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5.
MANUFACTURING INDUSTRY WHICH WAS TINY IN 1950
NOW EMPLOYS SOME 35% OF HONG KONG'S WORK FORCE AND
ACCOUNTS FOR ABOUT 22% OF ITS GROSS DOMESTIC PRODUCT.
SOME 90% OF ITS MANUFACTURING OUTPUT IS EXPORTED, FOR
HONG KONG HAS ALWAYS HAD TO EARN ITS LIVING BY
INTERNATIONAL TRADE. TODAY, HONG KONG RANKS 20TH IN
THE WORLD AS AN EXPORTER, AND 18TH IN TOTAL TRADE. IN
VALUE TERMS, WE ARE THE WORLD'S LARGEST EXPORTER OF
GARMENTS, TOYS AND OF SOME PLASTIC PRODUCTS; AND IN
QUANTITY TERMS, THE WORLD'S LARGEST EXPORTER OF
WATCHES, CLOCKS AND RADIOS. OUR MANUFACTURERS HAVE
STEADILY UPGRADED THE QUALITY AND RANGE OF THE IR
PRODUCTS, IN RESPONSE TO CHANGES IN MARKET CONDITIONS
AND DEMAND.
6.
THE 1970S SAW HONG KONG'S EMERGENCE AS AN
INTERNATIONAL FINANCIAL CENTRE. THE FINANCIAL SECTOR
NOW PROVIDES A FULL RANGE OF SERVICES IN SUPPORT OF
HONG KONG'S OWN ECONOMY, AND CONDUCTS AN IMPRESSIVE AND
THERE ARE INCREASING VOLUME OF INTERNATIONAL BUSINESS.
140 LICENSED BANKS IN HONG KONG, THREE QUARTERS OF THEM
FROM OVERSEAS. AS MANY OF YOU HERE TODAY WILL KNOW,
HONG KONG IS THE THIRD LARGEST FINANCIAL CENTRE IN THE
WORLD, AFTER NEW, YORK AND LONDON.
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