XN000022-1988-09-28 — Page 4

WEDNESDAY, SEPTEMBER 28, 1988

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HONG KONG'S FUTURE: STEPPING INTO THE 90'S SASI

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POLITICAL PUNDITS HAVE OFTEN TAKEN DELIGHT IN FORECASTING HONG KONG'S DOWNFALL BUT HAVE FREQUENTLY BEEN PROVED WRONG ABOUT ITS ABILITY TO WEATHER CRISES.

THIS WAS SAID TODAY (WEDNESDAY) BY THE SECRETARY FOR ADMINISTRATIVE SERVICES AND INFORMATION, MR PETER TSAO, WHILST GIVING A TALK ON "HONG KONG'S FUTURE: STEPPING INTO THE 90's" ΤΟ THE JAPAN-HONG KONG SOCIETY IN TOKYO, JAPAN.

MR TSAO SAID: "ANY PESSIMISTIC ASSESSMENT OF THE FUTURE OF HONG KONG FAILS TO TAKE INTO ACCOUNT THE CLEAR COMMITMENT BY BOTH THE BRITISH AND CHINESE GOVERNMENTS TO ENSURE THAT THE PEOPLE OF HONG KONG WILL CONTINUE TO ENJOY AN ENVIRONMENT WHICH IS BOTH CONDUCIVE ΤΟ A VITAL AND DYNAMIC ECONOMY AND TO A STEADY AND CONTINUING IMPROVEMENT IN THE QUALITY OF LIFE.

SPEAKING OF HOW PRESENT INDICATORS PROVIDED STRONG GROUNDS FOR FUTURE OPTIMISM, HE SAID OVERSEAS VISITORS WERE CONSTANTLY AMAZED BY THE VIBRANCY OF THE REAL HONG KONG WHICH WAS SO MUCH AT ODDS WITH WHAT PROPHETS OF DOOM AND INACCURATE MEDIA REPORTING WOULD HAVE THEM BELIEVE.

"I THINK IT WOULD NOT BE INACCURATE ΤΟ SAY THAT FOREIGN COMPANIES ARE FALLING OVER THEMSELVES ΤΟ COMPETE IN TENDERING FOR MAJOR CAPITAL WORKS PROJECTS IN HONG KONG," HE SAID.

"THE SECOND HARBOUR CROSSING, A ROAD AND RAIL TUNNEL, CONSTRUCTED AND WILL BE OPERATED BY A PRIVATE CONSORTIUM.

IS BEING

THE HARBOUR CROSSING'S PAY-BACK PERIOD EXTENDS WELL INTO THE NEXT CENTURY, AND THERE IS NO DOUBT THAT THE INVESTORS HAVE NO FEARS FOR THE FUTURE OF THEIR ENDEAVOURS.

CITING ANOTHER EXAMPLE, MR TSAO POINTED OUT THAT A LOCAL COMPANY HAD PAID HK$4.39 BILLION FOR THE RIGHT TO DEVELOP FURTHER THE CONTAINER PORT,

"I MYSELF ANNOUNCED A TENDER LAST MONDAY FOR THE ESTABLISHMENT OF A CABLE TELEVISION SYSTEM IN HONG KONG. THE INVESTMENT WILL BE IN THE ORDER OF HK$3 4 BILLION," HE ADDED.

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SEEING HONG KONG'S PATH THROUGH THE 90'S AND BEYOND MR TSAO SAID THAT HONG KONG WOULD REMAIN, AMONG OTHER THINGS, AN INDEPENDENT INTERNATIONAL FINANCIAL CENTRE WITH A FREE PORT AND A SEPARATE

CUSTOMS TERRITORY.

"ITS FREELY CONVERTIBLE CURRENCY, THE HONG KONG DOLLAR, WILL BE RETAINED UNTOUCHED BY FOREIGN EXCHANGE CONTROLS. HE SAID.

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"INVESTMENTS WILL BE PROTECTED BY LAW AS THEY ARE NOW AND HONG KONG'S JUDICIAL SYSTEM WILL BE ALLOWED TO MAINTAIN ITS INDEPENDENCE

"THERE MUST BE FEW COMMUNITIES ANYWHERE WHICH HAVE GUARANTEES OF CONTINUITY INTO THE MIDDLE OF THE NEXT CENTURY.

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SUCH

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