i
The Onental Daily News 8.12.77
Wen Wei Pr 4.12.
Sing Tao Jih Pao 5.12.77
Kung Sheung Evening News 4.12.77
The Hong Kong Daily News 4.12.77
Kung Sheung Daily News 5.12.77
The Hong Kong
Economic
Journal 5.12.77
Wah Kiu Man Po
5.1
PART II
Extracts from Editorials
HK-EEC TEXTILE AGREEMENT
It is really a problem to provide jobs for the 10,000 textile workers likely to be affected as a result of the new agreement. Nevertheless, the authorities must put their heads together to work out a solution as soon as possible, otherwise the situation would get out of hand.
Manufacturers, when considering their losses, should take into account that workers are also affected and should not pass all their losses on to them. Those manufacturers who are not affected by the cutbacks should not take advantage of the situation by lowering wages of workers.
To the manufacturers, their problem is only whether their business would gain or lose, but to 10,000 workers, it might be a question of facing unemployment. At a time when social welfare facilities are not yet well developed, the public and the private sectors should co-operate to offer the affected workers relief and to help them find new jobs to avoid social unrest.
In fact, the unemployment figure of 10,000 only refers to those in the textile industry. A comparable number of workers employed in other industries indirectly affected by the cutbacks might also face the problem of losing their jobs.
Hence, the blow is not only dealt to the textile industry, but to all sectors in Hong Kong.
What is most worrying is the future crime situation. The crimte situation will definitely be affected if the unemployment rate rises.
In terms of trade and financial status in the international scene, Hong Kong should have sufficient qualifications to launch anti-restriction movements. Nevertheless, we need not be too worried over the employment issue as the people of Hong Kong have strong adaptability to changing circumstances.
Hong Kong can only accept reality and work hard in the next five years to find a solution to the difficult situation.
We are worried that the real estate industry might be the first to be hit in the present economic setback. When employees sense that they might be threatened by unemployment, their purchasing power would undoubtedly fall and durable commodities, of which buildings top the list, would be the first to be affected.
We only hope the Government will not reduce public expenditure in the face of economic recession in expert trade.
To face up to reality, we must draw up appropriate plans.
(1) We have to open up new ventures for local products which are not yet
under FEC restrictions to offset the $1,000 million loss incurred.
(2) We must look up new markets for popular textile products cut back by
the new agreement to maintain the production of these products and the employment opportunities of workers.