Tuesday 9 July 1991
(Answered by the Prime Minister on Tuesday 9 July)
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То ask the Prime Minister, if he will make statement on the Government's position regarding the renewal by the United States Government of China's Most Favoured Nation status.
UNSTARRED
No.
THE PRIME MINISTER
Renewal by the United States Government of Most Favoured Nation
Status for China is of great importance to Hong Kong. We hope that both the House of Representatives and the Senate will give
their support to this measure.
Hong Kong's economу is now inextricably linked with that of
China. More than two-thirds of Chinese exports to the United
States are routed through Hong Kong. It has been estimated that
non-renewal of China's MFN could result in a loss of some 43,000
Hong Kong jobs, a drop of up to a half in Hong Kong's current GDP
growth and a loss of US$9-12 billion in trade. American
commercial interest and investment in Hong Kong would also be
adversely affected.
There have been some calls for renewal to be made subject to
conditions. But this too would be
be bad for Hong Kong. The
resulting uncertainty would be a major disincentive to investment
in Hong Kong.