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WEDNESDAY, JINOR 11, 1985
+WE ARE CONVINCED AND COMMITTED FREE TRADERS. OUR FREE- ENTERPRISE SYSTEM AND OUR FREE-PORT STATUS HAVE MADE HONG KONG AN ATTRACTIVE PLACE TO DO BUSINESS, HE SAID, ADDING THAT WE NATURALLY FELT DISAPPOINTED WHEN A TRADING PARTNER DISCRIMINATED AGAINST OUR EXPORTS.
MR JACOBS WARNED THAT ALTHOUGH DECISION ON THE JENKINS BILL STILL AWAITED THE UNITED STATES PRESIDENT'S POSITION, THERE WERE OTHER PROTECTIONIST MEASURES THAT HAD BEEN PROPOSED. MOREOVER, NEGOTIATIONS FOR THE MULTI-FIBRE ARRANGEMENT TO BE RENEGOTIATED WERE LIKELY TO PROVE TOUGH.
+OF COURSE, THE GOVERNMENT WATCHES THE POSITION VERY CAREFULLY AND HAS, INDEED, BEEN VERY ACTIVE IN MAKING REPRESENTATION. YOU MAY REST ASSURED THAT MY COLLEAGUES ON THE TRADE AND INDUSTRY SIDE WILL REMAIN VIGILANT, HE SAID.
HOWEVER, HE DID NOT BELIEVE THAT HONG KONG SHOULD DEVIATE FROM THE CHOSEN AND SUCCESSFUL PATH DESPITE THE THREAT OF PROTECTION ISM.
+WE MUST CONTINUE TO DEVELOP THE INTERNATIONAL CHARACTER OF HONG KONG BECAUSE IT IS THIS, PERHAPS MORE THAN ANYTHING ELSE, THAT WILL CONTRIBUTE SIGNIFICANTLY TO THE HIGH DEGREE OF AUTONOMY THAT IS PROVIDED FOR BY THE JOINT DECLARATION ON THE FUTURE OF HONG KONG AND WILL ENSURE THE FUTURE PROSPERITY AND STABILITY OF HONG KONG,+
ON THE BRIGHTER SIDE, MR JACOBS NOTED THAT IN RECENT YEARS CHINA HAD PROVIDED THE HONG KONG ECONOMY WITH A NEW SOURCE OF GROWTH WITH THE ADOPTION OF MORE LIBERAL ECONOMIC POLICIES BY CHINA.
HE SAID THAT CHINA WAS NOW HONG KONG'S SECOND LARGEST MARKET FOR DOMESTIC EXPORTS, ALTHOUGH STILL WELL BEHIND THE UNITED STATES, AND HONG KONG'S ROLE AS A MAJOR ENTREPOT FOR CHINA HAD RE-EMERGED.
+AS WELL AS ABSORBING MORE IMPORTS OF GOODS, CHINA'S MODERNISATION PROGRAMME IS BEING HELPED BY THE IMPORTATION OF AN INCREASING RANGE OF SERVICES FROM HONG KONG.
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+ IN ADDITION, HONG KONG, AS THE MAJOR FINANCIAL CENTRE IN THE ASIA-PACIFIC REGION, IS IN A POSITION TO CONTRIBUTE INCREASINGLY TO THE FINANCIAL AND RELATED SERVICES THAT LINK CHINA WITH THE REST OF THE WORLD, SAID MR JACOBS.
MOVING ON TO THE DOMESTIC SCENE, MR JACOBS NOTED THAT PRIVATE SECTOR CONSUMPTION AND PRIVATE SECTOR EXPENDITURE ON BUILDING AND CONSTRUCTION AS WELL AS ON PLANT AND MACHINERY WERE ALL FORECAST TO SHOW MODERATE GROWTH THIS YEAR.
+THERE HAS BEEN A CONTINUED IMPROVEMENT IN THE TAKE-UP RATE FOR FINISHED PROPERTY, WITH PRICES AND RENTALS SHOWING SOME INCREASE. BOTH THESE INDICATORS SUGGEST SOME RETURN OF CONFIDENCE IN THE ECONOMY, HE POINTED OUT.
/MR JACOBS