XN000022-1992-03-30 — Page 3

N

MONDAY, MARCH 30, 1992

HK PREPARES TO PLAY KEY ROLF IN PACIFIC.: SES

HONG KONG IS JNVESTING HEAVILY IN THE NECESSARY INFRASTRUCTURE TO ENABLE THE TERRITORY TO GO ON PLAYING ITS KEY ROLE THE PACIFIC, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID TODAY (MONDAY).

IN

SPEAKING AT THE PACIFIC ASIA TRAVEL ASSOCIATION PRESS LUNCHEON, MRS CHAN SAID HONG KONG IS AN INTEGRAL PART OF THE PACIFIC TRADING COMMUNITY.

STRESSED.

T

"BEYOND 1997 WE WILL REMAIN INTEGRATED WITH THE PACIFIC, SHE

SHE SAID CERTAINLY FOR THE NEXT DECADE, AND PROBABLY WELL BEYOND, IT WAS LIKELY THAT THE ECONOMIES OF THE ASIA-PACIFIC REGION WOULD OFFER THE WORLD'S MOST EXCITING BUSINESS PROSPECTS.

TURNING TO HONG KONG'S ECONOMIC RELATIONS WITH CHAN SAID IN THE PAST DECADE HONG KONG'S ECONOMIC LINKS HAD GONE FROM STRENGTH TO STRENGTH.

M

CHINA, MRS WITH CHINA

ACCOUNTING

"WE ARE NOW BACH OTHERS' LARGEST TRADING PARTNER, FOR ROUGHLY A THIRD OF EACH OTHER'S TRADE, MRS CHAN SAID, ADDING THAT SOUTHERN CHINA WITH WHICH HONG KONG HAD THE CLOSEST TIES WAS DESCRIBED BY ONE INTERNATIONAL JOURNAL AS "THE FASTEST GROWING ECONOMY EARTH".

ON

OVER THE PAST DECADE, THE ANNUAL VALUE OF HONG KONG'S TRADE WITH CHINA HAS INCREASED SIX TIMES IN REAL TERMS. IN THE PAST TWO YEARS ALONE, IT HAS GROWN BY NEARLY 40 PER CENT.

SHE SAID SOME 40 PER CENT OF ALL CHINA'S EXPORTS PASSED THROUGH HONG KONG. TWO-THIRDS OF CHINA'S FOREIGN INVESTMENT CAME FROM, OR THROUGH, HONG KONG.

SOME THREE MILLION PEOPLE IN GUANGDONG WERE EMPLOYED BY HONG KONG FIRMS. THIS WAS FOUR TIMES HONG KONG'S TOTAL MANUFACTURING LABOUR FORCE, SHE ADDED:

THE TRANSFER OF SOVEREIGNTY IN 1997 WAS THUS NOT A THREAT LOCAL ECONOMY, SHE STRESSED.

TO

"ON THE CONTRARY, IT SHOULD PROVIDE GREATER OPPORTUNITIES FOR DEVELOPING A PRODUCTIVE RELATIONSHIP BETWEEN HONG KONG KNOW-HOW AND CHINA'S RESOURCES AND MANPOWER.

THE

"THIS ECONOMIC MOMENTUM WILL, I AM SURE, HELP TO CARRY US THROUGH MANY OF THE DIFFICULTIES WHICH WILL INEVITABLY SURROUND TRANSFER OF SOVEREIGNTY IN 1997," SHE SAID.

SAID SHE

THE BEST GUARANTEE FOR HONG KONG'S ECONOMIC GROWTH WRICH THE CONTINUING

IN TURN WAS THRIVING AND OPEN CHINA.

FUTURE

LAY

IN

DEPENDENT ON A

/"OUR TWO