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THURSDAY, MARCH 29, 1979
IN VIEW OF CHINA'S NEW INDUSTRIAL AND EXPORTING ACTIVITIES WHICH COULD WELL COMPETE WITH THE LOWER END OF THOSE OF HONG KONG AND ALSO THE RECENT PERFORMANCE OF THE HONG KONG DOLLAR, MR. NEWBIGGING SAID THERE IS AN EXTRA URGENCY IN THIS PROCESS OF TRADING UP.+
INDUSTRIAL INVESTMENTS
+ INWARD INVESTMENT BRINGS, NOT ONLY FOREIGN CAPITAL AND ACCESS TO ADDITIONAL MARKETS, BUT THE TECHNOLOGY WITH WHICH TO ACHIEVE HIGHER PRODUCTIVITY AND ADDED VALUE,+
HOWEVER, HE ADDED THAT IMPORTANT THOUGH IMPORTED TECHNOLOGY IS, THERE IS ALSO AN IMPORTANT ROLE TO BE PLAYED IN HONG KONG IN THE FIELDS OF APPLIED RESEARCH AND DEVELOPMENT AND INDUSTRIAL TRAINING SO AS TO EQUIP OURSELVES WITH THE SKILLS TO TRANSFORM IMPORTED TECHNOLOGY INTO FOREIGN EXCHANGE EARNINGS.+
LAND
THE EFFECTIVENESS OF THESE EFFORTS IS ALSO LARGELY DEPENDENT UPON AN ADEQUATE AND PREDICTABLE SUPPLY OF INDUSTRIAL LAND AND MR. NEWBIGGING SAID HE WOULD HOPE TO SEE A SHIFT IN POLICY EMPHASIS AWAY FROM PRODUCING LAND TO MAXIMISE REVENUE TOWARDS A POLICY OF HAVING A MASTER PLAN FOR LAND PRODUCTION TO MEET ANTICIPATED NEEDS.
UNDER SUCH A POLICY, HE EXPLAINED, LAND COULD BE SOLD ON A MORE PREDICTABLE PRICE PATTERN, THUS GREATLY REDUCING THE LAND SPECULATION ELEMENT IN AN INDUSTRIAL INVESTMENT DECISION, AND FAVOUR ING THE LONG TERM INVESTOR.
INVISIBLES
ON THE SUBJECT OF HONG KONG'S INVISIBLE EARNINGS, WHICH HE FIRST BROACHED IN THE COUNCIL LAST NOVEMBER, MR. NEWBIGGING SAID LITTLE PROGRESS SEEMS TO HAVE BEEN MADE SINCE THEN TO ANALYSE THE IR IMPORTANCE, AT LEAST IN SO FAR AS IS REFLECTED IN THE GDP ESTIMATES.
HE SAID WHETHER OR NOT THE $5,000 MILLION CONTRIBUTION OF INWARD TOURISM IN 1978 SHOULD BE NETTED OFF AGAINST OUTWARD TOURISM BY HONG KONG RESIDENTS IS LESS IMPORTANT THAN +THE CASE FOR BEING ABLE TO QUANTIFY, WITH A REASONABLE DEGREE OF ACCURACY, THE CONTRIBUTION OF OTHER LESS WELL DOCUMENTED ELEMENTS OF OUR INVISIBLE TRADE.+
+THIS WOULD ENABLE (POSSIBLY NEW) PRIORITIES TO BE SET AND MIGHT EVEN PUT THE WIDENING GAP IN OUR VISIBLE TRADE IN A DIFFERENT LIGHT.+
/CREDIT CREATION