WEDNESDAY, MARCH 3, 1993
OVER THE NEXT FEW MONTHS, THE NEW UNITED STATES ADMINISTRATION WILL HAVE TO DECIDE WHETHER TO RENEW CHINA'S MFN STATUS.
"WE IN HONG KONG SHALL HAVE TO USE EVERY OPPORTUNITY TO EXPLAIN OUR CONCERNS IN WASHINGTON.
AS
WELLBEING
"THE CASE WE SHALL BE MAKING TO THE AMERICAN ADMINISTRATION, STRENUOUSLY AS POSSIBLE, IN DEFENCE OF HONG KONG'S ECONOMIC AND THE PRINCIPLES OF FREE TRADE CAN BE SIMPLY PUT."
THE CASE IS :
*
COST
IT IS ESTIMATED THAT LOSS OF MFN STATUS BY CHINA WOULD HONG KONG UP TO 70,000 JOBS AND UP TO THREE PERCENTAGE POINTS OF OUR ANNUAL GDP GROWTH.
*
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IT
UNREASONABLE AND UNDESIRABLE DAMAGE ON HONG KONG AS
RESULT OF WASHINGTON AND PEKING.
TO
A
INFLICT DISPUTES
ECONOMIC BETWEEN
THE COURSE
CHINA OF
IT IS A MISTAKE TO UNDERESTIMATE THE PROGRESS WHICH HAS ALREADY MADE IN AREAS OF CONCERN IN ECONOMIC LIBERALISATION.
*
IT IS IMPOSSIBLE TO SEE HOW THOSE CLAIMING TO HELP HONG KONG CAN DO SO BY DAMAGING OUR TRADE.
PROTECT
OR
BECAUSE
PRICES,
IS
HONG KONG WOULD NOT BE THE ONLY CASUALTY, ONE ESTIMATE THAT WITHDRAWAL OF MFN WOULD COST AMERICAN CONSUMERS U.S.$14 BILLION
OF HIGHER IMPORT
WHILE RETALIATION BY CHINA WOULD PUT AT RISK OVER 150,000 AMERICAN JOBS AND U.S.$6 BILLION WORTH OF INVESTMENT IN UNITED STATES EXPORTS TO CHINA.
MR MACLEOD SAID THE GOVERNOR WAS LOOKING FORWARD TO TO WASHINGTON AT AN APPROPRIATE TIME LATER IN THE YEAR TO PUT SOME OF THESE ARGUMENTS IN PERSON.
TRAVELLING FORWARD
ALTHOUGH MFN IS THE MOST IMMEDIATE THREAT TO HONG KONG'S EXPORT URUGUAY GROWTH, THE FINANCIAL SECRETARY SAID THE FAILURE TO BRING THE ROUND TO A SUCCESSFUL CONCLUSION WAS
A CONSIDERABLE
DISAPPOINTMENT.
ALSO
'THERE IS MUCH AT STAKE IN THESE TALKS, FOR HONG KONG AND
THE WORLD.
FOR
HONG
TO HELP
KONG,
THE URUGUAY ROUND WOULD SIGNIFICANT REDUCTION IN THE LEVEL OF DISCRIMINATION KONG'S EXPORTS OF SERVICES AS WELL AS GOODS.
FOR
BRING A AGAINST HONG
OPPORTUNITY
IN
YEARS,
HE
FOR THE INTERNATIONAL ECONOMY, THE ROUND OFFERS AN TO EXTEND TO NEW AREAS THE TRADE LIBERALISATION WHICH HAS PRODUCED
20 PAST ASIA THE DRAMATIC PROGRESS FROM POVERTY OVER THE SAID.
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