Th.
JUNE 27, 1985
5
A MAJOR STUDY HAS BEEN CONDUCTED FOR THE COALITION, WHICH IS MADE UP OF 40 LARGE AND SMALL RETAIL CORPORATIONS AND EIGHT RETAIL TRADE ASSOCIATIONS IN THE UNITED STATES. IT PREDICTED THAT AVERAGE PRICES OF IMPORTED APPAREL WOULD INCREASE BY 16 PER CENT AND OF TEXTILE IMPORTS BY 33 PER CENT UNDER THE PROPOSED LEGISLATION.
LOWER INCOME CONSUMERS WOULD PAY THE HEAVIEST PENALTY AS MUCH OF THE LESS-EXPENSIVE MERCHANDISE WOULD BE REDUCED OR ELIMINATED. BECAUSE OF IMPORT RESTRICTIONS, FOREIGN PRODUCERS WOULD CONCENTRATE ON EXPORTING HIGHER-VALUE GOODS. THE COSTS OF IMPORT RESTRICTIONS TO THE AMERICAN CONSUMER WOULD BE AN EXTRA HK$18.72 BILLION A YEAR FOR APPAREL AND HK$7.8 BILLION A YEAR FOR TEXTILES. THIS WOULD BE IN ADDITION TO THE COSTS OF EXISTING TARIFFS AND QUOTAS WHICH ALREADY COST THE AMERICAN CONSUMER HK$179.4 BILLION ANNUALLY.
+THIS STUDY UNDERLINES THE VERY REAL COSTS OF PROTECTIONIST POLICIES SUCH AS TEXTILE QUOTAS, AND IS A VERY HELPFUL CONTRIBUTION TO THE DEBATE ON THE JENKINS BILL - INDEED IT IS PART OF AN OVERALL AND VITAL ATTEMPT TO GET THE DEBATE ONTO A RATIONAL FOOTING, SAID MR MACLEOD.
GOVERNMENT TO CONTINUE SUPPORT FOR INDUSTRIES
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THE GOVERNMENT WILL CONTINUE TO SUPPORT THE DEVELOPMENT OF INDUSTRY BY ENSURING THAT CONDITIONS ARE CREATED AND AN INFRASTRUCTURE PROVIDED TO ENABLE INDUSTRY TO FUNCTION EFFICIENTLY AND PROFITABLY, THE SECRETARY FOR TRADE AND INDUSTRY, MR ERIC HO, SAID TODAY (THURSDAY).
SPEAKING AT THE HONG KONG MANAGEMENT ASSOCIATION CHINESE EXECUTIVES CLUB ANNUAL GENERAL MEETING, MR HO SAID HE WAS CONFIDENT THAT WITH DIVERSIFICATION, UPGRADING OF PRODUCT RANGE AND INCREASING USE OF AUTOMATED AND OTHER MODERN EQUIPMENT, WE COULD OVERCOME NOT ONLY OUR OWN INTERNAL PROBLEMS BUT THOSE WE FACED WITH INCREASING PROTECTIONISM AND COMPETITION AROUND THE WORLD.
DESPITE THE MANY DIFFICULTIES FACED, HE SAID, HONG KONG EXPERIENCED AN EXPORT-LED ECONOMIC RECOVERY IN 1984 AND THE EXPORT SECTOR SHOWED IMPRESSIVE GROWTH.
THE TREND TOWARDS THE MANUFACTURE OF HIGH QUALITY, MORE SOPHISTICATED CONSUMER PRODUCTS WAS CONTINUING.
TEXTILES AND GARMENT MANUFACTURE REMAINED DOMINANT AND INDUSTRY WAS DEMONSTRATING ITS WILLINGNESS TO ADOPT NEW TECHNOLOGIES AND PRODUCTION PROCESSES.
/THE LECTRONICS