NOTE TO EDITORS:
FRIDAY, MAY 25, 1984
11
GOVERNOR RETURNING TOMORROW
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THE GOVERNOR, SIR EDWARD YOUDE, AND LADY YOUDE WILL RETURN FROM LONDON TOMORROW (SATURDAY) ON FLIGHT BR 382, ETA 6.20 PM.
A FACILITY HAS BEEN ARRANGED FOR MEDIA PHOTOGRAPHERS AND CAMERAMEN TO COVER THEIR ARRIVAL.
MEDIA REPRESENTATIVES SHOULD ASSEMBLE IN THE PRESS CONFERENCE ROOM ON THE GROUND FLOOR OF THE AIRPORT TERMINAL BUILDING BY 5,20 PM TOMORROW. GIS OFFICERS WILL BE ON HAND TO ASSIST.
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SERVICE SECTOR VALUE ON RISE
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THE DIRECTOR OF TRADE, MR HAMISH MACLEOD SAID TODAY (FRIDAY) THAT HONG KONG, WHILE ENJOYING DRAMATIC INCREASES IN EXPORTS, UNDERGOING CONSIDERABLE CHANGES WITHIN ITS ECONOMY.
IS
+FIRST, THERE IS AN INCREASING EMPHASIS ON THE SERVICE SECTOR, AND PARTICULARLY THE FINANCE SECTOR, AND A RELATIVE DECREASE IN THE IMPORTANCE OF THE INDUSTRIAL SECTOR, WHOSE CONTRIBUTION TO THE GROSS DOMESTIC PRODUCT DECLINED IN THE 10 YEARS TO 1980 FROM 39 PER CENT TO 34 PER CENT, SAID MR MACLEOD WHEN HE ADDRESSED THE LUNCHEON MEETING OF THE ROTARY CLUB OF KOWLOON NORTH.
+SECONDLY, THE DRAMATIC RISE IN IMPORTANCE WITHIN THE MANUFACTURING SECTOR OF ELECTRONICS AND WATCHES AND CLOCKS IS ILLUSTRATED BY THEIR SHARE OF DOMESTIC EXPORTS. FOR THE 10 YEARS TO 1983, ELECTRONICS INCREASED ITS SHARE OF DOMESTIC EXPORTS FROM 13 PER CENT TO 23 PER CENT, AND WATCHES AND CLOCKS WENT FROM 2 PER CENT TO 8 PER CENT.
+ I THINK THIS ALSO ILLUSTRATES THE FLEXIBILITY OF OUR INDUSTRY. NEVERTHELESS, HONG KONG STILL RELIES ON A RELATIVELY NARROW RANGE OF BASICALLY LIGHT CONSUMER PRODUCTS - TEXTILES AND CLOTHING, ELECTRONICS, TOYS AND DOLLS, WATCHES AND CLOCKS BETWEEN THEM ACCOUNT FOR ABOUT 80 PER CENT OF OUR EXPORTS. THE IMPORTANCE OF RESISTING ANY NEW PROTECTIONIST MEASURES AIMED AT THESE PRODUCTS IN PARTICULAR, HE STRESSED.
HENCE
THE THIRD SUBSTANTIAL CHANGE IS THE DRAMATIC GROWTH OF TRADE WITH CHINA. IN 1981, CHINA TOOK OVER FROM JAPAN AS HONG KONG'S SECOND LARGEST TRADING PARTNER AFTER THE UNITED STATES. BETWEEN 1978 AND 1983, HONG KONG'S DOMESTIC EXPORTS TO CHINA INCREASED FROM ONLY 0.2 PER CENT OF THE TOTAL TO 6 PER CENT, WHILE IMPORTS FROM CHINA ROSE FROM 17 PER CENT TO 24 PER CENT OF THE TOTAL.
/+IT IS