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THURSDAY, SEPTEMBER 24, 1992
"THIS CREATION OF AN ASIAN CENTRE OF ECONOMIC BELIEVE, VERY POSITIVE FOR THE REST OF THE WORLD DEPENDENT ON A EUROPEAN OR NORTH AMERICAN ENGINE OF IMPORTANT THOUGH THOSE TWO AREAS REMAIN IN WORLD TRADE,
WE
GROWTH IS, I ARE LESS WORLD GROWTH,
HE SAID.
HONG KONG, AS THE WORLD'S 10TH LARGEST TRADING ECONOMY, HAS PLAYED A SIGNIFICANT ROLE IN THE GROWTH OF THIS INTRA-ASIAN TRADE, HE SAID.
TO ILLUSTRATE THIS, HE POINTED OUT THAT HONG KONG'S REGIONAL TRADE EXPANDED BY AN AVERAGE OF 18 PER CENT IN REAL TERMS DURING THE 1980S; AND THE REGION NOW IMPORTED OVER 40 PER CENT OF HONG KONG'S DOMESTIC EXPORTS, AS COMPARED TO A NERF 13 PER CENT IN 1978.
GROWTH
HONG KONG'S EFFICIENT CONTAINER PORT AND ITS CONTINUING AS A ĈENTRE FOR REGIONAL AVIATION MADE IT AN IMPORTANT REGIONAL COMMUNICATION HUB, HE NOTED.
THE TELECOMMUNICATIONS AND FINANCIAL SERVICES IN HONG KONG ALSO CONTRIBUTED TO THE TERRITORY'S SUCCESS, HE ADDED.
MR
TURNING TO THE IMPACT OF CHINA ON HONG KONG'S ECONOMIC GROWTH, MACLEOD SAID THE OPENING OF CHINA SINCE 1978 HAD HAD A PROFOUND IMPACT ON HONG KONG. "OUR ROLE AS A GATEWAY TO CHINA HAS NEVER BEEN MORE EVIDENT, HE SAID.
"HONG KONG AND CHINA ARE NOW EACH OTHER'S LARGEST TRADING PARTNER. DURING THE PERIOD 1978 TO 1991, TWO-WAY TRADE ROSE BY STAGGERING 46 TIMES IN VALUE TERMS.
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"HONG KONG IS THE MOST IMPORTANT ENTREPOT FOR TRADE BETWEEN CHINA AND THE REST OF THE WORLD. SOME 40 PER CENT OF CHINA'S EXTERNAL TRADE PASSES THROUGH HONG KONG," HE SAID.
HE NOTED THAT HONG KONG WAS CHINA'S LARGEST SOURCE OF DIRECT FOREIGN INVESTMENT, ACCOUNTING FOR TWO-THIRDS OF THE NATIONAL TOTAL.
"HONG KONG IS THUS A CENTRE FOR THE FINANCIAL, OPERATIONAL SERVICES NEEDED BY CHINA'S INDUSTRIES.
TECHNICAL AND
"THROUGH INVESTMENT MANAGEMENT AND OUTWARD PROCESSING, HONG KONG BUSINESSES INITIATE AND SHAPE MUCH OF THE INDUSTRIAL ACTIVITY IN SOUTHERN CHINA AND BEYOND," HE SAID.
"AND HONG KONG HAD ALSO BEEN THE MAIN CATALYST FOR THE GROWTH IN THE GUANGDONG PROVINCE
INVESTMENT 80 PER CENT OF ALL FOREIGN
IN THE PROVINCE WAS FROM OR THROUGH HONG KONG, HE SAID.
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HE ALSO NOTED THAT A REGIONAL DIVISION OF LABOUR WAS FAST DEVELOPING BETWEEN HONG KONG AND GUANGDONG, TO THE BENEFIT OF BOTH ECONOMIES.
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"THE RELOCATION OF BOTH LAND-INTENSIVE AND LABOUR INTENSIVE INDUSTRIES FROM RONG KONG ACROSS ITS BORDER TO SOUTHERN CHINA IN RECENT YEARS HAS BROUGHT ABOUT A REMARKABLE TRANSFORMATION OF THE HONG KONG ECONOMY.
/"HONG KONG