14
Competitiveness and Specialisation
23.
the production equation.
But this is to emphasise the supply side of
Although the indications are that it will be feasible, as far as the supply of inputs is concerned, for Hong Kong at least to maintain and probably improve on its recent past performance in terms of real
output per capita, it needs to be borne in mind that,
at the end of the day, Hong Kong's growth will depend,
as it has always done, on export performance.
24. As I have already explained, Hong Kong's manufacturing industry has tended to concentrate on the production of a
rather narrow range of commodities; but it is part of
Hong Kong's strength that these have largely been finished
products demanded by some of the most sophisticated
consumer-oriented communities in the world. The skill
and resourcefulness of Hong Kong's businessmen have
enabled them to cultivate highly developed markets in
Europe and North America; and because of their
entrepreneurial skills and the fact that they have already firmly established themselves in these markets, they are now well-placed to benefit considerably from the increased rates of growth which these coun tries are likely to
experience in the years to come. And Hong Kong should
also benefit, in the decade ahead, from new initiatives
leading to increased trade liberalisation and specialisation
in production leading to a substantial increase in the
volume of international trade.
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