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WEDNESDAY, FEBRUARY 10, 1993

SES ON ECONOMY

A STABLE, EFFICIENT AND CORRUPTION-FREE GOVERNMENT, BOUND BY THE RULE OF LAW, IS A FUNDAMENTAL PRE-REQUISITE TO THE MAINTENANCE LONG-TERM ECONOMIC GROWTH AND THE ENCOURAGEMENT OF INWARD THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID

(WEDNESDAY).

OF

TODAY

INVESTMENT,

MUST

"AT THE SAME TIME A RESPONSIBLE AND RESPONSIVE GOVERNMENT ENSURE THAT THE GROWING ECONOMIC PROSPERITY OF THE COMMUNITY GOES HAND-IN-HAND WITH A RECOGNITION OF THE NEED FOR THOSE WHO HAVE CREATED WEALTH ΤΟ PARTICIPATE MORE FULLY IN THE PROCESSES OF GOVERNMENT DECISION-MAKING WHICH SHAPE AND INFLUENCE ALL ASPECTS OF THEIR LIVES, MRS CHAN SAID.

tr

OPENING A SYMPOSIUM ORGANISED BY THE EURASIA INSTITUTE IN PARIS, MRS CHAN SAID ONE OF THE KEY INGREDIENTS TO HONG KONG'S SUCCESS HAD BEEN THE WILLINGNESS OF THE GOVERNMENT то ALLOW PRIVATE BUSINESSMEN TO MAKE THEIR OWN DECISIONS ABOUT WHERE AND WHEN TO INVEST

HOW TO RESPOND TO A CHANGING BUSINESS ENVIRONMENT.

AND

"AMONGST THE DYNAMIC ASIAN ECONOMIES THERE HAVE INEVITABLY BEEN DIFFERENCES OF EMPHASIS IN TERMS OF THE ROLE OF GOVERNMENT IN THEIR ECONOMIC DEVELOPMENT, BUT WE IN HONG KONG HAVE CONSISTENTLY PLACED OUR TRUST IN MARKET FORCES AND IN AN UNSWERVING COMMITMENT TO FREE TRADE AND AN OPEN ECONOMY, SHE ADDED.

..

**

"THIS HAS PAID HANDSOME DIVIDENDS FOR US, SHE STRESSED.

MRS CHAN NOTED THAT HONG KONG BUSINESSMEN WERE USED ΤΟ DOING BUSINESS WITHOUT SUBSIDIES FROM THE GOVERNMENT.

"THEY KNOW THAT THE ULTIMATE RISKS REST WITH THEM, NOT THE TAXPAYERS. THIS LEADS NOT ONLY TO A MORE REALISTIC

OF ASSESSMENT COMMERCIAL RISKS BUT ALSO MAKES IT EASIER AND QUICKER то ADAPT TO CHANGING CIRCUMSTANCES.

"OUR LOW TAXATION ENABLES OUR ENTREPRENEURS TO POCKET MOST THE PROFITS THAT THEY MAKE, SHE ADDED.

"

OF

OF THE ASIAN NECESSARY FOR

SHE POINTED OUT THAT IF THE CONTINUING GROWTH "MIRACLE ECONOMIES" WAS TO BE SUSTAINED, IT WOULD BE BOTH GOVERNMENT AND THE PRIVATE SECTOR TO PLAY THEIR PART IN RESPONDING TO THE CHALLENGES OF AN EVER CHANGING BUSINESS AND TRADING ENVIRONMENT.

"IN PARTICULAR AS INVESTORS AND BUSINESSMEN MOVE ON RELENTLESSLY IN SEARCH OF NEW LOW-COST MANUFACTURING ENVIRONMENTS, THE CHALLENGE FOR THE MORE MATURE ASIAN ECONOMIES WILL BE TO MOVE BEYOND RELIANCE ON THE BASIC, LABOUR-INTENSIVE

MANUFACTURING PROCESSES

WHICH

WHICH SERVED US WELL IN THE PAST, TO THE PRODUCTION OF HIGHER VALUE- ADDED AND MORE TECHNOLOGICALLY SOPHISTICATED GOODS AND SERVICES CAN SUSTAIN FUTURE GROWTH, SHE SAID.

"

/"WE WILL

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