14
WEDNESDAY, JULY 17, 1991
BILL TO MAINTAIN COMPETITIVE EDGE OF KNITWEAR
INDUSTRY PASSED
*
*
NO
HONG SECTOR
KONG'S ECONOMY OF REGULATION BEYOND WHAT IS NECESSARY.
SHOULD
BE
SUBJECTED
ΤΟ
THIS PRINCIPLE WAS, INDEED, THE BEDROCK OF HONG KONG'S BECAUSE IT ENSURED THAT HONG KONG ECONOMY WAS COMPETITIVE.
SUCCESS
PIERS THIS WAS STATED BY THE FINANCIAL SECRETARY, THE HON SIR
DEBATE
THE OF
TRADE JACOBS, WHEN
UP WINDING
THE SECOND READING
COUNCIL TODAY DESCRIPTIONS { AMENDMENT) BILL. 1991 IN THE LEGISLATIVE (WEDNESDAY)
L
ECONOMIC
90
BEST
"MORE IMPORTANTLY, IT HAS ALLOWED US TO MAXIMISE THE BENEFITS AND COMPARATIVE ADVANTAGES OF OUR GEOGRAPHICAL LOCATION, THAT WE CAN CONCENTRATE OUR LIMITED RESOURCES ON WHATEVER WE DO
11 SIR PIERS IN HONG KONG, WHILE OTHER ACTIVITIES CAN MOVE ELSEWHERE, SAID.
HE SAID THE ARRANGEMENTS IN THE BILL FELL SQUARELY WITHIN
PRINCIPLE.
"THEY ADDRESS A PRACTICAL PROBLEM.
THIS
THE UNITED "OUR KNITWEAR INDUSTRY CURRENTLY HAS TO MEET BOTH
REQUIREMENTS FOR STATES REQUIREMENTS FOR KNITTING AND THE HONG KONG LINKING AND LOOPING IN ORDER TO EXPORT RELEVANT KNITWEAR TO THE UNITED STATES WITH A HONG KONG ORIGIN LABEL.
"EACH OF THESE REQUIREMENTS IS SECRETARY SAID.
THE SUBSTANTIAL,
FINANCIAL
TOGETHER, TAKEN
HE SAID, THEY REGULATORY BURDEN ON THE INDUSTRY.
AN CONSTITUTED
UNNECESSARY
MUST "OUR
COMPLY WITH U.S. RULES EXPORTS ENTRY INTO THE U.S. BECAUSE THE U.S. CAN DETERMINE ORIGIN REQUIREMENTS FOR GOODS IMPORTED INTO ITS TERRITORY.
IN ORDER
TO
GAIN
11
UNNECESSARY AND "WE HAVE THEREFORE CONCLUDED THAT IT IS BOTH
WELL, UNFAIR TO CONTINUE TO REQUIRE THE INDUSTRY TO MEET OUR RULE AS SIR PIERS SAID,
THE FINANCIAL SECRETARY POINTED OUT THAT HONG KONG'S KNITWEAR MARKET WAS AN EXTREMELY COMPETITIVE ONE.
**THE KNITWEAR INDUSTRY, LIKE ANY OTHER SECTOR IN SHOULD BE ALLOWED AND REQUIRED TO ADJUST TO MARKET FORCES, IT WILL LOSE OUT FOR WANT OF MAINTAINING ITS COMPETITIVE SAID.
OVERSEAS
HONG KONG, OTHERWISE EDGE," HE
IT COULD ONLY LEAD TO DAMAGE TO HE WARNED THAT IN THE LONG RUN,
AND LOSS OF THE INDUSTRY, AND CONSEQUENTIAL DAMAGE TO ITS WORKFORCE JOBS..
/HE ASSURED
•