Hong Kong in third place

Press, 13 February 1982, Page 20

Hong Kong in third place

PA Paris Hong Kongs Financial Secretary (Mr John Bremridge) said in an interview that the British colony would shortly become the world’s third-biggest financial centre, after New’ York and London. “I think that within a very short time Hong Kong will become the world's thirdbiggest financial centre, after New York and London," he told a Paris-based business publication, Danielle Hunebelle's International Letter. The Tokyo financial market was more restrictive, he said, and the Japanese, for reasons of their own, had decided against competing for third place. He also predicted the creation of a money futures market in Hong Kong this year and said he ranked financial services first

among present most attractive investments. He said Hong Kong was taking a lead in all areas of financial services — banking, insurance, money exchange, broking, commodities. “I would put my money into the financial services sector.” Mr Bremridge said. Mr Bremridge said Hong Kong's growth rate this year would be eight per cent in real terms. “We have had two years of 10 per cent growth, which is frankly too high in a climate of world recession,” he said. “I would say eight per cent in real terms is what we are looking for in 1982." Hong Kong exports 90 per cent of what it produces, so external market factors were mainly responsible for holding down its economy, he said. The Financial Secretary said he saw a drop in the rate of inflation this year, provided fuel costs remained stable.