'I Am Confident Hong Kong Has Future'

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Last updated at: (Beijing Time) Saturday, June 08, 2002

'I Am Confident Hong Kong Has Future'

"I am confident that Hong Kong has a future," David Eldon, chairman of the Hong Kong and Shanghai Banking Corporation Limited (HSBC), told Xinhua.

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"I am confident that Hong Kong has a future," David Eldon, chairman of the Hong Kong and Shanghai Banking Corporation Limited (HSBC), told Xinhua.

On the eve of the fifth anniversary of Hong Kong's return to China, chairman of Hong Kong's largest bank, added, "we always held the view that the handover would be easy and smooth."

"We have been proven right," he said.

Eldon, HSBC chairman since 1999, said Hong Kong is a special place for him as 16 of his 34 years with HSBC have been spent here.

"Nothing of my life has been affected by Hong Kong's return to China. Life continues. Hong Kong is just as interesting as ever," he said.

The 57-year-old Scottish was active not only in the financial field but also in numerous community and charity affairs.

Eldon said that Hong Kong is a great place, but it needs to keep improving itself and make efforts to convince people, especially overseas investors, that it is a great place.

Hong Kong does not need to worry about being overtaken by Shanghai, or whatever city, he noted, the key is to keep working very hard to remain at the top.

"Contrary to those who worry about Hong Kong's tomorrow, I worry that many Hong Kong people have not woken up to the idea that there is a potential market for them. Both foreign companies and Chinese mainland companies need Hong Kong to be trade partner,or marketing arm. This is a great opportunity."

He pointed out that Hong Kong should look over to the Pearl River Delta, whose huge population, low labor cost can combine with Hong Kong's expertise and international links to produce tremendous economic effects.

Eldon stressed Hong Kong should go to those who do not know Hong Kong well or those who do not believe Hong Kong has a future to promote itself.

"It is much harder to convince people who are not on your side.Hong Kong has a great story to tell. But we should be prepared to get out to tell it, not to just wait for people to come to us," hesaid.

As for the current economic difficulty in Hong Kong, Eldon said,"People don't feel good about it and don't think about how to change for the better. Don't give up although the time is tough."

"It is a very painful process to adjust, not seen before. But as we make these changes ultimately, we will come out stronger andmuch more aggressive."

Eldon said HSBC's confidence is shown in many places.

"More than 25,000 Hong Kong people were employed by HSBC and its subsidiary Hang Seng Bank. Hong Kong is our home, where we started in 1865. We cannot afford to do anything that would be outside the interest of Hong Kong," he said.

He is happy to talk about his family too.

"My second son finished university in U.K. last year. He sees in general that Asia, China in particular, is where the opportunities lie today. He has finished one year of study of Chinese language at Beijing Language and Culture University and has decided to go to Beijing University to study one more year."

Eldon's first son, who has been working here over the past three years, is also going to study Chinese in Beijing.

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