XN000022-1989-03-21 — Page 5

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TUESDAY, MARCH 21, 1989

HONG

KONG AS A

DEVELOPMENT

"SECONDLY, AND PERHAPS MOST SIGNIFICANTLY OF ALL, CONTINUE TO BENEFIT ENORMOUSLY FROM CHINA'S MAJOR ECONOMIC POWER OVER THE COMING YEARS AND DECADES.

WILL

IF

REQUIRE

MR MCGLYNN CONTINUED: "CHINA'S MODERNISATION PROGRAMMES A MASSIVE INCREASE IN IMPORTS OF CAPITAL, TECHNOLOGY AND GOODS AS WELL AS A STEADY BUILD-UP IN EXPORTS OVER THE NEXT DECADES, AND HONG HAS BECOME THE SOURCE FOR MANY OF CHINA'S NEEDS.

AUDIENCE: "THE

OPPORTUNITIES

HE TOLD HIS EXPORTERS ARE AS VAST AS CHINA IS POPULOUS.

KONG

AVAILABLE

то YOU

"BUT PENETRATING THE CHINA MARKET HAS NEVER BEEN WHY SO MANY U.S. COMPANIES GO THROUGH HONG KONG WITH PARTNER TO DO SO.

BASY. THAT'S

A HONG KONG

"HONG KONG IS YOUR BRIDGE INTO THIS COLOSSAL MARKET.

EVERYTHING ABOUT HONG KONG, HE SAID, WAS ENGINEERED TO THE FREE FLOW OF TRADE.

ENSURE

OR

"THERE ARE NO EXCHANGE CONTROLS. NO RESTRICTIONS ON IMPORTS

AND FOREIGN

LOCALLY BETWEEN

OWNED EXPORTS. NO DISCRIMINATION COMPANIES. NO RESTRICTIONS ON FOREIGN OWNERSHIP OF BUSINESSES, LAND OR PROPERTY.

DOMESTIC PRODUCT OVER

MR MCGLYNN SAID HONG KONG'S REAL GROSS THE LAST THREE YEARS INCREASED ON AVERAGE BY 11 PER CENT PER YEAR AND FURTHER STEADY GROWTH THROUGH 1989 WAS PREDICTED.

CENT

PRIVATE INVESTMENT IN PLANT AND MACHINERY ROSE BY 28 PER IN 1987 AND CONTINUED TO GROW LAST YEAR AND HONG KONG HAD VIRTUALLY NO UNEMPLOYMENT.

LOWEST IN TO 15 PER CENT AND THE WITHHOLDING TAX ON

HONG KONG'S PERSONAL AND CORPORATE TAXES WERE THE ASIA AND THEY WERE TO BE REDUCED EVEN FURTHER 16.5 PER CENT RESPECTIVELY - NEXT MONTH. INTEREST WOULD BE ABOLISHED ALTOGETHER, HE ADDED.

TURNING TO TRADE WITH WISCONSIN, MR MCGLYNN SAID HONG KONG THE STATE'S BIGGEST IMPORTER OF ITS CULTIVATED GINSENG, BUYING 70 PER CENT OF ITS CROP.

NORTH YEAR,

WAS ABOUT

IMPORTS FROM

THIS WAS 90 PER CENT OF ALL HONG KONG'S GINSENG AMERICA WHICH IN DOLLAR TERMS RANGED FROM $42 TO $45 MILLION A

PER CENT THAN 13 OR SLIGHTLY MORE AGRICULTURAL EXPORTS. OTHER IMPORTS INCLUDED MILLER BEER AND MINK.

OF WISCONSIN'S TOTAL PABST BLUE RIBBON AND

HE SAID WISCONSIN'S PRESENCE IN HONG KONG EXTENDED FAR AGRICULTURAL PRODUCTS.

BEYOND

TWISCONSIN SPECIALITY