THURSDAY, AUGUST 10, 1989
U.S. CONVENTION TOLD OF NEW OPPORTUNITIES FOR HK
THE RAPID GROWTH OF EAST ASIA GENERALLY AND THE LIBERALISATION OF THE JAPANESE MARKET ||AVE INCREASED AND LED TO INCREASED OPPORTUNITIES FOR HONG KONG, THE DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE IN SAN FRANCISCO, MR PETER JOHNSON, SAID TODAY (THURSDAY).
HE WAS SPEAKING AT THE 76TH ANNUAL CONVENTION OF THE PACIFIC COAST ASSOCIATION OF PORT AUTHORITIES.
HONG KONG'S TRADE WITH JAPAN, TAIWAN, SOUTH KOREA AND SINGAPORE HAD GROWN AT AN AVERAGE OF OVER 36 PER CENT PER ANNUM IN THE LAST TWO YEARS, AND ACCOUNTED FOR ABOUT 26 PER CENT OF HONG KONG'S TOTAL TRADE IN 1988, MR JOHNSON SAID.
ARE
"AS TRADE AND INVESTMENT LINKS GROW, PACIFIC RIM ECONOMIES BECOMING MORE INTEGRATED AND, WITH HIGH GROWTH EXPECTED TO CONTINUE, HONG KONG SHOULD CONTINUE TO BENEFIT, HE POINTED OUT.
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KONG'S PORT
ALL THIS WOULD CONTINUE TO HAVE AN IMPACT ON HONG AND AIRPORT FACILITIES, AND THE CONTAINER PORT WAS ALREADY THE LARGEST IN THE WORLD IN TERMS OF THROUGHPUT.
YEARS,
"WE HAVE BEEN EXPERIENCING DOUBLE DIGIT GROWTH FOR SOME AND OUR FORECASTS ARE STILL THAT CARGO VOLUME THROUGH OUR PORT WILL CONTINUE TO GROW AT 14 PER CENT PER ANNUM FOR THE NEXT FIVE YEARS, AND IN LONGER TERMS, AT A RATE OF EIGHT TO NINE PER CENT.
"IN THE FIRST FOUR MONTHS OF THIS YEAR THE INCREASE WAS IN FACT 13.2 PER CENT TO 1.32 MILLION TEU'S, MR JOHNSON SAID.
HE NOTED ALSO THAT STUDIES SUGGESTED THAT, TAKING 1986 AS THE THE BASE YEAR, REAL GROSS DOMESTIC PRODUCT (GDP) IN HONG KONG DURING 25 YEAR PERIOD UP TO 2011 COULD GROW BY AS MUCH AS 400 PER CENT, WITH TOTAL TONNAGE PASSING THROUGH THE PORT INCREASING BY AS MUCH AS EIGHT TIMES DURING THE SAME PERIOD, FROM 56.2 MILLION TONS IN 1986 TO OVER 400 MILLION IN 2011.
THE DIRECTOR SAID HONG KONG'S PHENOMENAL ECONOMIC PROGRESS IN THE PAST FEW YEARS HAD BEEN DUE TO A SUBSTANTIAL DEGREE TO THE DEVELOPING RELATIONSHIP WITH CHINA, AND TO THE ECONOMIC CHANGES WHICH HAD TAKEN PLACE THERE.
THE SOURCE OF HE NOTED, FOR EXAMPLE, THAT HONG KONG HAD BEEN ABOUT TWO THIRDS OF THE CONTRACTUAL VALUE OF ALL FOREIGN INVESTMENT IN CHINA, AS WELL AS A LARGE PROPORTION OF CHINA'S FOREIGN LOANS.
HONG KONG HAD SERVED A ROLE AS AN ENTREPOT, WITH ABOUT ONE THIRD OF CHINA'S EXPORTS TO THE WORLD PASSING THROUGH THE TERRITORY, AND CHINA WAS HONG KONG'S LARGEST TRADING PARTNER.
OF
"SO FAR THERE HAS BEEN NO INDICATION FROM THE CHINESE
DIRECTION GOVERNMENT THAT THEY WILL BE CHANGING THE BROAD
THEIR ECONOMIC POLICIES. ON THE CONTRARY, THE LEADERSHIP HAS RECENTLY EMPHASISED THAT THESE POLICIES REMAIN THE BASIS FOR THE MODERNISATION OF CHINA, HE SAID.
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