XN000022-1990-10-12 — Page 6

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FRIDAY, OCTOBER 12, 1990

"HONG KONG IS ALSO A

PARTICULARLY IMPORTANT ENTREPOT

FOR

YORK

NOR COULD CAPITAL FOR THE ASIA-PACIFIC REGION THOUGH WE NEITHER WISH, AFFORD, TO BE BANKERS TO THE WORLD IN THE SENSE THAT LONDON, NEW AND TOKYO NOW ARE," HE SAID.

MR NENDICK NOTED THAT THE CONTRIBUTION OF THE FINANCIAL INCLUDING REAL ESTATE AND BUSINESS SERVICES TO THE ECONOMY KONG HAS GROWN SIGNIFICANTLY IN RECENT YEARS.

SECTOR

OF HONG

"IN

"

IT ACCOUNTED FOR 19 PER 1988,

CENT

PRODUCT

COMPARED WITH A 20 PER CENT SHARE (GDP), INDUSTRY, HE SAID.

GROSS OF

DOMESTIC FOR MANUFACTURING

BY COMPARISON, IN THE EARLY 70S ITS CONTRIBUTION TO ONLY HALF OF THAT OF MANUFACTURING INDUSTRY.

PROVIDES THE LARGEST

GDP WAS

SOURCE

"WHILE MANUFACTURING STILL EMPLOYMENT, THE FINANCIAL SECTOR NOW EMPLOYS WELL OVER A QUARTER OF MILLION PEOPLE," HE SAID.

OF

DEVELOPING NENDICK STRESSED

TURNING TO THE GOVERNMENT'S ROLE IN MAINTAINING AND HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE, MR THAT THE GOVERNMENT IS FIRMLY COMMITTED TO A FREE MARKET PHILOSOPHY.

"WE SEE OUR ENVIRONMENTAL FLOURISH.

AND

ROLE LEGISLATIVE

AS

THAT

OF PROVIDING

IN FRAMEWORK

THE

NECESSARY

WHICH

BUSINESS CAN

ENTREPRENEURIAL

MAINTAINED

PROVIDED FOR

NON-

"THE LAST THING WE WANT TO DO IS TO STIFLE THE SPIRIT. AS FAR AS OUR FINANCIAL SYSTEM IS CONCERNED, INTERVENTION RESTRICTED TO ENSURING THAT THE INTEGRITY OF THE SYSTEM IS AND THAT A PROPER PROFESSIONAL PARTICIPANTS, HE STRESSED.

MEASURE OF

P

PROTECTION

IS

HONG KONG: AN IMPORTANT CAPITAL ENTREPOT FOR THE ASIA-PACIFIC REGION

FOR

THE IN BUSINESS AS USUAL TODAY, THE DIRECTOR OF SAN FRANCISCO, MR PETER

HONG KONG IS AN

IMPORTANT CAPITAL ENTREPOT ASIA-PACIFIC REGION AND WILL REMAIN VERY MUCH FOR AS FAR AHEAD AS CONCERNS ANY OF US HERE

TRADE OFFICE IN AND HONG KONG ECONOMIC JOHNSON, SAID ON THURSDAY, (OCTOBER 11).

NATIONAL GOVERNOR OF THE IN SAN

ADDRESSING A GROUP THAT INCLUDED A FEDERAL RESERVE BANK, ITS REGIONAL DIRECTORS AND SENIOR STAFF

OVER 400 OVERSEAS BANKS FRANCISCO, MR JOHNSON SAID THERE ARE

ANYWHERE ELSE IN

SOME 50 COUNTRIES IN THE TERRITORY, MORE THAN WORLD EXCEPT NEW YORK AND LONDON.

FROM THE

/"A SURVEY