XN000022-1989-09-04 — Page 5

MONDAY, SEPTEMBER 4, 1989

ACTIVITIES

"THE PEARL RIVER DELTA REGION SUFFERED ONLY ISOLATED AND

ALL MANUFACTURING TRANSPORT AND OTHER DISRUPTIONS. HAVE NOW VIRTUALLY RETURNED TO NORMAL."

MINOR

THERE

BETWEEN

OF THE NEW MAJOR

MR LEUNG SAID THE SECOND

NEW

IN

INVESTMENT CHINA ARE

PLANS.

BEING

CONTRAST WAS

"WHILE MOST MAINTAINED,

EXISTING

EXISTING

INVESTMENT

BUSINESS AND OPERATIONS PROPOSITIONS ARE BEING EVALUATED WITH MUCH GREATER CAUTION," HE SAID.

THIRD CONTRAST

WAS

BETWEEN

AND JAPANESE JAPANESE) ARE ABLE

HE ADDED THAT THE OTHER OVERSEAS INVESTORS. "GENERALLY, THEY THE TO ADOPT A MORE RELAXED AND LONGER-TERM APPROACH," HE SAID.

HONG KONG'S CAUTIOUS OPTIMISM

MR LEUNG SAID THE GROUNDS FOR LAY IN ITS LONG TERM ECONOMIC FUNDAMENTALS,

FIRST OF ALL, HE SAID, HONG KONG HAD BEEN AN ECONOMIC MIRACLE.

OUR

GDP

"DURING THE PAST DECADE, AVERAGE ANNUAL RATE OF 8.4 PER CENT IN GDP IS NOW SECOND IN ASIA ONLY TO JAPAN.

AT

HAS BEEN

THE GROWING REAL TERMS. OUR PER CAPITA

"WE ARE NOW THE WORLD'S 11TH LARGEST EXPORTER OF GOODS AND 12TH LARGEST IMPORTER. THUS, WE HAVE BECOME A VERY IMPORTANT PART THE WORLD'S ECONOMIC SYSTEM,

HE SAID.

THE

OF

KONG

SECONDLY, MR LEUNG SAID, UNDER THE JOINT DECLARATION HONG

GATT AND A SEPARATE HAD BECOME A SEPARATE CONTRACTING PARTY TO THE MEMBER OF THE CUSTOMS COOPERATION COUNCIL.

WOULD

TO KONG

CONTINUE HONG HE SAID INTERNATIONAL BODIES IN ITS OWN RIGHT BEYOND 1997.

PARTICIPATE

IN

MANY

HAD AN MR LEUNG SAID THE THIRD FUNDAMENTAL WAS THAT HONG KONG

ITS INCLUDING

ENTERPRISING EXCELLENT BUSINESS INFRASTRUCTURE,

FREE ECONOMY, ITS ENTREPRENEURS, ITS HARD-WORKING LABOUR FORCE, ITS

AND WORLD-RENOWNED FINANCIAL SERVICES.

CONTAINER

PORT, AIRPORT, TELECOMMUNICATIONS

BE EXPANDED, INCLUDING "THIS INFRASTRUCTURE WILL CONTINUE TO

EXTENSION, THE THE RECENTLY OPENED KWUN TONG-QUARRY BAY MASS TRANSIT

THE NEW UNIVERSITY OF SCIENCE SECOND CROSS-HARBOUR TUNNEL,

A PROPOSED TECHNOLOGY, A PROPOSED THIRD INDUSTRIAL ESTATE, INTERNATIONAL AIRPORT," HE SAID.

AND

AND NEW

FOURTHLY, HE SAID, AFTER RECENT EVENTS,

CHINA

HAD REPEATEDLY

REAFFIRMED ITS "OPEN DOOR" POLICY.

HE SAID THAT SINCE THE POLICY'S ECONOMY HAD ENJOYED AN ANNUAL GROWTH RATE OF 9.9 TERMS AND IT HAD BECOME THE WORLD'S

INCEPTION

EIGHTH

IN 1978, CHINA'S PER CENT IN REAL LARGEST INDUSTRIAL

PRODUCER.

/"MUCH OF .***