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HKSAR well positioned as Asia's world city

In response to media enquiries about the statement made by Mr Lee Kuan Yew regarding Hong Kong on August 20, a Government spokesman said today (August 22):

"As a leading financial and commercial centre, Hong Kong is well positioned to develop as Asia's world city.

As one of the freest societies in Asia, we can progress with creativity and entrepreneurship. We are strategically located to take full advantage of the prosperity and vast market potential in Mainland China.

We have entered into a free trade agreement with the Mainland. The "individual travel scheme" is making a significant contribution to Hong Kong's economic growth. We have access to these unique advantages because of our position as a special administrative region of China.

The benefits of "One Country, Two Systems" to Hong Kong are obvious and these are comparative advantages which no other Asian economy can lay claim to.

Hong Kong has always believed in the free economy and welcomes competition. Hong Kong has significant investments in Singapore and likewise Singapore has substantial investments in Hong Kong. The prosperity of both economies will benefit both communities."

Ends/Sunday, August 22, 2004