Hong Kong Trade Development Council Chairman Peter Woo said after a media luncheon that everyone was excited about China's entry into the WTO, but people were also terrified of risks.

"Many people have a low appetite for risks. Hong Kong and Shanghai perform different roles. From Hong Kong's standpoint, we would like to see a successful Shanghai and it would be happy for Hong Kong as a service-based city," he said, noting that Hong Kong is a 85 percent service-based economy.

Citing the city's ability to deliver marketing objectives and its tax system that gives incentive, Woo said Hong Kong is a place with many choices.

"We have a big domestic market, and we have the Pearl River Delta next to us," Woo said and urged Hong Kong people to look at the outside world openly as the local economy is not big enough.

(People's Daily December 7, 2001)