CONSOLIDATED ITS POSITION AS A MANUFACTURING CENTRE, HAD BEEN RAPIDLY EXPANDING ITS ENTREPOT TRADE AND, WITH ITS GROWING COMMERCIAL SERVICES, INCLUDING BANKING, FINANCE INSURANCE, REAL ESTATE, AND CONSULTING, HAD RAPIDLY BECOME A LEADING FINANCIAL CENTRE, HE SAID.

+NOT JUST IN THE REGION, BUT ALSO ON A WORLD SCALE WHERE IT IS ONLY SURPASSED TO ANY SIGNIFICANT EXTENT BY NEW YORK AND LONDON, HE SAID.

THE GOVERNMENT OF HONG KONG HAD EVERY INTENTION OF ENSURING THAT THESE FAVOURABLE CONDITIONS WOULD CONTINUE TO APPLY, MR BREMRIDGE SAID.

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