XN000022-1985-06-02 — Page 3

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SUNDAY, JUNE 2, 1985

IN RECENT YEARS THE ASIA AND PACIFIC REGION HAD BECOME THE GROWTH AREA OF THE WORLD. A NEW FACTOR IN THAT GROWTH WAS CHINA'S MODERNISATION POLICY WHICH WOULD UNDOUBTEDLY CONTRIBUTE TO ITS OWN FUTURE GROWTH.

+HONG KONG, THE GOVERNOR SAID, IS AN OBVIOUS GATEWAY TO THE PEOPLE'S REPUBLIC OF CHINA,

+ I AM SURE THAT DURING THE COURSE OF THIS IMPORTANT CONFERENCE YOU WILL BE ABLE TO APPRECIATE OUR POTENTIAL AS A BASE FOR DOING BUSINESS WITH THE WORLD'S MOST POPULOUS NATION.+

SIR EDWARD SAID HE UNDERSTOOD THAT THE CONFERENCE WOULD ALSO BE EXAMINING DEVELOPMENTS IN INTERNATIONAL FINANCIAL AND CAPITAL MARKETS AND SAID THAT THESE WERE ALSO MATTERS OF GREAT INTEREST AND IMPORTANCE TO HONG KONG,

THE CONFERENCE WOULD ENABLE THE LOCAL FINANCIAL COMMUNITY TO KEEP ABREAST OF CURRENT THINKING.

+WE MUST CONTINUE TO PROFIT FROM THE EXPERIENCE OF OTHERS AND I LOOK FORWARD TO HEARING ON MY RETURN OF THE RESULTS OF YOUR DELIBERATIONS, THE GOVERNOR SAID.

PROTECTIONISM DOUBLY UNFAIR TO HONG KONG, FS SAYS ******

AN EXTENSION OF PROTECTIONIST MEASURES WOULD BE HIGHLY DAMAGING TO WORLD TRADE, AND DOUBLY UNFAIR TO HONG KONG, THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE TOLD SOME 200 OF THE WORLD'S TOP FINANCIAL LEADERS TONIGHT.

SPEAKING AT THE INTERNATIONAL MONETARY CONFERENCE PRESIDENT'S DINNER BEING HELD HERE, SIR JOHN SAID HONG KONG IMPOSED NO RESTRICTIONS ON THE IMPORT OF OTHER PEOPLE'S EXPORTS. AND HONG KONG'S FINANCIAL SERVICES SECTOR, HE SAID, WAS EQUALLY OPEN TO THE REST OF THE WORLD.

+THERE CAN BE NO POSSIBLE JUSTIFICATION FOR PROTECTIONIST MEASURES DIRECTED AGAINST HONG KONG, SIR JOHN SAID.

POINTING OUT THAT THE SUM OF HONG KONG'S IMPORTS AND EXPORTS NOW REPRESENTED NO LESS THAN 179 PER CENT OF GDP,+ SIR JOHN SAID:

+WE ARE THUS EXPOSED TO EXTERNAL EVENTS OVER WHICH WE HAVE USUALLY NO CONTROL. FOR INSTANCE THE GROWING MENACE OF PROTECTIONISM IS A VERY PRESENT THREAT.+

/FROM THIS