WEDNESDAY, MARCH 4, 1992
++
"HONG KONG IS ESPECIALLY FORTUNATE IN THE NEW MARKETS IT BUILT UP IN THE ASIAN REGION. CHINA, IN PARTICULAR, IS EXPECTED MAINTAIN STRONG GROWTH, WITH EXCELLENT OPPORTUNITIES FOR FIRMS, HE SAID.
HAS
ΤΟ HONG KONG
JAPAN'S GROWTH WOULD BE SLOWER THAN IN THE PAST, STILL BE SATISFACTORY, HE ADDED.
BUT SHOULD
ENCOURAGING.
EMERGING
MAJOR WESTERN MARKETS, HE SAID, WERE LESS UNITED STATES AND THE UNITED KINGDOM APPEARED TO BE SLOWLY FROM RECESSION, THOUGH GERMANY WAS DOING SOMEWHAT BETTER.
THE ONLY
OF
SUCCESS
TRADE AND THE PRARL
IN
MR MACLEOD POINTED OUT THAT MUCH OF HONG KONG'S RECENT YEARS MUST BE ATTRIBUTED TO ITS GROWING ACCESS TO INVESTMENT OPPORTUNITIES IN CHINA, AND THE EMERGENCE RIVER DELTA AS ASIA'S "FIFTH DRAGON"
+
IN
AS HONG KONG'S MANUFACTURING VENTURES IN GUANGDONG EXPANDED SCOPE AND INCREASED IN SOPHISTICATION, MORE AND MORE OF THE OUTPUT WAS SHIPPED AS RE-EXPORTS OF FINISHED PRODUCTS WITH NO FURTHER PROCESSING REQUIRED IN HONG KONG,
"THIS EXPLAINS THE GROWING IMPORTANCE OF TOTAL TRADE. IN 1991, THEY REACHED A RECORD EXPORTS.
IN RE-EXPORTS
OUR
OF 70%
THE OVERALL
"THE EXCEPTIONAL EXPANSION OF OUR RE-EXPORTS DEMONSTRATES THEIR ENCOURAGING COMPETITIVENESS ON WORLD MARKETS, AND I BELIEVE THAT THIS TREND WILL CONTINUE," HE SAID.
THIS AGAINST
BACKGROUND, MR MACLEOD SAID
HE EXPECTED TOTAL EXPORTS TO GROW BY 14% THIS YEAR, WITH RE-EXPORTS INCREASING BY 20%.
DOMESTIC
WOULD PERFORM MORE MODERATELY, EXPORTS PREDICTED AT ONLY 2%.
WITH GROWTH
IN
IT REFLECTS "THIS SLOWER RATE OF EXPANSION IS NOT SURPRISING. THE SUCCESS WITH WHICH OUR MANUFACTURERS HAVE RELOCATED OPERATIONS GUANGDONG PROVINCE IN THEIR SEARCH FOR GROWTH.
HONG
"IT ALSO REFLECTS THE CONSTRAINTS ON INDUSTRIAL GROWTH IN KONG CAUSED BY THE SHORTAGES OF LAND AND, MORE ESPECIALLY, OF LABOUR, HE SAID.
MR MACLEOD POINTED OUT THAT THERE WAS ALSO ANOTHER WORK: THE SWITCH FROM MANUFACTURING TO SERVICE ACTIVITIES.
11
FACTOR AT
"OUR SERVICES SECTOR SUPPORTS A SUBSTANTIALLY LARGER VOLUME
EXPORT EARNINGS EXPORTS, AND HAS GENERATED IMPORTANT NEW SOURCES OF WHICH SHOULD NOT BE OVERLOOKED,' HE EXPLAINED.
OF
AS ALWAYS, MARKETS FOR GRANTED.
HE CAUTIONED THAT HONG KONG COULD NOT
TAKE WORLD
/"THERE ARE