FRIDAY, OCTOBER 28, 1988
FREE ECONOMY KEEPS HONG KONG ABREAST OF NEW DEVELOPMENTS
* * * * * *
ITS FREE ECONOMY HONG REMAIN COMPETITIVE AND TRADE AND INDUSTRY,
BEING RESPONSIVE TO CHANGE BECAUSE OF KONG CAN KEEP ABREAST OF NEW DEVELOPMENTS, MAINTAIN ECONOMIC GROWTH, THE SECRETARY FOR HAMISH MACLEOD SAID TODAY (FRIDAY) IN OSAKA, JAPAN.
MR
ADDRESSING THE JAPAN/HONG KONG ASSOCIATION, HE SAID THAT HONG KONG WAS PROBABLY UNIQUE IN THE WAY IN WHICH IT HAD PROSPERED BY MAINTAINING AN OPEN ECONOMY, BY ENCOURAGING THE FREE FLOW OF GOODS, TECHNOLOGY AND CAPITAL AND BY WELCOMING COMPETITION,
"HONG KONG HAS PLAYED AN INCREASINGLY ACTIVE ROLE IN THE DEVELOPMENT OF CHINA'S ECONOMY AND EXTERNAL TRADE.
"A SUBSTANTIAL AMOUNT OF TRADE BETWEEN CHINA, SOUTH KOREA AND TAIWAN IS ROUTED THROUGH HONG KONG, MR MACLEOD SAID.
HE SAID THAT HONG KONG HAD REGAINED ITS ROLE AS THE NATURAL GATEWAY TO SOUTHERN CHINA AND ITS CONTAINER PORT WAS NOW THE BUSIEST IN THE WORLD. OUTWARD PROCESSING PRODUCTS AND PRODUCTS FROM JOINT-VENTURE FACTORIES IN CHINA WERE ALSO SHIPPED THROUGH HONG KONG.
WITH REGARD TO JAPAN, MR MACLEOD NOTED THAT JAPAN WAS PRESENCE IN HONG KONG'S ECONOMY.
A MAJOR
"A SIGNIFICANT PROPORTION OF HONG KONG CAPITAL WORKS PROGRAMME IS BEING CARRIED OUT BY CONSORTIA WITH STRONG JAPANESE CROSS HARBOUR INVOLVEMENT," HE SAID, QUOTING THE $3.4 BILLION SECOND TUNNEL UNDER CONSTRUCTION AS AN EXAMPLE.
SINO-JAPANESE TRADE THROUGH HONG KONG ALSO JUMPED FROM $40
MILLION IN 1978 TO $12,926 MILLION LAST YEAR.
"WE ARE YOUR FIFTH LARGEST EXPORT MARKET, ABSORBING 3.9 PER CENT OF JAPAN'S TOTAL EXPORTS IN 1987," MR MACLEOD SAID.
OVERTAKEN
CHINA'S
HE ADDED THAT HONG KONG HAD ALSO
AS JAPAN LARGEST TRADING PARTNER, TAKING UP OVER 20 PER CENT OF ITS TRADE.
KONG
SINCE 1978 TRADE BETWEEN HONG TIMES, WITH AN INCREASING PROPORTION OF THAT TO AND FROM CHINA.
AND CHINA HAD GROWN
TRADE BEING
19
RE-EXPORTS
AND
TRADE OFFICE
MATTERS
WITH
THE HONG KONG GOVERNMENT SET UP AN ECONOMIC IN TOKYO LAST MONTH WHICH REPRESENTS HONG KONG'S INTERESTS IN COMMERCIAL RELATIONS AND OTHER ECONOMIC AND
THE
JAPANESE GOVERNMENT.
TRADE
IT ALSO INCORPORATES THE EXISTING PROMOTION OFFICE IN TOKYO.
HONG KONG INDUSTRIAL
"THIS USEFULLY
SYMBOLISES
THE GROWING
IMPORTANCE WHICH
WE
11
ATTACH TO OUR ECONOMIC AND TRADE TIES TO JAPAN, MR MACLEOD CONCLUDED.
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