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FRIDAY, NOVEMBER 14, 1986
FOUR ITEMS CURRENTLY PUT UNDER AN EXPORT AUTHORISATION (EA) ARRANGEMENT WILL BE REMOVED FROM THE COVERAGE OF THE NEW EA ARRANGEMENT. MEANWHILE, BOTH GOVERNMENTS ARE MAKING PREPARATIONS FOR THE RATIFICATION OF THIS BILATERAL AGREEMENT.
COMMENTING ON THE AGREEMENT, THE DEPUTY DIRECTOR OF TRADE, MR TONY MILLER, WHO LED FOR HONG KONG, SAID THAT WHILE IT FELL SHORT OF HONG KONG'S EXPECTATIONS THE NEW AGREEMENT NEVERTHELESS CONTAINED SOME MODEST IMPROVEMENTS AND WAS A STEP IN THE RIGHT DIRECTION,
IMPORTANCE OF HONG KONG'S GROWING TRADE LINKS WITH CHINA
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HONG KONG AND ITS IMMEDIATE HINTERLAND IN GUANGDONG PROVINCE IS NOT ONLY ONE OF THE MOST EXCITING AND DYNAMIC GROWTH AREAS IN ASIA OR IN THE PACIFIC RIM BUT ANYWHERE IN THE WORLD, THE SECRETARY FOR ECONOMIC SERVICES, MR JOHN YAXLEY, SAID IN SAN FRANCISCO TODAY (FRIDAY, HONG KONG TIME).
ADDRESSING A MEETING OF THE ENGLISH-SPEAKING UNION, MR YAXLEY STRESSED THE IMPORTANCE OF HONG KONG'S GROWING LINKS WITH CHINA BOTH IN TRADE AND INVESTMENT.
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+THERE HAS BEEN A DRAMATIC UPSURGE IN HONG KONG'S VISIBLE TRADE WITH CHINA, BETWEEN 1978 WHICH MARKS THE BEGINNING OF CHINA'S OPEN DOOR POLICY AND 1985, THE TOTAL VOLUME OF THIS BILATERAL TRADE BETWEEN HONG KONG AND CHINA GREW AT AN AVERAGE ANNUAL RATE OF 41 PER CENT. THE GROWTH IN DOMESTIC EXPORTS IN THIS SAME PERIOD WAS 111 PER CENT EACH YEAR AND GROWTH IN RE-EXPORTS GREW BY 115 PER CENT EACH YEAR, HE SAID.
MR YAXLEY NOTED THAT IN 1982 CHINA OVERTOOK JAPAN AS HONG KONG'S LARGEST IMPORT SUPPLIER IN 1984 CHINA; BECAME THE SECOND LARGEST MARKET, AFTER THE UNITED STATES, FOR LONG KONG'S DOMESTIC EXPORTS AND IN 1985 CHINA OVERTOOK THE UNÎD STATES TO BECOME HONG KONG'S LARGEST TRADING PARTNER.
+ON THE INVESTMENT SIDE HONG KONG HAS ALSO PLAYED A MOST IMPORTANT ROLE. ABOUT 60 PER CENT OF ALL FOREIGN INVESTMENT IN CHINA COMES FROM HONG KONG.
+IF YOU LOOK AT THE SOUTHERN PART OF CHINA, PARTICULARLY THE SPECIAL ECONOMIC ZONE OF SHENZHEN, THAT FIGURE RISES TO ABOUT 80 PER CENT, MR YAXLEY SAID, ADDING THAT HONG KONG TOO WELCOMED THE INVESTMENT IN THE OPPOSITE DIRECTION BY CHINA IN HONG KONG WHICH WAS MAINLY IN THE SERVICES SECTOR.
REGARDING ECONOMIC