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Friday, January 27, 1978
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We can help ourselves by diversifying into products that escape
restraint, and this is happening. Any more radical change to broaden the
base of our economy will take time, but I avait with the greatest interest
the outcome of the Financial Secretary's Committee on Diversification.
We will resist any new manifestations of protectionism with all
the ingenuity and determination we can. But over this period muscle
could help. We are devoted multi-nationalists in accordance with the
"basic concept of the GATT. Nevertheless Hong Kong would be in a stronger
position could the point to better sales in Hong Kong by the exporters in
her principal markets. Profits and jobs due to Hong Kong orders would
speak louder to Governments than anything we could say. We are bound to
run a very large deficit in our trude with China and this is entirely
acceptable; but both the public and private sectors should bear in mind
that when other things are equal, or almost equal, to buy from our major
markets may help us to sell in them. Of course this is a two-sided
business and it is for this reason that we have made such efforts to
encourage the exporters of our major markets to pay more attention to
their sales in Hong Kong.
We mist also do everything we can to impress on officials and
exporters as well as the media and public in Europe and America what
Hong Kong has to offer as a place of business, It must not be regarded
simply as a source of imports, a shopping centre.
It is a very big
market in its own right, and through the comparative absence of red tape
and the sophisticated services and communications that it offers, a
particularly quick nd convenient one in which to do business,
It is on
the mainland of China, the biggest country in the world which is headed
for rapid economic development. It is also at the heart of the growth
area of the Western Pacific.
It is the natural platform from which these
/markets