WEDNESDAY, SEPTEMBER 26, 1990
5
ECONOMIC SLOWDOWN A BLESSING IN DISGUISE: STI
* *
IN HONG IN DISGUISE,
SAID TODAY
TRADE
THE CYCLICAL SLOWDOWN IN THE GENERAL ECONOMIC PICTURE KONG FROM THE SECOND HALF OF 1989 HAS BEEN
INDUSTRY, AND THE SECRETARY FOR {WEDNESDAY).
MR
A BLESSING
CHAN, JOHN
FUTURE ECONOMIC DIAMOND MR CHAN, WHO WAS SPEAKING ON "THE PRESENT AND
KONG" AT
ANTWERP THE
THAT THIS WAS OUTLOOK OF THE DIAMOND TRADE IN HONG
EXPLAINED
CONTINUING EVENING SEMINAR HELD IN A
SPACE AGAINST
BECAUSE IT
PROVIDED HAD
CAPACITY CONSTRAINTS IN THE ECONOMY.
"THE ECONOMY,
LOCAL HOTEL, SOME BREATHING
WITH ITS RENOWNED
ADJUSTED WELL TO THE SITUATION, AND BY THE MIDDLE OF SIGNS OF IMPROVEMENT HAD BECOME VISIBLE,
"UNFORTUNATELY,
THE SITUATION
FLEXIBILITY
THIS
AND DYNAMISM,
YEAR SOME
HE SAID.
IN
THE MIDDLE NOT ONLY FOR HONG
BAST SOON KONG
GULF
CRISIS WILL REMAIN
INTERVENED TO CLOUD THE ECONOMIC HORIZON, ITSELF BUT ALSO FOR OUR MAIN EXPORT MARKETS ON WHICH WE DEPEND.
"I FOR ONE DO NOT KNOW HOW LONG THE
+
WITH US, HE SAID.
VERY PROTECTIONISM IN HONG KONG'S OVERSEAS MARKETS WAS ANOTHER
KEPT CLOUDING REAL PROBLEM WHICH KEPT HAUNTING HONG KONG, AND WHICH HONG KONG'S TRADE AND THEREFORE ITS ECONOMIC PROSPECTS, MR CHAN SAID.
"THE SITUATION HERE IS SOMEWHAT IRONIC," HE SAID.
NEARLY ROUND
"ON THE ONE HAND, FOR MORE THAN THREE-AND-A-HALF YEARS, 100 COUNTRIES AND TERRITORIES HAVE BEEN ENGAGED IN THE URUGUAY
EXPANDING TO OF MULTILATERAL TRADE NEGOTIATIONS, UNDER THE AUSPICES OF THE GENERAL
WITH A VIEW ON TARIFFS AND TRADE,
AGREEMENT LIBERATING WORLD TRADE IN GOODS AND SERVICES.
"ON THE OTHER HAND, SOME DOMESTIC INDUSTRIES IN SOME AND EVEN INTENSIFIED PRESSURE COUNTRIES HAVE CONTINUED
FROM THE CONPETITION GOVERNMENTS TO PROTECT THEM WOULD BRING, HE SAID.
"
AND
OF THESE ON THEIR THAT FREE TRADE
AT THE SAME TIME, THESE SAME BEEN PUTTING PRESSURE ON THEIR TRADING PARTNERS, SUCH TO OPEN UP THEIR MARKETS, HE SAID.
INDUSTRIES AND
AS
GOVERNMENTS
HONG
HAD
KONG,
*
"BUT THEN, WHEN THEY COME ACROSS A TRULY OPEN
BUT WE ARE STILL HONG KONG, THEY SAY (OR SEEM BY THEIR ACTION TO SAY), 'WE KNOW YOU ARE ALREADY A FREE MARKET. WE KNOW YOU ARE DIFFERENT.
BACK HITTING GOING TO HIT YOU BECAUSE YOU ARE SO EFFICIENT AND COMPETITIVE THAT CANNOT MATCH YOU, AND WE KNOW YOU ARE INCAPABle of US' MR CHAN SAID.
MARKET
SUCH
AS
WE AT
I
ROUND
THE ROUND WOULD HAVE
THE URUGUAY DECEMBER AT A FINAL MEETING IN BRUSSELS. THE
IMPLICATIONS FAR-REACHING
DUR WAS
ΤΟ
COME TO A CONCLUSION
SUCCESS OR FAILURE FOR THE FUTURE
THIS
OF
OF
WORLD TRADE, HE SAID.
/"I HOPE