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lettuce, peppers, apples, cherries and lemons. We are in
the top three of your markets for all of these,
Small wonder that the State of California is to
open a Trade Office in Hong Kong. We welcome you warmly. We
know you will do good business.
The Pacific rim economies have led the way in
multiple source manufacturing. We have all benefitted from
this. The possibilities for trade expansion are boundless.
As China's economy has opened up so have the opportunities
for joint ventures. Many Hong Kong firms have already
adjusted to this new comparative advantage. Outward
processing is the order of the day and the trade in
components and semi-manufactures has grown exponentially.
There is a parallel transfer of technology and management
skills. Hong Kong has a key role to play in this and the
modernisation of the Chinese economy which will flow from
it.
Mr. Chairman.
The shock to our system this year
has been severe. But have no illusion about where our
future lies. Geography defines us as the great port of
China's southern coast. The history of the last thirty
years has shown what we can do: we have climbed the league
table of world traders from nowhere to 27th position in
1978 and 11th position today. We are building a bigger port