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INDUSTRY AND TRADE
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International Toys and Games Fair; Hong Kong Apparel, a prize-winning quarterly fashion magazine and the Hong Kong Trader, a bi-monthly newspaper (sent airmail) giving news and views of the territory. The council also publishes five specialised trade magazines Hong Kong Jewellery Annual, Hong Kong Watches and Clocks, Hong Kong Household and Hong Kong Gifts and Premiums (all annuals), plus a biannual, Hong Kong Electronics which are distributed only at trade fairs and exhibitions throughout the world. A guidebook, Hong Kong For The Business Visitor, is published annually in seven languages (English, Chinese, French, German, Italian, Spanish and Japanese).
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The council's Overseas Associations Section administers the Hong Kong-United States Economic Co-operation Committee. In June, the 10th plenary session of the Hong Kong- Japan/Japan-Hong Kong Business Co-operation Committee was held in Hong Kong and focused on the general threat to world trade from protectionism.
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This section also monitors the activities of nine overseas associations - in Sweden, Spain, Canada, Austria, the Netherlands, the United Kingdom, Italy, Australia and New Zealand. Construction work is proceeding on the Hong Kong Convention and Exhibition Centre, the cornerstone of which was laid by the Queen during her visit in October 1986. Supporting facilities for the centre include two five-star hotels with a total of 1 500 rooms - and two towers containing office space, a trade mart and service apartments. The government provided the 2.96 hectare site on the Wan Chai waterfront through a private treaty grant, free of premium. The portion of the development to be retained by the council will ultimately comprise around 73 000 square metres, and will include two 9 100 square- metre exhibition halls, a 2 000 square-metre conference/convention hall, two auditoria with seating for 700 and 360, plus a variety of small function rooms - and two towers containing office space and service apartments. The centre is scheduled to open in late 1988.
Hong Kong Export Credit Insurance Corporation
The Hong Kong Export Credit Insurance Corporation (ECIC) is a statutory corporation established in 1966 to issue insurance contracts which protect exporters and manufacturing exporters against risks of monetary loss arising from non-payment by their overseas buyers for goods and services supplied on credit. The ECIC is autonomous in its day-to-day operations, with major formulation and changes in policy being subject to the approval of the Financial Secretary. Its capital of $20 million is provided by the government which also guarantees the underwriting liabilities up to $4,200 million. The corporation, which is required to operate commercially, is assisted in the conduct of its business by a 12-member advisory board.
As a member of the International Union of Credit and Investment Insurers (the Berne Union), the corporation has regular access to confidential and updated economic and marketing information on all major trading countries.
The primary function of the corporation is to improve the competitiveness of Hong Kong's exports, by protecting policy-holders against losses arising from those risks not normally covered by commercial insurers, namely, commercial risks of an overseas buyer and the political risks of his country. The maximum percentage of indemnity is 90 per cent. The protection provided by the corporation's policies helps policy-holders to obtain from their bankers trade finance and discount facilities for export operations.
The corporation also provides policy-holders with supporting services in resolving pay- ment difficulties, and in the supply of political and economic intelligence on overseas markets, as well as giving indications as to the credit-worthiness of individual overseas buyers.
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