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Industry and Trade
ALTHOUGH the overall rate of growth achieved in 1976 was not sustained in 1977, the manufacturing industry in general continued to perform well in 1977 apart from the textiles sector.
The value of total domestic exports in 1977 amounted to $35,004 million - seven per cent more than in 1976.
The major factors that have given Hong Kong its international reputation as a leading manufacturing and commercial centre are still at work. Among these are the consistent economic policies of free enterprise and free trade, an industrious work- force, a sophisticated commercial infrastructure, a modern and efficient seaport that includes one of the world's largest container terminals, a centrally-located airport and excellent worldwide communications. There are no import tariffs and revenue duties are levied only on tobacco, alcoholic liquors and some hydrocarbon oils. Tax also is payable on first registration of motor vehicles.
Apart from providing the infra-structure - either through direct services or by co- operation with public utility companies and autonomous bodies - the government's role in the economy is to ensure a stable framework in which commerce and industry can function efficiently and effectively with minimum interference. The government normally intervenes only in response to the pressure of economic and social needs, and neither protects nor subsidises manufactures.
Industrial Development and Industrial Land
Light manufacturing industries that produce mainly consumer goods predominate in Hong Kong. About 69 per cent of the total industrial workforce is employed in the textiles and clothing, electronics, plastic products, toys and watches, and clocks and accessories industries. These industries accounted for about 76 per cent of Hong Kong's total domestic exports. They are likely to continue to predominate, although it is expected that more high-technology industries will soon be developed, especially in new industrial estates. The site formation work of the first stage of the Tai Po Industrial Estate has been completed and another estate is planned for Yuen Long. The estates are being planned by the Hong Kong Industrial Estates Corporation, which was established by statute on March 1, 1977, to take over the responsibilities of the former Hong Kong Industrial Estate Provisional Authority. Progress on reclamation and site formation at the Tai Po Industrial Estate was on schedule with some 15 hectares of land becoming available for allocation to sub-lessees at the end of the year. A further 30 hectares will be provided on completion of the estate in