3
TUESDAY, DECEMBER 11, 1984
+THE NEW AND VITALLY IMPORTANT FACTOR IS THE DRAFT AGREEMENT BETWEEN THE GOVERNMENTS OF THE UNITED KINGDOM AND THE PEOPLE'S REPUBLIC OF CHINA ON THE FUTURE OF HONG KONG.
+THIS PROVIDES THAT THE ECONOMIC AND FINANCIAL SYSTEMS IN HONG KONG AND ITS LIFE-STYLE WILL IN ALL ESSENTIAL RESPECTS REMAIN FOR AT LEAST 50 YEARS AFTER 1997, + SIR EDWARD SAID.
+ THE FREE ENTERPRISE SYSTEM, FREE TRADE POLICIES AND FREE PORT WILL CONTINUE, AS WILL INDIVIDUAL RIGHTS AND FREEDOMS IN ECONOMIC MATTERS, INCLUDING FREEDOM OF MOVEMENT OF CAPITAL AND THE RIGHT TO OWN AND DISPOSE OF PROPERTY, HE SAID.
THE GOVERNMENT OF HONG KONG WOULD ALSO CONTINUE TO INVEST IN THE DEVELOPMENT OF THE PHYSICAL INFRASTRUCTURE OF THE TERRITORY AND IN THE DEVELOPMENT OF ITS HUMAN RESOURCES.
SPEAKING OF BILATERAL TRADE, SIR EDWARD SAID THAT THE VALUE OF TRADE BETWEEN JAPAN AND HONG KONG HAD ALMOST DOUBLED IN THE PAST FIVE YEARS.
ON A PER CAPITA BASIS, HONG KONG PROBABLY BOUGHT MORE FROM IN 1983, JAPAN THAN ANY ONE OF JAPAN'S OTHER TRADING PARTNERS. HONG KONG BOUGHT OVER 230 000 YEN'S WORTH OF JAPANESE GOODS PER CAPITA, WHILE PURCHASES BY DEVELOPED COUNTRIES ON A PER CAPITA BASIS WERE UNDER A THIRD OF THAT FIGURE.
THE BALANCE OF TRADE HAD, HOWEVER, BEEN VERY MUCH IN JAPAN'S FAVOUR. IN 1983, THE RATIO OF HONG KONG IMPORTS FROM JAPAN TO DOMESTIC EXPORT TO JAPAN WAS TEN TO ONE.
+ IT HAS NEVER BEEN OUR POLICY TO SEEK TO BALANCE TRADE BILATERALLY NONETHELESS THE TRADE GAP IS A CAUSE FOR CONCERN,+ THE GOVERNOR SAID.
+LOOKING AT IT POSITIVELY, THE SITUATION CALLS FOR INCREASED EFFORTS ON OUR PART TO PROMOTE EXPORTS TO JAPAN AND A BETTER UNDERSTANDING BY OUR MANUFACTURERS OF THE REQUIREMENTS AND PREFERENCES OF THE JAPANESE MARKET.+
THIS WAS AN AREA IN WHICH HE HOPED THAT JAPAN-HONG KONG BUSINESS COOPERATION COMMITTEE COULD GIVE HONG KONG EVERY ASSISTANCE POSSIBLE.
SIR EDWARD SAID THAT HE WAS ENCOURAGED BY THE ANNOUNCEMENT IN APRIL THIS YEAR THAT THE JAPANESE GOVERNMENT HAD DECIDED TO ADOPT A POLICY OF OPENING ITS MARKET FURTHER TO FOREIGN IMPORTS.
THERE WAS PARTICULARLY WELCOME NEWS FROM THE JAPAN TOY ASSOCIATION YESTERDAY THAT HONG KONG TOY PRODUCTS WOULD HAVE DIRECT ACCESS TO THE +ST+ (SAFETY TOY) MARK AND THAT THE TEST RESULTS OF RECOGNISED LABORATORIES IN HONG KONG WOULD ALSO BE ACCEPTED BY THE JAPAN TOY ASSOCIATION FOR THE PURPOSE OF ISSUING THE +ST+ MARK.
/THESE ARRANGEMENTS