XN000022-1984-11-12 — Page 5

MONDAY, NOVEMBER 12, 1984

+OUR UNPARALLELED TRANSPORTATION AND COMMUNICATION INFRASTRUCTURE AND ESTABLISHED LINKS WITH THE REST OF THE WORLD WILL BE OF GREAT VALUE TO CHINA, WHICH IS EAGER TO EXPAND ITS EXTERNAL TRADE AND TO MODERNISE ITS ECONOMY, SIR JOHN EXPLAINED.

THE SERVICES SECTORS HERE WOULD EXPAND IN RESPONSE TO CHINA'S INCREASING NEEDS AND HONG KONG WOULD OFFER THE IDEAL ENVIRONMENT THROUGH WHICH OVERSEAS BUSINESSMEN COULD DEVELOP BUSINESS LINKS WITH CHINA, HE SAID.

ENVISAGING THAT HONG KONG WOULD CONTINUE TO GROW AS A REGIONAL AND INTERNATIONAL FINANCIAL AND BUSINESS CENTRE, HE SAID, IN THIS AREA, GOVERNMENT POLICY HAS BEEN TO MAINTAIN A STABLE AND ATTRACTIVE ENVIRONMENT FOR BUSINESS, INCLUDING THE OVERSIGHT OF MARKETS AND, AS REQUIRED, THE REGULATION OF THEIR ACTIVITIES IN THE INTEREST OF THE PUBLIC.+

+

WHILE THERE SHOULD BE SUFFICIENT REGULATION TO PROMOTE SOUND BUSINESS STANDARDS AND CONFIDENCE IN THE INSTITUTIONS, HE SAID BUREAUCRATIC BURDENS MUST BE AVOIDED.

EARLIER IN HIS SPEECH, SIR JOHN HAD BRIEFLY REVIEWED THE SIGNIFICANT SWINGS IN HONG KONG'S ECONOMIC STRUCTURE SINCE 1950 AS ITS ECONOMY HAD EVOLVED FROM AN ENTREPOT FOR CHINA TO ITS PRESENT STATUS OF A MANUFACTURING BASE AS WELL AS THE THIRD LARGEST FINANCIAL CENTRE IN THE WORLD.

HE SAID, +CHANGE IS ALWAYS INVIGORATING. WIDE OPEN TO CHANGE THAN HONG KONG.+

NOWHERE IS MORE

HE POINTED OUT THE RESILIENCE OF THE ECONOMY, THE ADAPTABILITY OF THE PEOPLE OF HONG KONG AND THE FLEXIBILITY OF THE GOVERNMENT HAD BEEN A KEY TO THE TERRITORY'S SUCCESS.

HE EMPHASISED THAT AS HAD HAPPENED IN THE PAST, THERE WOULD BE CHANGES IN THE HONG KONG ECONOMY IN THE NEXT 13 YEARS AND BEYOND.

+THEY ARE ALL PART OF THE CONTINUING EVOLUTIONARY PROCESS. THERE WILL BE NO STAGNATION.

+THE SINO-BRITISH AGREEMENT ON THE FUTURE OF HONG KONG PROVIDES THE FUTURE HONG KONG ADMINISTRATION WITH A HIGH DEGREE OF AUTONOMY AND A SOUND FRAMEWORK WITHIN WHICH THE HONG KONG ECONOMY CAN DEVELOP IN THE FUTURE,+ HE SAID.

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