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WEDNESDAY, MARCH 3, 1993
"BUT WHEN THE TIME DOES COME TO EASE OFF, I HAVE SOME SYMPATHY SUGGESTIONS INSIDE AND OUTSIDE THIS CHAMBER THAT, IF POSSIBLE, PRIORITY SHOULD BE GIVEN TO FIRST-TIME HOME BUYERS, HE SAID.
FOR
中
OWN TO
MR MACLEOD SAID INDUSTRY HAD SOUGHT SOLUTIONS OF ITS HIGHER PRODUCTION COSTS, PARTICULARLY THROUGH RELOCATION OF ALL OR PART OF PRODUCTION TO THE RELATIVELY LOW-COST ENVIRONMENT OF SOUTHERN CHINA.
"THIS HAS HELPED US MAINTAIN COMPETITIVE EXPORT PRICES DESPITE DOMESTIC INFLATION. EXPORT PRICES ROSE LAST YEAR BY ONLY 1%.
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HE SAID THE OTHER RESPONSE TO INFLATION WAS TO PROTECT THE VULNERABLE MEMBERS OP THE COMMUNITY AGAINST THE IMPACT OF RISING PRICES.
"WE SHALL CONTINUE ΤΟ MAINTAIN THE REAL VALUE OF SOCIAL SECURITY PAYMENTS THROUGH INCREASING THE LEVEL OF BENEFITS IN LINE WITH INFLATION."
THIS IS IN ADDITION TO THE REAL INCREASE IN BENEFITS ANNOUNCED IN THE GOVERNOR'S POLICY ADDRESS, WHICH WILL TAKE EFFECT THIS SUMMER, HE SAID.
0
TRADE RESTRICTIONS WILL REMAIN AN ANXIETY: FS
* * * * *
TRADE RESTRICTIONS, PARTICULARLY CHINA'S MFN STATUS IN THE U.S. MARKET, WILL REMAIN AN ANXIETY, THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID TODAY (WEDNESDAY).
PRESENTING HIS BUDGET FOR 1993/94 IN THE LEGISLATIVE
COUNCIL,
MR MACLEOD SAID CHINA AND THE UNITED STATES TOGETHER ACCOUNT FOR NEARLY HALF OF HONG KONG'S TOTAL FOREIGN TRADE.
"WE CLEARLY HAVE A MAJOR INTEREST IN TRADE ISSUES BETWEEN THESE TWO GIANTS BEING SENSIBLY RESOLVED.
*
MFN STATUS IS ACTUALLY THE NORMAL TREATMENT FOR THE VAST MAJORITY OF THE UNITED STATES' TRADING PARTNERS.
"WITHDRAWAL OF MFN STATUS IS A VERY SERIOUS STEP. IT PENAL TARIFF RATES ON MANY GOODS,' HE SAID.
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INVOLVES
FOR EXAMPLE, IN CERTAIN TOYS AND APPAREL PRODUCTS, THE TARIFF RATES ARE MORE THAN 10 TIMES THE MFN RATES.
NON-MEN
'I BELIEVE IT IS CLEARLY IN THE INTEREST OF ALL TO FIND A MORE CONSTRUCTIVE BASIS FOR SUCH A KEY RELATIONSHIP.'
/OVER THE