Ten years ago

PUBLISHED : Sunday, 03 October, 1999, 12:00am
UPDATED : Sunday, 03 October, 1999, 12:00am

WASHINGTON (October 3): FINANCIAL Secretary Sir Piers Jacobs - on a mission to revive sagging international faith in Hongkong's future - warned yesterday that the territory's downfall would trigger worldwide economic chaos.

Speaking in New York, Sir Piers said the world had a stake in making sure Hongkong remained viable and prosperous.

If Hongkong suffered, the effects would be felt in major financial centres such as London, New York, Paris and Tokyo, he warned.

'If it were to come to a complete stop the world would lose a major economic artery, the world's eleventh-largest trading economy and an integral part of the global financial, trading and investment system.' His audience was made up of leading businessmen.