XN000022-1987-10-28 — Page 19

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WEDNESDAY, OCTOBER 28, 1987

PEOPLE, ECONOMY HAVE PROVEN RESILIENCY

SIR DAVID

THE PEOPLE OF HONG KONG AND THE TERRITORY'S ECONOMY HAVE PROVEN TIME AND AGAIN TO BE STRONG, RESILIENT AND FLEXIBLE ENOUGH TO ABSORB SHOCKS, TO ADJUST TO THEM AND то EMERGE EVEN STRONGER, THE GOVERNOR, SIR DAVID WILSON, SAID IN LONDON ON TUESDAY (UK TIME).

申申

BOUNCE

"EXPERIENCE HAS SHOWN THAT HONG KONG HAS THE ABILITY TO BACK, AND ALSO A CAPACITY TO LEARN FROM MISTAKES, HE SAID AT A DINNER GIVEN BY THE HONG KONG TRADE DEVELOPMENT COUNCIL.

"THERE ARE GOOD GROUNDS FOR CONFIDENCE THAT OUR PRAGMATIC STYLE OF DOING THINGS WILL ENABLE US TO DEAL. WITH OUR PRESENT DIFFICULTIES AND WITH FUTURE ONES WHEN AND IF THEY ARISE."

SIR DAVID MADE THESE COMMENTS AS HE DESCRIBED HOW HONG KONG TO HAD, OVER THE YEARS, OVERCOME MANY PROBLEMS AND TEMPORARY SETBACKS EMERGE AS THE WORLD'S 13TH LARGEST TRADING ECONOMY TODAY.

HONG KONG WAS A DYNAMIC PLACE WHOSE ECONOMY HAD ALWAYS BEEN EXTERNALLY ORIENTED TO A VERY HIGH DEGREE, HE SAID. IT WAS TO CHANGES BEYOND ITS CONTROL, AND MANY OF THE PROBLEMS IT HAD A GLOBAL DIMENSION.

SIR DAVID REFERRED TO HOW THE ECONOMY HAD BEEN HIT SHARP WORLD RECESSION IN THE MID-1970'S, AND ADDED: "EVEN STOCK AND FUTURES TRADING MARKETS ARE ALSO SUFFERING UPHEAVALS WHICH ARE TAKING PLACE ALL OVER THE WORLD.'

T

VULNERABLE HAD TODAY

DURING THE TODAY, OUR FROM THE

AT SUCH TIMES IT WAS IMPORTANT TO REMEMBER THE UNDEERLYING STRENGTHS AND ABILITIES OF HONG KONG AND ITS ECONOMY.

"IT IS IMPORTANT TO KEEP OUR PROBLEMS

——

——

ARE

1NDEX PREDECESSOR

NOW

HOWEVER MUCH THEY

A SOURCE OF CONCERN

PERSPECTIVE. IN

THE HANG SENG STANDS AT 2,396. THIS IS 20 PER CENT HIGHER THAN WHEN MY SPOKE TO THIS DINNER JUST OVER A YEAR AGO," HE SAID.

THAT SIR DAVID SAID

CERTAINLY RECENT EVENTS HAD SHOWN UP "WE SHALL NEED ΤΟ WEAKNESSES IN HONG KONG'S MARKET SYSTEM, SAYING:

NECESSARY DRAW THE RIGHT LESSONS FROM THESE AND MAKE THE

CHANGES. I

AM CONFIDENT THAT WE CAN DO THIS AS

RECENTLY DONE IN OUR

BANKING SECTOR.

WE

HAVE

THIS POINT

IN HIS SPEECH, SIR DAVID ALSO SAID IT WAS RIGHT AT TO PAY TRIBUTE TO THE TERRITORY'S PEOPLE. THEY WERE RENOWNED FOR THEIR HARD WORK, SELF DISCIPLINE, FLEXIBILITY

UNRELENTING PURSUIT OF

AND

SUCCESS.

/"IT IS