THE DEVELOPMENT OF AN INDUSTRY OF A QUALITY WHICH
COMPARES FAVOURABLY WITH THAT IN OTHER MAJOR FINANCIAL
CENTRES. OF THE 282 AUTHORISED COMPANIES NOW OPERATING
IN HONG KONG, WELL OVER HALF ARE FROM OVERSEAS.
12.
LOOKING AT THE PICTURE FROM THE OTHER SIDE.
THE UNITED STATES HAS ALWAYS BEEN AN IMPORTANT MARKET
FOR HONG KONG. IT IS HONG KONG'S PRINCIPAL TRADING
PARTNER, ACCOUNTING FOR 21 PER CENT OF HONG KONG'S
TRADE WITH ALL MARKETS,
IT IS ALSO OUR LARGEST EXPORT
MARKET, ACCOUNTING FOR 42 PER CENT OF OUR EXPORTS: AND
HONG KONG'S THIRD LARGEST SUPPLIER, ACCOUNTING FOR 11
PER CENT OF OUR IMPORTS.
13.
IT IS A WELL KNOWN FACT THAT HONG KONG FIRMLY
BELIEVES IN, AND ACTIVELY PREACHES, FREE TRADE. WE ARE
WIDE OPEN TO US IMPORTS AND ALL MAY COMPETE IN OUR
MARKET PLACE WHETHER WITH GOODS, OR FINANCIAL AND OTHER
SERVICES. WE ADHERE STRICTLY TO THE DISCIPLINES OF THE
WORLD'S TRADING SYSTEM, IN PARTICULAR THE GENERAL
AGREEMENT ON TARIFFS AND TRADE AND THE MULTI-FIBRE
ARRANGEMENT, AGAINST THIS BACKGROUND, HONG KONG IS
SOMETIMES SURPRISED, AND ALWAYS HURT, WHEN
PROTECTIONIST MEASURES ARE TAKEN BY OUR TRADING
PARTNERS. ONE RECENT PROBLEM HAS BEEN THE COUNTRY OF
ORIGIN REGULATIONS FOR TEXTILE IMPORTS INTRODUCED LAST
AUGUST BY THE UNITED STATES. I DO NOT WISH TO DWELL ON
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