Murray's bullish view

PUBLISHED : Friday, 26 March, 1993, 12:00am
UPDATED : Friday, 26 March, 1993, 12:00am

I AM writing in response to the article ''Mainland system open to corruption, says Murray,'' in yesterday's Business Post.


As the organiser of the Horwath Annual Hotel Development and Finance Conference, which Mr Simon Murray kindly agreed to address, I would like to state that the article did not reflect the content of his speech as given to delegates.


In his address, Mr Murray painted a bullish picture of China's economy, giving in detail the number of projects being undertaken to improve the country's infrastructure in line with Deng Xiaoping's economic reform policy.


He said that Hongkong stood to benefit greatly from this economic boom in the mainland.


He stressed the close links between the two economies, saying one would benefit from the other.


Indeed, Mr Murray pointed out that the whole of Asia would reap the dividends of this growth - and Hongkong, due to its strategic positioning, sitting in the centre of the ''Hourglass of Asia'' had the most to gain in this scenario.


Mr Murray's speech was intended to inform our delegates of the massive investment opportunities available in China, Hongkong and the rest of Asia.


In this context, he also cautioned investors to be aware of the potential pitfalls - that there were areas for improvement such as its legal and decision-making process, which could pose a risk of corruption at the present time.


Your reporter took this one remark out of a very positive context and gave, in our opinion, a distorted version of Mr Murray's wide-ranging address.


Mr Murray agreed to speak at our conference to aid our fund-raising efforts for a hotel scholarship training fund.


That his speech was taken so out of context is deeply regretted. ROBERT B. STILES Group Managing Director Horwath Asia/Pacific Hongkong