4 -
It is very much in Hong Kong's interests that these objectives be achieved, because China's booming markets remain the main engine of Hong Kong's economic success, he said.
Referring to negotiations for China to become a founding member of the World Trade Organisation, the Financial Secretary said: "We must hope that the remaining difficulties can be overcome quickly, and the necessary reforms which must accompany accession be agreed."
In that case, China can take its full and rightful place in the international trading community, and its trading partners can in turn benefit from improved market access and greater transparency and certainty in trading rules and procedures.
End/Wednesday, March 1, 1995
Support to free trade pledged
Hong Kong will offer vigorous and enthusiastic support to developing a blueprint to implement the vision set out in the Bogor Declaration, working towards free trade in the Asia-Pacific region by 2020.
The commitment was reiterated by the Financial Secretary, the Hon Sir Hamish Macleod, as he delivered the 1995/96 Budget Speech today (Wednesday).
"We have to do all we can to make this particular vision become reality.
"This will not be an easy task, and the commitment is all the more remarkable when viewed against the historical attachment of many members to protectionist policies.
"But in the case of Asia-Pacific Economic Co-operation (APEC), I am an optimist. I believe APEC members have the capacity to set a good example to other trade groupings around the world.
Trade with APEC members accounts for almost 80 per cent of Hong Kong's total trade and has been growing at an average annual rate of 19 per cent over the last decade.