7
INDUSTRY AND TRADE
HONG KONG's total exports continued to register double-digit growth in 1993, increasing by 13 per cent from the previous year.
Re-exports recorded a significant 19 per cent rise, as the territory's role as an entrepôt for China dominated external trade. The gross total value of re-exports was $823,224 million.
Domestic exports continued to be affected by the ongoing structural shift in the composition of Hong Kong's exports from domestic exports to re-exports and registered a five per cent decrease, totalling $223,027 million in value.
Imports rose by 12 per cent to $1,072,597 million.
Total merchandise trade amounted to $2,118,847 million, up 13 per cent from 1992. Despite the recessionary economic climate in some of the territory's major markets, the manufacturing industry in general performed well during the year. Hong Kong also reinforced its growing role as a major service and sourcing centre for the Asian region.
Other highlights of the year in the trade and industry sectors included the setting up of the Hong Kong Industrial Technology Centre Corporation and the Hong Kong Applied R&D Fund Company Limited to promote new technologies.
Trade and Industrial Policies
Hong Kong's trade policy seeks to promote a free, open and stable multilateral trading system; to safeguard Hong Kong's rights and fulfil its obligations under multilateral and bilateral trade or trade-related agreements; and to secure, maintain and improve access for Hong Kong's exports.
The role of the government is to facilitate industrial and trade activities within the framework of a free market. It neither protects nor subsidises manufacturers. It recognises, however, a responsibility to provide an acceptable industrial infrastructure, particularly in terms of land and manpower, and to make available services which enable industry to become more competitive through productivity growth, quality improvement and product innovation. It also encourages technology transfer through an inward investment promotion programme.
Industrial policies are kept under review by the Trade and Industry Branch of the Government Secretariat, which acts on the advice of the Industry and Technology Development Council (ITDC), the government's advisory body on all major industry and technology-related matters. The ITDC chairman is a non-official and its members include prominent industrialists and businessmen, academics, representatives of major industry
85