XN000022-1993-11-10 — Page 28

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WEDNESDAY, NOVEMBER 10, 1993

"WE AS A GOVERNMENT ARE COMMITTED TO DO ALL IN OUR POWER то MAINTAIN THIS SITUATION," HE ADDED.

MR CARTLAND SAID THIS EXPO EVENT WAS BEING HELD AT THE RIGHT TIME FOR HONG KONG BECAUSE THE PROSPECTS FOR THIS REGION, PARTICULARLY IN CHINA AND CLOSELY RELATED ECONOMIES LIKE HONG KONG, WERE FOR CONTINUED VIGOROUS GROWTH IN FUTURE, WHILE ELSEWHERE MANY DEVELOPED ECONOMIES STILL WALLOWED IN THE DEPTHS OF RECESSION.

"IN HONG KONG WE ARE FORECASTING FIVE PER CENT PER ANNUM REAL GROWTH IN THE GDP OVER THE MEDIUM TERM.

"FOR THIS YEAR, THE ASIAN ECONOMIES AS A WHOLE ARE EXPECTED то CONTINUE TO GROW BY SEVEN PER CENT AND CHINA'S ECONOMY, IN PARTICULAR, BY 13.5 PER CENT, LEVELS WHICH AGAIN FAR EXCEED THE PROJECTED GROWTH OF ONLY 1.2 PER CENT FOR THE OECD, HE SAID.

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FOREIGN BANKS PLAY IMPORTANT ROLE IN HK

HONG KONG IS A MAJOR FINANCIAL CENTRE AND THE PRESENCE OF FOREIGN BANKS IS OF VITAL IMPORTANCE TO THE FURTHER DEVELOPMENT OF HONG KONG'S FINANCIAL SECTOR, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (WEDNESDAY).

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MR MACLEOD WAS SPEAKING AT THE COCKTAIL RECEPTION TO CELEBRATE THE 45TH ANNIVERSARY OF THE LIU CHONG HING BANK AND ITS 20TH YEAR ASSOCIATION WITH MITSUBISHI BANK OF JAPAN.

HE NOTED THAT IN HONG KONG, WE HAD OVER 500 AUTHORISED INSTITUTIONS AND REPRESENTATIVE OFFICES FROM OVER 40 COUNTRIES.

HE ADDED THAT JAPANESE BANKS MADE UP A SIZEABLE PROPORTION OF THE FOREIGN BANKING COMMUNITY HERE.

"MITSUBISHI BANK, IN PARTICULAR, MADE AN IMPORTANT DECISION IN 1973 WHEN IT TOOK A 25 PER CENT STAKE IN THE LIU CHONG HING BANK AND, IN 1981, OPENED ITS OWN BRANCH IN HONG KONG," HE SAID.

THIS SUCCESSFUL PARTNERSHIP OF THE LIU CHONG HING BANK AND MITSUBISHI BANK SHOWED HOW CO-OPERATION BETWEEN LOCAL AND FOREIGN BANKS COULD BRING BENEFITS TO BOTH PARTIES, HE ADDED.

"IT IS AN IMPORTANT EXAMPLE FOR HONG KONG AS WE CONTINUE TO DEVELOP AS AN INTERNATIONAL FINANCIAL CENTRE," HE SAID.

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