INDUSTRY AND TRADE
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Domestic exports of watches and clocks were valued at $19,133 million in 1990, compared with $17,075 million in 1989.S
The industry produces a wide variety of mechanical and electronic watches and clocks, dials, metal watch bands and cases. The success of the industry is to a large extent attributable to its ability to respond quickly to ever-changing market demand and con- sumer taste by producing reasonably-priced products of fashionable design.
Plastics
The plastics industry employed 53 137 persons or seven per cent of the total manufacturing employment. 'Domestic exports in 1990 amounted to $8,189 million, compared with $9,911 million in 1989. Plastic household articles and plastic toys together accounted for 40 per cent of domestic exports of plastic products in 1990. Other major export items included travel goods, handbags, footwear and plastic flowers. J
Other Industries
Other important light industries produce electrical appliances, metal products, jewellery, printing, photographic and optical goods, footwear and travel goods.
The linkage industry converts imported raw materials into semi-manufactures, com- ponents, parts, sub-assemblies and machines for sale to other manufactures either for assembly into finished products or for use in the production process. The production of high-quality parts and components improves the quality of Hong Kong's finished products. The growth of the linkage industry has assisted Hong Kong's manufacturing sector to transform from the simple assembly of imported parts and components into production of more sophisticated and higher quality products.
The manufacture of industrial machinery provides support to many other local manufacturing industries and contributes to Hong Kong's export trade. Of prime importance are blow-moulding, injection-moulding and extrusion machines; metal- processing machinery such as power presses, lathes, shapers, drilling machines and polish- ing machines; printing presses; textile knitting and warping machines, and electroplating equipment. About 65 per cent of industrial machinery produced is sold for local use.
Hong Kong's shipyards provide a competitive repair service and build a variety of vessels. Several large shipbuilding and repair yards on Tsing Yi Island provide services to the shipping industry and construct and service oil rigs.
The aircraft engineering industry has a high international reputation and provides extensive maintenance and repair services. Facilities are available for the complete over- haul of airframes and engines for many types of aircraft.
Industry Development Board
The Industry Development Board, chaired by the Financial Secretary, is the government's advisory body on all major industry-related matters. Members of the board include prominent industrialists, government officials and representatives from the tertiary educa- tion sector and other trade and industry organisations.
Industrial Policies
The government's industrial policies aim at maintaining an infrastructure which enables manufacturing businesses to function efficiently, and providing services which enable