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THURSDAY, OCTOBER 22, 1987
BUT BEHIND ALL THAT THERE IS AN IMPORTANT POINT. WE DO FULLY UNDERSTAND, IN A PLACE LIKE HONG KONG, THE ENORMOUS DIFFICULTIES FOR THE UNITED STATES IN THE FOREIGN TRADE DEFICIT. WE WOULD LIKE HONG KONG TO BE A BETTER, LARGER, MARKET FOR U.S. GOODS.
I MENTIONED, WHEN I WAS SPEAKING, THE INCREASE THAT THERE'S BEEN THIS YEAR. IT IS A VERY IMPRESSIVE INCREASE. WE THINK THAT IT COULD BE A MUCH BIGGER MARKET THAN THAT. LET MẸ JUST TAKE ONE EXAMPLE. IT'S NOT GENERALLY REALISED THAT IN THE FIELD OF TEXTILES HONG KONG IS NOT JUST AN EXPORTER OF TEXTILES; WE ARB ACTUALLY THE THIRD LARGEST IMPORTER IN THE WORLD OF TEXTILES. BUT OF THAT MARKET, THE UNITED STATES, AT THE MOMENT, HAS LESS THAN ONE PER CENT. IT USED TO HAVE OVER TWO PER CENT.
OTHER TEXTILE PRODUCERS IN THE SAME SORT OF FIELD, THAT IS. HIGH COST, HIGH QUALITY GOODS, LIKE ITALY AND GERMANY, HAVE DONE VERY WELL RECENTLY IN HONG KONG. WE BELIEVE THAT U.8. TEXTILE INTERESTS COULD DO WELL IN HONG KONG. WE HAVE COMMITTED GOVERNMENT MONEY TO A STUDY OF HOW THAT MIGHT BE DONE. WE ARE COOPERATING WITH THE U.8. DEPARTMENT OF COMMERCE IN RUNNING SEMINARS TO ENCOURAGE THAT SORT OF EXPORT. SO IN THAT SENSE, FIRST, WE ARR CONSCIOUS OF THE ENORMOUS PROBLEMS FOR THE UNITED STATES OF THE TRADE DEFICIT, AND SECONDLY, WE WOULD LIKE TO DO WHATEVER WE CAN TO MAKE SURE THAT HONG KONG'S OPEN MARKET IS FULLY UTILISED BY THE UNITED STATES.
MR MOLLISON: IT HAS BEEN SAID RECENTLY THAT MANUFACTURERS WOULD BE LIKELY TO REMAIN IN HONG KONG AFTER 1997, BUT THAT THE MONEY INTERESTS, BANKERS AND INVESTORS, ET CETERA, WOULD MOVE
OUT. DO YOU AGREE?
SIR DAVID: IT'S DIFFICULT TO ANSWER FOR THE PRIVATE SECTOR. THEY, OBVIOUSLY, HAVE TO TAKE THEIR OWN DECISIONS.
NO,
IF YOU LOOK AT THE TREND AT THE MOMENT, THE ANSWER MUST BE THAT IS NOT THE TREND AT ALL. THERE IS A LARGE GROWTH IN THE BANKING SECTOR AT THE MOMENT, AND THE GENERAL FINANCIAL SERVICES SECTOR IN HONG KONG, HONG KONG IS BECOMING A KEY PART IN THAT GLOBAL FINANCIAL MARKET, SOME OF THE EFFECTS OF WHICH WE'VE SEEN OVER THE LAST FBW DAYS.
SO, I WOULD NOT EXPECT FINANCIAL SERVICES IN HONG KONG TO MOVE OUT. THE TREND AT THE MOMENT IS EXACTLY IN THE OPPOSITE DIRECTION.
MR MOLLISON: WILL THE PRO'S ONLY CHILD POLICY BE EXTENDED TO HONG KONG
(LAUGHTER.)
SIR DAVID: NO, SIR. THAT, ODDLY ENOUGH, IS ACTUALLY LAID DOWN IN THE JOINT DECLARATION.
/MR MOLLISON: