XN000022-1985-11-27 — Page 35

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WEDNESDAY, NOVEMBER 27, 1985

HOWEVER, HE SAID, CERTAIN PEOPLE IN HONG KONG WERE STILL TAK ING A WAIT-AND-SEE ATTITUDE AND THE CONFIDENCE FOR INVESTMENT HAD NOT BEEN RESTORED TO THE LEVEL BEFORE 1982.

+ IF WE, IN HONG KONG, SHOULD WISH TO CONTINUE DEVELOPING OUR ECONOMY AT A PACE AS IT WAS PREVIOUSLY, WE NEED TO MAKE AN ENORMOUS AMOUNT OF INVESTMENT IN NEW INDUSTRIES IN ORDER TO ENHANCE PRODUCTIVITY.

+MORE MANAGEMENT AND TECHNOLOGY PERSONNELS NEED TO BE TRAINED TO COPE WITH THE NEW CIRCUMSTANCES.

+WE ALSO NEED MORE REINFORCED FINANCIAL STRENGTH TO SUPPORT THESE DEVELOPMENTS.

+ IN ORDER TO ACHIEVE THIS GOAL, THE PREDOMINANT FACTOR IS CONFIDENCE,+ HE SAID.

MR WONG SAID HONG KONG PEOPLE SHOULD HAVE FULL CONFIDENCE N ITS OWN FUTURE AND ONLY BY THUS COULD THE WAIT-AND-SEE -TTITUDE BE PUT TO AN END.

HE SAID IT WAS EQUALLY IMPORTANT TO INSTILL IN FOREIGN INVESTORS FULL CONFIDENCE IN HONG KONG'S FUTURE AND ENVIRONMENT AND TO CONVINCE THEM IN MAKING LONG TERM INVESTMENTS IN ONG KONG.

TO ACHIEVE THESE ENDS, R WONG SAID THE EFFORTS OF BOTH T: GOVERNMENT AND THE GENERAL PUBLIC IN HONG KONG WOULD BE NEEDED.

HE SAID OUR PRESENT TASK WAS TO CLEAR ANY FACTOR WHICH MIGHT POSSIBLY MAKE THE INVESTORS FEEL DOUBTFUL AND WORRIED IN OUR REVENUE, ADMINISTRATION AND MANAGEMENT ASPECTS.

HE THEREFORE EXPRESSED SUPPORT TO THE NEED FOR A SIMPLE MI EQUITABLE TAXATION SYSTEM AND CALLED ON THE PUBLIC TO BE VERY CAREFUL AND NOT TO OVER-REACT WHEN ACTIONS WERE TAKEN TO PLUG LOOPHOLES IN THE SYSTEM TO AVOID JEOPARDISING THE CONFIDENCL OF THE ENTREPRENEURS.

WONG POINTED OUT THAT IT WAS IMPORTANT TO HAVE REASONABLE MONITORING OF FINANCIAL AND COMMERCIAL UNDERTAKINGS.

WE SHOULD MAKE PROVISIONS IN OUR LEGISLATION TO OFFER A FAIR AND COMPETITIVE ENVIRONMENT TO ALL ENTREPRENEURS ALIKE AND THE GUIDELINES MUST BE ABLE TO SERVE THE PURPOSE OF PROTECTING THE INVESTMENTS OF THE GENERAL PUBLIC IN ORDER TO SECURE THE IR CONFIDENCE, HE SAID.

ON HONG KONG'S RELATIONSHIP WITH CHINA, MR WONG SAID THAT EVERY POSSIBLE MEASURE SHOULD BE TAKEN TO IMPROVE THE UNDERSTAN OF HONG KORS' FUNCTIONING IN VARIOUS RESPECTS BY THE OFFICIALS AND PEOPLE OF CHINA.

/+OUR AIM