XN000022-1992-06-24 — Page 29

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WEDNESDAY, JUNE 24, 1992

GOVERNOR CONFIDENT OF HK'S ECONOMIC STRENGTH AND GROWTH POTENTIAL

THE GOVERNOR, LORD WILSON, BELIEVES THAT 1997 DOES NOT PRESENT HONG KONG WITH INSUPERABLE CHALLENGES.

ADDRESSING THE 75TH LIONS CLUBS INTERNATIONAL CONVENTION AT THE HONG KONG COLISEUM TODAY (WEDNESDAY), LORD WILSON SAID: "MY CONFIDENCE IS BASED TO A CONSIDERABLE EXTENT ON THE STRENGTH OF OUR ECONOMY ITS POTENTIAL FOR FURTHER GROWTH."

AND

HE SAID OVERALL INVESTMENT HERE HAD CONTINUED то INCREASE, REACHING 10% IN REAL TERMS IN 1991.

HONG KONG'S ECONOMIC GROWTH WAS EXPECTED TO RISE FROM 3% IN 1990 TO 5% THIS YEAR.

THE GDP PER CAPITA WOULD EXCEED US$16,000 PER YEAR IN 1992 AND WOULD RANK AMONG THE HIGHEST IN THE REGION.

NOTING THAT HONG KONG HAD BEEN DESCRIBED AS A "BARREN ROCK WITH HARDLY A HOUSE UPON IT" 150 YEARS AGO, THE GOVERNOR SAID HONG KONG AT PRESENT WAS A LEADING INTERNATIONAL TRADING AND FINANCIAL CENTRE.

"UNDERPINNING HONG KONG'S SUCCESS IS THE RESILENCE, INGENUITY AND CAPACITY FOR HARD WORK OF ITS PEOPLE, HE SAID.

"I

"THEIR WISH TO MAKE A SUCCESS OF THEIR OWN LIVES AND TO MAKE HONG KONG A BETTER PLACE FOR THEIR CHILDREN AND THEIR CHILDREN'S CHILDREN HAS DRIVEN THEM FORWARD.

"AS A RESULT OF THIS DYNAMIC CAPITALIST ENVIRONMENT, HONG KONG CONTINUES TO THRIVE ECONOMICALLY, HE ADDED.

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LORD WILSON POINTED OUT THAT MUCH OF HONG KONG'S SUCCESS IN RECENT YEARS COULD BE ATTRIBUTED TO THE MASSIVE GROWTH IN HONG KONG'S TRADE WITH CHINA.

"BELIEVE IT OR NOT, WE ARE NOW EACH OTHERS' LARGEST TRADING PARTNER. MANY HONG KONG BUSINESSMEN HAVE MOVED THEIR MANUFACTURING BASE TO THE LOW COST ENVIRONMENT OF GUANGDONG PROVINCE.

"HONG KONG WILL CONTINUE TO PROVIDE GUANGDONG AND THE REST OF CHINA WITH THE CAPITAL, SERVICES AND TECHNICAL KNOW-HOW IT NEEDS ΤΟ DRIVE ITS BURGEONING ECONOMY,

"OUR OWN ECONOMY TOO WILL BENEFIT AS A RESULT,

**

THE GOVERNOR

SAID.

FOR FEAR THAT PEOPLE WOULD THINK THAT HONG KONG'S ENERGY AND DYNAMISM WERE POURED EXCLUSIVELY INTO BUSINESS AND TRADE, LORD WILSON POINTED OUT THAT THE TERRITORY WAS ALSO A COMMUNITY WHICH CARED.

/CITING EXAMPLES