Ladies and Gentlemen, starting in the late '80s, the global economy entered period of profound change. Many of our assumptions about world politics and the global economy have been tested. More will be tested in the '90s some quite severely.
must expect that the international financial system, in particular, will face a rocky road.
We
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For individual economies, industries and companies, the ability to adapt to the new competitive environment will separate the winners from the losers, the market leaders from the
followers.
In tomorrow's world, there will be three major international financial centres. In North America, New York should limp through. In Europe, I am betting on London to beat out Frankfurt and Paris. In Asia, there is no contest.
Hong Kong is making significant new investments in improving and expanding local tertiary-level education, its transportation and cargo handling capabilities, as well as its state-of-the-art telecommunications network.
The new airport project, in particular, will provide impetus for both near- and long-term business growth. Such investments will guarantee that Hong Kong will have the human and physical resources it needs to compete in the '90s and beyond.
What does all this mean in practical terms? It means that Hong Kong will retain its unmatched commercial dynamism. It will continue to be the only place in the world where you can have an idea at breakfast, register a company before lunch and start making money by tea time.
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The only place.. Again, location! That is why Hong Kong will have a great future as a major international
centre.
capital.
financial That is why Hong Kong will remain Asia's financial And that is why my Bank is bullish on Hong Kong.
Thank you.
Smith New Court plc Conference
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