XN000022-1990-10-17 — Page 24

22

WEDNESDAY, OCTOBER 17, 1990

HEADQUARTERS

YEARS

AGO.

TODAY, THERE ARE 600 FOREIGN FIRMS WHOSE REGIONAL IS IN

MORE THAN DOUBLE THE NUMBER ONLY FIVE HONG KONG OVER ONE THIRD ARE EUROPEAN BASED.

HE SAID ARRIVALS FAR EXCEEDED DEPARTURES,

POLICIES,

FISCAL LOW TAX, PRUDENT AND PREDICTABLE "OPENNESS, IMPARTIAL AND ACCESSIBLE LEGAL SYSTEM, EFFICIENT ADMINISTRATION, FIRST ENTERPRISE, THE CLASS INFRASTRUCTURE AND COMMUNICATIONS, COMMERCIAL HONG KONG WORK ETHIC, AND THE INGENUITY AND ADAPTABILITY OF OUR LABOUR FORCE CONTINUE TO ATTRACT FOREIGN INVESTORS," SIR DAVID SAID.

OUTLINING THE GROWTH IN HONG KONG/CHINA TRADE AND HONG INVESTMENTS IN CHINA, THE GOVERNOR SAID HONG KONG BUSINESSMEN HAD CONFINED THEIR INVESTMENT ATTENTION TO SOUTH CHINA.

KONG'S NOT

"IN THIS, THEY ARE VERY MUCH AHEAD OF THEIR MAJOR SOUTH KOREA AND TAIWAN.

COMPETITORS,

"THEY HAVE DIVERSIFIED THEIR MANUFACTURING INTERESTS, NOT

AND

IN EVEN IN

BUT THROUGHOUT SOUTH EAST ASIA, CHINA,

HE SAID. CENTRAL AMERICA, THE CARIBBEAN AND THE EEC,

ONLY NORTH AND

SECTOR, SERVICES.

THERE HAD

THE BEEN A PARALLEL EXPORT OF CAPITAL IN

INTO PARTICULARLY

PROPERTY HOTEL NETWORKS,

AND

SERVICES FINANCIAL

THERE IS CAPITAL It HE

"BUT THIS IS NOT, AS SOME CLAIM, A CAPITAL FLIGHT. STILL PLENTY OF CAPITAL IN HONG KONG, BUT THOSE WHO CONTROL HAVE AN EYE TO THE MAIN CHANCE, WHEREVER IN THE WORLD THAT MAY BE, SAID.

TURNING TO HONG KONG'S FINANCIAL SERVICES, SIR DAVID

SAID IT

HAD GROWN RAPIDLY.

"FROM A SECONDARY TRADE-RELATED ACTIVITY THEY HAVE EXPANDED BECOME A VITAL PART OF HONG KONG'S ECONOMY.

то

"HONG KONG

FINANCIAL CENTRE,

WE

+

IS THE REGION'S MOST OPEN AND MOST ENTERPRISING

BETWEEN WITH NO DISTINCTION DRAWN BUSINESS. DOMESTIC BANKING SYNDICATION CENTRE, HE SAID.

HAVE

THE BECOME

OFF-SHORE AND REGION'S LARGEST

"NOT

45

COUNTRIES TERMS OF

OVER 400 FOREIGN BANKS FROM SURPRISINGLY, REPRESENTED IN HONG KONG. 78 OF THE WORLD'S TOP 100 IN CAPITAL HAVE FULL BANK LICENCES IN HONG KONG.

ARE

"THERE IS SCARCELY A MAJOR BANK IN THE WORLD REPRESENTED IN ONE FORM OR ANOTHER, THE GOVERNOR SAID.

++

WHICH

IS NOT

BANKING

SIR DAVID SAID THE EUROPEAN INVOLVEMENT IN HONG KONG'S SECTOR WAS SIGNIFICANT, COMPRISING ABOUT ONE-THIRD OF LICENCED BANKS.

/"THE FRENCH