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Kong SAR, on its own, maintaining and developing economic and cultural relations and concluding relevant agreements with states, regions and relevant international organizations. The Governments of the United Kingdom and of the People's Republic of China have agreed, through discussions in the Sino-British Joint Liaison Group, that Hong Kong will continue to be a member of the Bank. The Chinese government has also agreed to assume in 1997 responsibility for guaranteeing Hong Kong's financial obligations to the Bank. There is thus no doubt about our continued participation in this international body after 1997. We will continue to play our role as a member in the Bank. Through membership, we hope to continue to contribute to the development of the Asia-Pacific region.
I now wish to speak on another subject which has been of concern both to us and to a number of other members. This is the problem of protectionism an issue which has become increasingly prominent in recent years. A trend towards greater protectionism poses a real threat to territories like Hong Kong which have export-oriented economies. This is of even more concern against a background of sluggish world trade.
Hong Kong, because of its limited natural resources, is dependent on imports virtually for all its domestic requirements. We must, therefore, export on a sufficient scale to generate the necessary earnings to foot the bill for our imports. The externally oriented nature of our economy can be seen from the fact that in 1985 the total value of visible trade (exports, re-exports and imports ) amounted to 176% of our Gross Domestic Product. Protectionist measures have an adverse effect on world trade and hence on economic growth. In the long run no one will benefit. They are particularly unjust when applied to Hong Kong, as we are committed to an open market policy in trade as well as for investment in our industry.
In Hong Kong the Government maintains a policy of allowing market forces to play the major role in the development of the economy. The Government sees its role as being that of creating a sound and stable environment in which free enterprise can flourish. It is within this framework that trade and industry have prospered in Hong Kong and we have no intention of changing these ground rules.
Our Government has continued to invest in the development of the physical infrastructure of the territory and of human resources. There are on-going plans for further improvements to road and rail networks and to port facilities,