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3
THURSDAY, MAY 25, 1989
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"CHINA IS NOW THE LARGEST MARKET FOR HONG KONG'S RE-EXPORTS THE SECOND LARGEST MARKET FOR OUR DOMESTIC EXPORTS AND TEE LARGE ST SUPPLIER OF OUR IMPORTS,' HE SAID.
"
HE ADDED THAT SIMILARLY HONG
KONG
OVERTOOK JAPAN TO BIZ CHINA'S LARGEST TRADING PARTNER IN 1987 AND 1988, ACCOUNTING TOP:
ROUGHLY ONE QUARTER OF CHINA'S EXTERNAL TRADE LAST YEAR.
TH
IN ENTREPOT TRADE, CHINA HAS BEEN HONG KONG'S LARGEST RE-EXPORT MARKET AS WELL AS THE LARGEST SOURCE OF GOODS RE-EXPORTED SINCE 1979." HE ADDED.
WITH REGARD TO INVESTMENT, HE SAID THAT HONG KONG WAS THE MOST IMPORTANT SOURCE ACCOUNTING FOR OVER 50 PER CENT OF EXTERNAL INVESTMENT IN CHINA.
THE INVESTMENT WAS CONCENTRATED IN LIGHT MANUFACTURING INDUSTRIES SUCH AS ELECTRONICS, PLASTICS, TEXTILES AND GARMENTS.
"THIS GROWING ECONOMIC CO-OPERATION HAS BROUGHT GREAT BENEFITS TO BOTH ECONOMIES AND INTRODUCED A NEW DIMENSION TO HONG KONG'S ECONOMIC GROWTH, HE SAID.
MR SZE POINTED OUT THAT THERE WERE MISGIVINGS IN SOME QUARTERS THAT THE CLOSE AND SYMBIOTIC ECONOMIC RELATIONSHIP WOULD LEAD TO A "VANISHING BORDER" BETWEEN HONG KONG AND CHINA, WHICH
IN TURN WOULD UNDERMINE HONG KONG'S IMAGE AND CREDIBILITY AS AN ECONOMIC ENTITY WITH ITS OWN ESTABLISHED RULES AND CONTROLS.
INDEPENDENT
HE ASSURED HIS AUDIENCE THAT THIS HAD NEVER BEEN. AND WOULD NOT BE, A PROBLEM.
"HONG KONG MAINTAINS ITS OWN WELL ESTABLISHED AND PROPERLY ENFORCED SET OF RULES AND PRACTICES GOVERNING RULES OF ORIGIN, TEXTILE QUOTAS, TRADE STANDARDS, LABELLING AND ORIGIN MARKING, ETC. HE SAID.
BESIDES THIS,
THE
TRADE DEPARTMENT
ADMINISTERED
COMPREHENSIVE SCHEME FOR OUTWARD PROCESSING ARRANGEMENTS.
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"THIS SPECIFIES CLEARLY THE CIRCUMSTANCES AND EXTENT WHEREBY LOCAL MANUFACTURERS CAN SUB-CONTRACT SUBSIDIARY MANUFACTURING PROCESSES OUTSIDE HONG KONG.
"IF A COMPANY WISHES TO USE A HONG KONG ORIGIN LABEL OR APPLY FOR A CERTIFICATE OF HONG KONG ORIGIN, IT MUST BE ABLE OUR ORIGIN, CONFERRING CRITERIA,' HE SAID.
ΤΟ
HE ADDED THAT THESE WERE SUBJECT TO THE CLOSE SURVEILLANCE THE CUSTOMS AND EXCISE Department,
OP
"THE GROWING
ECONOMIC
INTEGRATION BETWEEN HONG KONG
AND
•
GUANGDONG WILL NOT CONCLUDED.
THEREFORE
GENERATE
MORE MALPRACTICES," MR
SZE
t
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