MONDAY, APRIL 26, 1993
THE FINANCIAL SECRETARY NOTED THAT HONG KONG'S ROBUST ECONOMIC PERFORMANCE HAD BEEN BASED LARGELY ON THE IMPRESSIVE GROWTH OF CHINA'S ECONOMY AND THE ENTERPRISE AND ENERGY
THE BUSINESSMEN.
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CONTINUING CONTINUED
OF
WE REMAIN BULLISH ABOUT OUR ECONOMIC PROSPECTS IN THE FUTURE. OUR GDP WILL GROW BY 5.5 PER CENT IN REAL TERMS
FORESEEABLE
THIS YEAR.
"BUT
I NOTE THAT THE ASIAN DEVELOPMENT BANK IS EVEN MORE BULLISH IN ITS FORECAST RELEASED LAST WEEK, AND PUTS OUR ECONOMIC GROWTH THIS YEAR AT 6.1 PER CENT,' HE ADDED.
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AS AN ECONOMY, HONG KONG REPRESENTED 19 PER CENT OF CHINA'S GROSS NATIONAL PRODUCT, HE POINTED OUT.
GUANGDONG TOGETHER,
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"IF ONE LOOKS AT HONG KONG AND
THEY CONSTITUTE SOME 29 PER CENT OF CHINA'S GNP. THESE ARE VERY TELLING AND STAGGERING FIGURES," HE SAID.
"SO, THE CURRENT POLITICAL CONTROVERSIES SHOULD NOT BLIND US TO OUR STRONG ECONOMIC FUNDAMENTALS. OUR OUTLOOK IS BULLISH, HE ADDED.
"
TURNING ΤΟ THE QUESTION OF THE EUROPEAN SINGLE MARKET + MR MACLEOD SAID IT WOULD BE DIFFICULT TO ASSESS ITS FULL IMPACT UNTIL IT HAD COME INTO FORCE FOR SOME TIME.
"NEVERTHELESS, IT IS ESTIMATED THAT THE ESTABLISHMENT OF THE SINGLE MARKET SHOULD GIVE RISE TO AN ECONOMIC GAIN TO THE EUROPEAN COMMUNITY OF OVER 170 MILLION POUND STERLING, AN ADDITIONAL GROSS NATIONAL PRODUCT OF FIVE PER CENT AND TWO MILLION MORE JOBS.
"OPPORTUNITIES WILL THEREFORE HOPEFULLY ABOUND FOR TRADE AND INVESTMENT FOR HONG KONG TRADERS, ALTHOUGH THESE MAY BE HAMPERED SOMEWHAT BY THE CURRENT GLOOMY STATE OF THE EUROPEAN ECONOMY," HE SAID.
AS THE REMOVAL OF THE INTERNAL BORDERS AND THE HARMONISATION OF STANDARDS WERE EXPECTED TO INCREASE COMPETITION AMONG EUROPEAN COMPANIES, HE HOPED THAT THIS WOULD NOT LEAD TO CALLS FOR PROTECTION AGAINST EXPORT FROM THIRD COUNTRY SUPPLIERS INCLUDING HONG KONG.
ON THE URUGUAY ROUND OF GATT TALKS, HE SAID HONG KONG WOULD ΤΟ PLAY A CONSTRUCTIVE ROLE IN BRINGING THE ROUND ΤΟ
CONTINUE FRUITION.
MR
MACLEOD SAID HE WAS ENCOURAGED BY THE RECENT STATEMENT OF THE FRENCH FOREIGN MINISTER THAT FRANCE WAS READY TO MAKE PROPOSALS TO BREAK THE CURRENT DEADLOCK.
PRESIDENT CLINTON'S RECENT ANNOUNCEMENT THAT HE WOULD SEEK FAST TRACK NEGOTIATING AUTHORITY FROM CONGRESS TO ENABLE THE ROUND ΤΟ CONCLUDE BY MID-DECEMBER THIS YEAR WAS YET ANOTHER WELCOME DEVELOPMENT, HE NOTED.
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