XN000022-1985-03-28 — Page 33

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THURSDAY, MARCH 28, 1985

ANOTHER ASPECT OF EXPERTISE OPENED TO CONFERENCE PARTICIPANTS CAME FROM THE PIONEERS OF LEASING IN CHINA, MR THOMAS SAID.

HE SAID PARTICIPANTS COULD LEARN FROM THE VALUABLE EXPERIENCE AND INSIGHTS OF THE ORIENT LEASING COMPANY LTD OF JAPAN WHICH WAS THE FIRST TO SET UP A JOINT VENTURE COMPANY, THE CHINA ORIENT LEASING COMPANY, IN CHINA IN 1981.

AS FOR EQUIPMENT LEASING, MR THOMAS SAID, IT INVOLVED AN APPRECIATION AND APPLICATION OF THE TAX LAWS OF DIFFERENT COUNTRIES WHICH WAS SOMETIMES CONTROVERSIAL.

HE SAID, +WHATEVER THE RULES THE SPECIALISTS IN COMPARATIVE TAX LAW WILL BE ABLE TO GIVE THE BEST ADVICE, AND IN INTERNATIONAL LEASING TRANSACTIONS THERE WILL ALWAYS BE ADVANTAGES.

+BUT WHERE THIS IS AT THE EXPENSE OF TAXPAYERS, THE RULES OF THE GAME ALSO INCLUDE THE RIGHT OF FINANCE MINISTERS TO PROPOSE CHANGES IN THE LAW.

+ THE FASCINATION OF THIS PARTICULAR EXPERTISE SEEMS TO Bt DEVISING THE RIGHT FINANCIAL PACKAGE TO MEET RAPIDLY CHANGING FISCAL AND ECONOMIC CIRCUMSTANCES, AND THE NEW NEEDS ON THE PART OF CUSTOMERS,+ MR THOMAS SAID.

HE POINTED OUT THAT THE PRINCIPAL CHANGING NEEDS THE PARTICIPANTS WERE CONCERNED WITH WERE THOSE OF THE PEOPLE'S REPUBLIC OF CHINA - IN AIRCRAFT, OIL RIGS, AND CAPITAL EQUIPMENT OF EVERY KIND.

+1 AM SURE THAT THE EXPERTISE TO MEET THOSE NEEDS BY LEASING WHERE APPROPRIATE WILL BE DEVELOPED AT THIS CONFERENCE AND THAT IT WILL ASSIST CHINA'S DEVELOPMENT PLANS, WILL ASSIST HONG KONG'S DEVELOPMENT AS A CENTRE OF FINANCIAL EXPERTISE AND CONTRIBUTE TO THE LONG TERM PROSPERITY OF BOTH CHINA AND HONG KONG,+ MR THOMAS SAID.

NOTE TO EDITORS:

DEBATE TO BE BROADCAST LIVE *****

RTHK RADIO 3 WILL BROADCAST +LIVE+ TONIGHT'S DEBATE ON THE THIRD READING OF THE HONG KONG BILL IN THE HOUSE OF LORDS.

THE DEBATE IS EXPECTED TO START AT ABOUT 11.15 PM TODAY HONG KONG TIME.

IN VIEW OF THE DECISION TO BROADCAST THE DEBATE, THE FACILITY FOR MEDIA REPRESENTATIVES TO LISTEN TO THE DEBATE THROUGH A DIRECT #FEED IN THE GIS PRESS CONFERENCE ROOM HAS BEEN CANCELLED.

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