FRIDAY, MARCH 13, 1992
AT A BRIEFING SESSION GIVEN BY THE DIRECTOR-GENERAL OF TRADE, MR DONALD TSANG, LOCAL CHAMBERS OF COMMERCE WERE TOLD THAT REMOVAL OF CHINA'S MFN TRADING
IMPACT ON HONG HAVE A DIRECT ADVERSE ORIGIN TO THE U.S.
AND TRADE ASSOCIATIONS STATUS BY U.S. WOULD KONG'S RE-EXPORTS OF CHINA
CENT "A REDUCTION BY 35 PER
ΤΟ 47 PER CENT, OR BILLION TO $49 BILLION WORTH OF HONG KONG'S RE-EXPORT THE U.S. IS EXPECTED.
FROM
OF
CHINA
HK$36 то
U.S. AMOUNTED TO
"IN 1991, RE-EXPORTS OF CHINA ORIGIN TO THE
BILLION, REPRESENTING
19 PER CENT OF HONG KONG'S TOTAL
HK$104 RE-EXPORTS, HE SAID.
"
ON THE LONG-TERM EFFECTS, MR TSANG
QUANTIFY AND COULD
MUCH MORE DIFFICULT TO ASSESSED ON A ONE-OFF BASIS.
EXPLAINED THAT THEY WERE NOT, IN ANY CASE, BE
STATUS WOULD
HOWEVER, REMOVAL OF CHINA'S MFN TRADING
HAVE A MANUFACTURING SIGNIFICANT EFFECT ON HONG KONG'S
INVESTMENT VENTURES IN CHINA. HONG KONG'S ROLE
GATEWAY TO CHINA WOULD ALSO BE UNDERMINED.
AS A
"MUCH WOULD DEPEND ON HOW SUCCESSFULLY THE BUSINESS COMMUNITY ADJUSTED TO THE SITUATION," HE SAID.
THE U.S. SENATE PASSED THE MFN CONDITIONAL BILL ON FEBRUARY 25; PRESIDENT BUSH VETOED IT ON MARCH 2:
HOUSE OF THE U.S.
IS REPRESENTATIVES OVERRODE THE PRESIDENTIAL VETO TWO DAYS AGO AND IT
MFN
WILL RENEWAL EXPECTED THAT SUPPORTERS OF CONDITIONAL
ΤΟ OVERRIDE THE VETO IN THE SENATE SOMETIME NEXT WEEK.
SEEK
MR TSANG SAID IT IS WIDELY BELIEVED THAT THE PRESIDENTIAL WOULD BE SUSTAINED IN THE SENATE.
VETO
THE PRESIDENT'S VETO CAN ONLY BE OVERRIDDEN BY A TWO-THIRDS MAJORITY IN BOTH THE HOUSE AND THE SENATE.
"WE WILL SPARE NO EFFORT IN RENEWAL OF CHINA'S MFN TRADING STATUS,
SUPPORTING
H
THE UNCONDITIONAL MR TSANG SAID.
ATTENTION NEWS EDITORS:
PLEASE BE REMINDED THAT THE DIRECTOR-GENERAL OF TRADE MR BRANCH WILL DONALD TSANG AND AN ECONOMIST FROM THE ECONOMIC SERVICES MEET THE MEDIA ON THE ABOVE ISSUE AT 5 PM THIS AFTERNOON AT THE
TRADE DEPARTMENT DEPARTMENT OFFICE, 18TH FLOOR,
TRADE
TOWER,
700
NATHAN
ROAD, KOWLOON.
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