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FRIDAY, AUGUST 21, 1992
HE ENJOYED PART OF A CONCERT PRESENTED BY THE HONG KONG CHINESE ORCHESTRA AND SAW THE HONG KONG DANCE COMPANY AT REHEARSAL.
THE GOVERNOR ENDED HIS TOUR AT THE INDOOR GAMES HALL WHERE HE WATCHED YOUNG PEOPLE PLAY BADMINTON AND VOLLEY BALL.
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US/CHINA SECTION 301 NEGOTIATIONS
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THE SECRETARY FOR TRADE AND INDUSTRY, MR TH CHAU, EXPRESSED CONCERN THIS (FRIDAY) EVENING AT NEWS THAT THE U.S. INTENDED ΤΟ PUBLISH A PRELIMINARY LIST OF POSSIBLE TARIFF INCREASES ON CHINESE PRODUCTS.
"THE LIST IS PRIMARILY FOR PUBLIC COMMENT," SAID MR CHAU. "THE U.S. WILL NOT MAKE A FINAL DECISION ON THE TARIFF INCREASES UNTIL AFTER THE NEGOTIATING DEADLINE OF OCTOBER 10. WE HOPE VERY MUCH THAT THE U.S. AND CHINESE NEGOTIATORS WILL HAVE REACHED A SATISFACTORY AGREEMENT BEFORE THEN. ALTHOUGH THIS IS A BILATERAL ISSUE BETWEEN CHINA AND THE U.S., TRADE RETALIATION AND COUNTER-RETALIATION BETWEEN OUR TWO LARGEST TRADING PARTNERS WOULD BE EXTREMELY DAMAGING TO HONG KONG. WE HAVE MADE THIS VERY CLEAR TO BOTH SIDES."
MR CHAU SAID HONG KONG GOVERNMENT WOULD QUICKLY ANALYSE THE LIST AS SOON AS IT IS AVAILABLE, IN ORDER TO ASSESS ITS LIKELY IMPACT ON HONG KONG'S RE-EXPORTS OF CHINA-MADE GOODS, ON A PRODUCT-BY-PRODUCT BASIS.
WE WILL BE WORKING CLOSELY WITH LOCAL TRADE AND INDUSTRIAL ASSOCIATIONS," SAID MR CHAU. "THE TRADE DEPARTMENT WILL BRIEF THEM ON THE DETAILS OF THE LIST AND SEEK THEIR COMMENTS. WE WILL BE ENCOURAGING BUSINESS GROUPS TO SUBMIT COMMENTS ON THE LIST TO THE U.S. GOVERNMENT. THE HONG KONG GOVERNMENT WILL CERTAINLY SUBMIT ITS COMMENTS. WE ARE VERY CONCERNED BY THE ECONOMIC HARM WHICH THIS COULD DO TO HONG KONG."
THE U.S. GOVERNMENT ANNOUNCED ITS INTENTION TO CONDUCT MARKET ACCESS TALKS WITH CHINA ON OCTOBER 10 LAST YEAR. UNDER SECTION 301 OF THE U.S. TRADE ACT (1974) THE U.S. NEGOTIATORS HAVE ONE YEAR TO OBTAIN IMPROVEMENTS TO CHINESE REGULATIONS GOVERNING THE IMPORT OF U.S.
GOODS.
THE U.S. PUBLICATION OF A PRELIMINARY LIST OF POSSIBLE TARIFF INCREASES IS IN PREPARATION FOR ANNOUNCING RETALIATORY ACTION BY OCTOBER 10 THIS YEAR IF THE U.S. GOVERNMENT CONSIDERS THAT INSUFFICIENT PROGRESS HAS BEEN MADE.
THE PUBLIC WILL NORMALLY BE GIVEN 30 DAYS TO COMMENT ON THE PRELIMINARY LIST.
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