INDUSTRY AND TRADE
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making a start in the field of display design. It places great import- ance on the improvement of the services offered by its five overseas offices, and by the end of the year was planning for their expansion.
The 24th annual exhibition of Hong Kong products, sponsored by the Chinese Manufacturers' Association, provided an opportunity for both overseas visitors and the local population to see the products of the 700 members of the association. The exhibition retained its general popularity and attracted some 2 million visitors after its opening by the Governor on 6th December.
The enactment during December of the Hong Kong Export Credit Insurance Corporation Ordinance offered manufacturers and exporters an important new service. The corporation provides government-backed insurance at low premium rates against those risks which are not normally insurable commercially, such as foreign governments' laws, orders or other actions which prevent the successful conclusion of an export transaction and credit risks. Such insurance, which is already provided in 24 other trading coun- tries, will assist exporters to expand existing business and to find new markets for their goods. Although its policies must be approved by the government, which has provided the initial capital of $10 million, the corporation, in the person of the commissioner, has full freedom to grant or refuse individual contracts. It is required to operate on a break-even policy and is expected to earn sufficient premium income to cover the payment of claims and other out- goings. It is authorized to undertake contingent liabilities up to $300 million fully guaranteed by the government. An advisory board has been appointed to assist the commissioner in the for- mulation of policy. The corporation's offices were established during the year with both seconded government officers and newly recruited staff who have been trained by an experienced manager. As a result the corporation is now in business.
INTERNATIONAL ECONOMIC RELATIONS
As the United Kingdom has acceded to the General Agreement on Tariffs and Trade on behalf of Hong Kong, the Colony's exports attract most-favoured-nation tariff treatment in the majority of overseas markets and are protected from discriminatory import restrictions. Nevertheless, difficulties do occur from time to time
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