t.
- 3
1
BIRU ST
b) Market capitalisation of the Hong Kong Stock Exchange exceeded that of Frankfurt. It was the financial centre of
(W Asia and could be the financial centre of the world Purves).
c) All the major Chinese corporations which had sought international capitalisation had done so through the Hong Kong Stock Exchange (W Purves).
d) Hongkong Telecom had a market capitalisation greater than Cable & Wireless (Sir W Purves).
e) There were 875 authorised investment funds in Hong Kong and 250 insurance companies (Sir W Purves).
(a bir
hyperbolic,
shurely?)
f) Hong Kong's GNP per head now equalled that of Britain (Lady Dunn).
All this g) Hong Kong was the 10th largest trading economy. has been achieved during turmoil in China, with no Marshall Plan, no outside assistance. How?
i) law.
ii)
iii)
because Hong Kong had a sound legal system based on UK
because English was the language of business.
because Hong Kong was at the hub of the fastest growing region of the world.
iv) because half the world's population is within 5 hours flying time of Hong Kong.
v) because Hong Kong had never ceased to build its infrastructure (airport, container port, railways, etc).
vi) because Hong Kong had consistently run healthy market surpluses.
vii) because Hong Kong had low tax and sound financial policies.
viii) because the HKG has a philosophy of non-interference in all areas where the private sector could do it better.
ix)
x)
because Hong Kong had few restrictions on immigration.
because HKG spends more on education and training than
on any other sector. (Lady Avan)
F
Francis Cornish
12 November 1993
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