FRIDAY, JULY 12, 1985
HK'S INVISIBLE TRADE CONSISTENTLY IN SURPLUS
*****
HONG KONG'S INVISIBLE TRADE ACCOUNT HAD CONSISTENTLY BEEN IN SURPLUS, AND CONTRIBUTED TO OFFSETTING ON AVERAGE ABOUT THREE-QUARTERS OF THE DEFICIT ON ITS VISIBLE TRADE ACCOUNT DURING THE PAST FIVE YEARS, THE ACTING GOVERNOR, SIR DAVID AKERS-JONES, SAID TODAY.
IN 1984, AS A RESULT OF THE RAPID GROWTH IN HONG KONG'S VISIBLE TRADE, A SURPLUS OF HK$11.6 BILLION WAS RECORDED ON THE COMBINED VISIBLE AND INVISIBLE TRADE ACCOUNT, THE FIRST TIME SINCE 1977, HE SAID.
SPEAKING AT THE OPENING OF THE BRITISH INVISIBLE EXPORTS COUNCIL SEMINAR, SIR DAVID TOLD MEMBERS THAT DURING THE PAST FEW YEARS, HONG KONG'S EXPORTS OF SERVICE GREW RAPIDLY, FROM HK$19 BILLIÓN IN 1979 TO HK$44 BILLION IN 1984, REPRESENTING AN AVERAGE ANNUAL GROWTH RATE OF 18 PER CENT.
OVER THIS PERIOD, HE SAID, IMPORTS OF SERVICES ALSO GREW, FROM HK$12 BILLION TO HK$29 BILLION, OR BY 20 PER CENT A YEAR.
IMPORTS AND EXPORTS OF SERVICES TOGETHER AMOUNTED TO 30 PER CENT OF THE GROSS DOMESTIC PRODUCT IN 1984.
SIR DAVID SAID ALSO THAT HONG KONG'S MANUFACTURING INDUSTRY AND EXPORT TRADE HAD PROVIDED A FIRM BASIS FOR DEVELOPMENT AND PROSPERITY.
MORE RECENTLY, HE SAID, THERE HAD BEEN A PARTIAL SHIFT IN EMPHASIS FROM DOMESTIC EXPORTS TO RE-EXPORTS, PARTICULARLY TO MAINLAND CHINA.
+THIS HAS PROVIDED HONG KONG WITH AN IMPORTANT NEW DIMENSION TO OUR ECONOMY AND AN ADDITIONAL STABILITY, HE SAID.
AND OVER THE YEARS HONG KONG'S PROSPERING INTERNATIONAL TRADE HAD SPURRED THE DEMAND FOR FINANCIAL SERVICES SUCH AS COMMUNICATIONS, TRANSPORTATION, BANKING AND INSURANCE.
+IN CONSEQUENCE, SITUATED AS IT IS MID-WAY BETWEEN THE TIME ZONES OF THE WORLD, WITH EXCELLENT SATELLITE COMMUNICATIONS, FREEDOM FROM UNNECESSARY BUREAUCRATIC RESTRICTIONS, A READY SUPPLY OF SOME OF THE FINEST AND MOST UP-TO-DATE OFFICE BUILDINGS IN THE WORLD, HONG KONG HAS EVOLVED INTO A MAJOR INTERNATIONAL FINANCIAL CENTRE, HE SAID.
THIS, IN TURN, WAS A REFLECTION OF THE ENTREPRENEURIAL SPIRIT AND ENTERPRISE WHICH WAS SUCH A STRIKING CHARACTERISTIC OF HONG KONG, HE SAID.
WHILE BILATERAL RELATIONS BETWEEN HONG KONG AND THE UNITED KINGDOM ON THE INVISIBLE TRADE FRONT HAD BEEN ACTIVE, THERE WAS STILL +CONSIDERABLE SCOPE FOR FURTHER EXPANSION+.
/+I THUS