XN000022-1990-06-13 — Page 3

WEDNESDAY, JUNE 12, 1990

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NO EVIDENCE OF INCREASED CAPITAL OUTFLOW

THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, (TUESDAY) QUASHED REPORTS OF A MASSIVE FROM HONG KONG BECAUSE OF BVENTS IN CHINA LAST JUNE.

INCREASE IN CAPITAL SHAKEN BUSINESS CONFIDENCE DUE

YESTERDAY OUTFLOW TO THE

IN (FNN) TELEVISION APPEARING ON FINANCIAL NEWS NETWORK

NEW TO GROW YORK, MR NENDICK SAID THE ECONOMY IN HONG KONG HAD CONTINUED

YEAR AND THREE PER CENT AT A RATE OF TWO AND A HALF PER CENT LAST THIS YEAR.

4

LAST

BY

ASKED ABOUT THE DROP IN THE HANG SENG INDEX AFTER JUNE YEAR, HE SAID THE EFFECT HAD BEEN MUCH LESS WITH THE INDEX FALLING ONLY 30 PER CENT AS AGAINST 50 PER CENT IN 1987.

"IN FACT, THE INDEX TODAY WAS NOW NEARLY AT WHAT IT WAS JUNE 4 LAST YEAR," HE ADDED.

BEFORE

WHICH WAS NOW. ON INCREASING JAPANESE INVESTMENT IN HONG KONG

TAKING A ABOUT US$8 BILLION, MR NENDICK SAID JAPANESE INVESTORS WERE

WHO WERE LONGER TERM VIEW THAN OTHERS

OVER-REACTING TO SHORT-TERM

SHOCKS.

HE SAID HONG

KONG'S ECONOMY HAD BEEN BEFORE BUT HAD ALWAYS RECOVERED.

THROUGH MANY SHOCKS

ATTEND A SEMINAR

IN

MR NENDICK IS IN NEW YORK ON HIS WAY TO BOSTON ORGANISED BY THE WORLD BANK LATER THIS WEEK.

COMMUNITY CHEST A FORCE FOR COMMUNITY DEVELOPMENT

WILL CONTINUE 113 AGENCIES WHICH ARE DEVELOPMENT, LADY

THE WORK OF THE COMMUNITY CHEST IN THE NINETIES TO BE OF GREAT IMPORTANCE, NOT ONLY TO THE MEMBERS OF THE CHEST, BUT AS A FORCE FOR COMMUNITY WILSON SAID TODAY (WEDNESDAY).

COMMUNITY CHEST SPEAKING AT THE ANNUAL GENERAL MEETING OF THE OF HONG KONG, LADY WILSON SAID THROUGH THE CHEST'S WALKS FOR MILLIONS, UP OF TELEPHONE IDD BILLS, ROUNDING MONTHLY PAYROLL DONATIONS, DONATIONS THROUGH CREDIT CARDS, AND IN MANY OTHER WAYS, MORE AND PEOPLE WERE CONTRIBUTING TO THE WELFARE OF THOSE IN NEED.

MORE

"I

"THIS IS THE BEST POSSIBLE SIGN OF A COMMUNITY DEVELOPING IN HUMANE WAY, SHE SAID.

A

LADY WILSON POINTED OUT THAT ALTHOUGH THE YEAR

AND COMMITTEE, ANXIOUS ATMOSPHERE, THE EXECUTIVE

STARTED IN AN

ITS

CHAIRMAN,

MR

JAMES KUNG, HAD SUCCEEDED MAGNIFICENTLY.

/SHE SAID