XN000022-1985-06-02 — Page 2

SUNDAY, JUNE 2, 1985

BUSINESSES ARE WELCOME HERE, GOVERNOR TELLS IMC

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INTERNATIONAL BUSINESS ENTERPRISES WERE WELCOME TO HONG KONG, WHERE THEY WOULD FIND THE FINANCIAL, COMMERCIAL AND LEGAL SYSTEMS FAMILIAR TO THEM, AND THE OPEN AND COMPETITIVE ENVIRONMENT STIMULATING AND PROFITABLE, THE GOVERNOR, SIR EDWARD YOUDE, SAID TONIGHT.

SPEAKING AT THE PRESIDENT'S DINNER OF THE INTERNATIONAL MONETARY CONFERENCE BEING HELD HERE, SIR EDWARD TOLD SOME 200 FINANCIAL LEADERS THAT THE PROSPERITY OF HONG KONG, WHICH IS ONE OF THE WORLD'S MOST EXTERNALLY-ORIENTED ECONOMIES, WAS CLOSELY LINKED WITH DEVELOPMENTS IN THE WORLD ECONOMY IN GENERAL, AND IN THE ASIA-PACIFIC REGION IN PARTICULAR.

+WE VALUE OUR WORLDWIDE FINANCIAL AND TRADING LINKS. THEY ARE VITAL TO OUR PROSPERITY AND WE SHALL DO ALL WE CAN TO FOSTER THEM.

+HONG KONG IS ALSO ONE OF THE MOST OPEN ECONOMIES, WE DO NOT SHRINK FROM FAIR COMPETITION, THE GOVERNOR SAID.

HE SAID THAT HE HAD ORIGINALLY BEEN SCHEDULED TO SPEAK AT TOMORROW'S FORMAL OPENING OF THE CONFERENCE, BUT HAD TO LEAVE FOR LONDON TONIGHT IN CONNECTION WITH THE VISIT TO THE UNITED KINGDOM OF THE PREMIER OF THE PEOPLE'S REPUBLIC OF CHINA, MR ZHAO ZIYANG. BUT HE HAD NOT WANTED TO MISS THE CHANCE TO EXTEND A PERSONAL AND WARM WELCOME TO THE DISTINGUISHED GATHERING OF MEMBERS OF THE WORLD BANKING, MONETARY AND FINANCIAL COMMUNITY.

THE IR SELECTION OF HONG KONG AS THE VENUE FOR THIS YEAR'S COMFERENCE WAS BOTH WELL TIMED AND WELL PLACED, SIR EDWARD SAID.

+WELL TIMED BECAUSE THE SINO-BRITISH AGREEMENT ON THE FUTURE

THAT OF HONG KONG WAS RATIFIED IN PEKING ONLY LAST MONDAY. AGREEMENT PROVIDES THAT HONG KONG SHALL RETAIN THE STATUS OF AN INTERNATIONAL FINANCIAL CENTRE, AND THAT ITS MONETARY AND FINANCIAL SYSTEMS SHALL BE MAINTAINED FOR 50 YEARS AFTER 1997.

+THE FACT THAT THERE IS SPECIFIC REFERENCE IN THE AGREEMENT TO THESE MATTERS IS TESTIMONY TO THE IMPORTANCE OF HONG KONG AS A FINANCIAL CENTRE, SIR EDWARD SAID.

+WELL PLACED BECAUSE YOU HAVE CHOSEN AS YOUR VENUE THE WORLD'S THIRD LARGEST INTERNATIONAL FINANCIAL CENTRE.

+THERE ARE WELL OVER 300 BANKS REPRESENTED HERE IN ONE FORM OR ANOTHER. FEW OF THE WORLD'S LARGEST BANKS DO NOT HAVE A PRESENCE IN HONG KONG.

+HONG KONG IS NOT ONLY AN INTERNATIONAL BANKING CENTRE- IT IS ALSO A MAJOR CENTRE FOR FUND MANAGEMENT, AND BOASTS A RANGE OF SOPHISTICATED FINANCIAL SERVICES, SIR EDWARD SAID.

/IN RECENT