FRIDAY, JANUARY 19, 1979
GOVERNOR HAILS RECENT DEVELOPMENTS IN CHINA
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THE GOVERNOR, SIR MURRAY MACLE HOSE THIS (FRIDAY) EVENING HAILED THE DEVELOPMENTS IN CHINA DURING THE PAST YEAR WHICH HE SAID +HAD DOMINATED ALL OTHERS IN SIGNIFICANCE FOR THIS REGION AND FOR HONG KONG, AND ARE OF GREAT IMPORTANCE FOR THE WORLD AT LARGE+.
THE GOVERNOR SAID THIS DURING THE HONG KONG GENERAL CHAMBER OF COMMERCE COMMITTEE ANNUAL DINNER.
+VIGOROUS IMPLEMENTATION OF A POLICY OF RAPID MODERNISATION, ACCEPTANCE OF ALL FORMS OF NORMAL INTERNATIONAL TRADING AND FINANCIAL PRACTICE THE TREATY OF FRIENDSHIP WITH JAPAN NORMALI- SATION OF RELATIONS WITH THE UNITED STATES THESE HAVE BEEN GREAT EVENTS, INCREASING THE PROSPECTS FOR BOTH STABILITY OF ALL SORTS BETWEEN THE PEOPLE'S REPUBLIC OF CHINA AND OTHER NATIONS,+ SIR MURRAY SAID.
THE GOVERNOR EXPRESSED THE HOPE THAT CHINA TRADING ORGANISATIONS WOULD CONTINUE TO DEVELOP HONG KONG AS A MARKET.
HE ALSO SAID HE COULD SEE +NO ADVANTAGE WHATEVER+ TO CHINA UNDERMINING HONG KONG'S PROSPERITY.
+MOREOVER, THE PROCESS OF BEING UNDER-CUT AT THE BOTTOM END OF THE MARKET, AND OF DISINVESTMENT FROM HONG KONG INTO LOWER-COST AREAS OF PRODUCTION, HAVE ALWAYS BEEN AS CONTINUOUS A PART OF OUR ECONOMIC HISTORY AS THE PARALLEL PROCESS IN HONG KONG OF MOVEMENT INTO HIGH TECHNOLOGY INDUSTRY THROUGH INVESTMENT.
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+SO THERE IS NOTHING NEW, IN PRINCIPLE, OR NECESSARILY DAUNTING IN PRACTICE ABOUT THIS PROSPECT,+ SIR MURRAY SAID.
THE GOVERNOR STRESSED THAT THIS WAS HIS ANSWER TO ONE OF THE QUESTIONS FREQUENTLY PUT TO HIM FOLLOWING RECENT EVENTS IN CHINA.
+AS HONG KONG'S ECONOMY CONTINUES TO GROW, IT WILL NEED MORE FUEL, MORE WATER AND MORE FOOD, AND THE DEMAND FOR MANUFACTURES, SEMI-MANUFACTURES, AND CONSUMER GOODS FROM CHINA'S NEW INDUSTRIES WILL EXPAND, SIR MURRAY SAID.
AS TO WHETHER THE DEVELOPMENT OF INTERCHANGE OF SEMI- MANUFACTURES BETWEEN HONG KONG AND CHINA WOULD CALL IN QUESTION OF OUR CERTIFICATES OF ORIGIN, SIR MURRAY HAD THIS TO SAY:
+THIS WOULD INDEED BE A VERY SERIOUS MATTER, BUT THE ANSWER IS THAT IT SHOULD NOT IN FACT, BECAUSE THE BASES ON WHICH OUR CERTIFICATES ARE ISSUED ARE QUITE CLEAR, INTERNATIONALLY AGREED, AND SCRUPULOUSLY ENFORCED BY THE ISSUING AUTHORITIES HERE ECONOMIC SURVIVAL DEPENDS ON IT. +
OUR
/HOWEVER,