GOVERMENT HOUSE HONG KUNG.
HON LF CSEP NZ 10:57
15.05
7.
The other major
have yet to do so.
European economies and Japan
10.
Hong
notching up
complacent.
Kong has taken these challenges in its stride,
another year of solid growth. But we cannot be
As ever, difficulties lie ahead. On the trade
front, the question of China's MFN status will come up again
next spring to dog the relationship between our two most
We will continue to fight for
important trading partners.
unconditional renewal,
considerable impact
as we did vigorously
this year.
-
and with
But our
task may be
this year.
the GATT
even more formidable next time than it was
Another
of
worry is that the Uruguay Round
negotiations may miss yet another deadline, thus frustrating
our hopes of greater trade liberalisation and placing the
multilateral trading system in jeopardy.
11.
Closer to home, inflation has reached serious levels
in China's major cities this year. The Chinese Government
has acted to counter this threat. I applaud the way in
which China acted to slow growth without turning back from
If it can hold fast to its
economic liberalisation.
economic principles in times of
difficulty, it will win
If they
allies around the world, not least in support of its bid to
rejoin GATT.
We hope the measures will succeed.
do, the territory's economy will benefit considerably.
Certainly,
inter-dependence
with the economy of southern
4