3
ليفيا
THURSDAY, SEPTEMBER 24, 1992
"HONG KONG IS ABLE TO SATISFY THE DEMANDS OF ITS OWN PEOPLE FOR BETTER PAID AND MORE STIMULATING WORK, AS BEFITS RISING EDUCATIONAL AND LIVING STANDARDS, WHILST AT THE SAME TIME MAINTAINING ITS EXPORT COMPETITIVENESS BY SHIFTING THE MORE LABOUR-INTENSIVE MANUFACTURING PROCESSES INTO CHINA.
"CLEARLY, OUR FUTURE PROSPERITY HINGES, ΤΟ A SIGNIFICANT EXTENT, ON OUR ABILITY TO ACT AS AN EFFECTIVE LINK BETWEEN THE BURGEONING ECONOMY OF SOUTHERN CHINA ON THE ONE HAND, AND THE REST OF THE WORLD ON THE OTHER.
"HONG KONG IS EXCEPTIONALLY WELL PLACED AND ENDOWED ΤΟ PLAY THAT CRUCIAL ROLE, HE STRESSED.
HE WAS CONFIDENT THAT COME 1997, THE STRONG ECONOMIC LINKS BETWEEN HONG KONG AND CHINA WOULD CONTINUE TO GROW AND THE DYNAMIC GROWTH IN SOUTHERN CHINA WOULD CONTINUE TO FEED BACK INTO HONG KONG AND VICE VERSA.
NOT
"HONG KONG'S ECONOMIC VALUE TO CHINA WILL CONTINUE TO GROW, DIMINISH. THE INDUSTRIAL TRANSFORMATION OF CHINA'S COASTAL PROVINCES WILL MEAN A CONTINUING AND INCREASING DEMAND FOR HONG KONG'S SERVICES, CAPITAL AND ENTREPRENEURIAL SKILLS.
"
WHATEVER THE COURSE AND SPEED OF POLITICAL CHANGE IN CHINA, IT IS CLEAR THAT THE MARKET-ORIENTED REFORMS BROUGHT IN BY THE CHINESE LEADERS IN THE LATE SEVENTIES HAVE TAKEN A FIRM HOLD IN MANY PARTS OF CHINA. THIS IS A MAJOR ACHIEVEMENT. HE SAID.
HONG
·
APART FROM CHINA, THE GROWING PRESENCE OF AMERICAN INTERESTS IN KONG WAS ANOTHER FACTOR CONTRIBUTING TO HONG KONG'S ECONOMIC
SUCCESS.
THE FINANCIAL SECRETARY NOTED THAT U.S. INVESTMENTS IN THE TERRITORY AMOUNTED TO MORE THAN US$7 BILLION.
"A
RECENT SURVEY BY THE AMERICAN CHAMBER OF COMMERCE IN HONG KONG SHOWED THAT NEARLY NINE OUT OF 10 FOREIGN BUSINESSES VIEWED THE INVESTMENT CLIMATE IN HONG KONG AS FAVOURABLE IN THE RUN-UP TO HE SAID.
1997,"
"BEYOND THAT, HONG KONG IS THE UNITED STATES' GATEWAY ΤΟ THE GROWING EAST ASIAN ECONOMIES FOR U.S. FIRMS,
++ HE ADDED.
HE BELIEVED THAT THE SURVEY RESULTS WERE POSITIVE BECAUSE MANY U.S. FIRMS RECOGNISED THE TREMENDOUS OPPORTUNITIES IN HONG KONG'S DOMESTIC MARKET AND HUGE MARKET IN CHINA.
AGAINST THIS BACKGROUND, HE SAID U.S. FIRMS WERE IN THE FOREFRONT IN RECOGNISING THE NEED TO RESOLVE TRADE TENSIONS BETWEEN CHINA AND THE UNITED STATES, EITHER IN SECTION 301 NEGOTIATIONS OR WITH MOST FAVOURED NATION (MEN).
"ANY WITHDRAWAL OF CHINA'S MFN STATUS BY THE UNITED STATES WOULD HAVE SEVERE KNOCK-ON ECONOMIC EFFECTS ON HONG KONG.
/"NEEDLESS TO