THURSDAY, MAY 13, 1993
REV FUNG CHI-WOOD(THROUGH INTERPRETER):
MR GOVERNOR, MY QUESTION ACTUALLY IS RELATED TO THE ANSWER GIVEN JUST NOW. THE US ADMINISTRATION MIGHT ADD CONDITIONS TO THE RENEWAL OF MFN, PROBABLY TARGETING ONLY AGAINST STATE ENTERPRISES. ACCORDING ΤΟ STATISTICS, SHOULD MFN BE NOT RENEWED THEN HONG KONG WILL LOSE THREE PER CENT IN ITS GDP. HAS THE GOVERNMENT WORKED OUT THE STATISTICS FOR PARTIAL NON-RENEWAL, THAT IS ONLY TARGETED AGAINST STATE ENTERPRISES, AND ARE THERE ANY CONTINGENCY MEASURES TO DEAL WITH THOSE?
GOVERNOR:
I THINK THIS IS THE FIRST OPPORTUNITY I
HAVE HAD TO CONGRATULATE THE HONOURABLE MEMBER, WHICH I DO WITH GREAT ENTHUSIASM AND I HOPE THAT HE IS AS HAPPY AS ALL THE OTHER MARRIED MEMBERS OF THE COUNCIL.
REV FUNG CHI-WOOD:
GOVERNOR:
TOO CONSIDERABLE A FIELD DAY.
THANK YOU.
I HOPE THAT HASN'T GIVEN JOURNALISTS
IT IS
OBVIOUSLY THE CASE THAT MORE
PARTIAL MEASURES LEAD TO A LESS CONSIDERABLE IMPACT ON OUR ECONOMY AND IF
MAY MAKE THE POINT, ON THE ECONOMIES OF THE UNITED STATES AND CHINA AS WELL. IT IS NOT FOR ME TO MAKE A PITCH ON BEHALF OF THE AMERICAN ECONOMY OR ON BEHALF OF THE ECONOMY OF CHINA BUT THEY WILL OBVIOUSLY BE THE PRINCIPAL ECONOMIES AFFECTED. BUT I DON'T THINK THAT ONE CAN MAKE ACCURATE ASSESSMENTS OF GRADATIONS OF MEASURE BY THE US ADMINISTRATION. I DON'T THINK THAT SORT OF PRECISE CALIBRATION POSSIBLE, THOUGH IT MIGHT PROVIDE MORE OR LESS USEFUL EMPLOYMENT ECONOMISTS.
IS
FOR
OR
IN
OR
BUT I REPEAT THE POINT THAT ANY SUBSTANTIAL CONDITIONALITY CERTAINLY NON-RENEWAL OF MFN IN A YEAR'S TIME. IN CIRCUMSTANCES WHICH CHINA HAD NOT MET CONDITIONS LAID DOWN BY THE UNITED STATES IN CIRCUMSTANCES IN WHICH CHINA HAD REACTED AGAINST THE WHOLE CONCEPT OF CONDITIONALITY, THE SORT OF CONSEQUENCES OF EITHER OF THOSE DEVELOPMENTS WOULD HAVE SOME EFFECT ON OUR ECONOMY AND WE DON'T WANT HAVE TO FACE THOSE SORT OF PROBLEMS. NOR DOES THE REGION, IN MY JUDGMENT.
TO
WHEN ONE LOOKS AROUND THE WORLD, WHEN ONE LOOKS AT THE SITUATION IN BUROPE AND THE FIRST SIGNS OF RATHER LIMITED RECOVERY IN NORTH AMERICA, IT IS PERFECTLY PLAIN THAT THE WORLD NEEDS THE ECONOMY IN ASIA TO KEEP ON GROWING IN ORDER TO SUSTAIN BCONOMIC DEVELOPMENT ELSEWHERE. SO I AM NOT IN FAVOUR OF ANYTHING WHICH INTERFERES WITH THE DYNAMO OF GROWTH IN THIS PART OF THE WORLD. I THINK THAT IS BAD, NOT ONLY FOR THIS PART OF THE WORLD BUT BAD FOR EVERYWHERE ELSE TOO.
MR
ALLEN LEE:
GOVERNOR, WE KNOW HONG KONG WILL BE A CASUALTY OF TRADE HOSTILITY BETWEEN CHINA AND AMERICA. ONE OF THE BEST ASSURANCES FOR US WOULD BE FOR CHINA TO REJOIN THE GATT. DID THE CLINTON ADMINISTRATION INDICATE TO YOU WHETHER IT NOW SUPPORTS CHINA'S BID TO BECOME A MEMBER OF THE GATT?
/GOVERNOR: