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Question: I have only a humble request, your Excellency. I was trying to get on the pages of The Economist, the letter page, but I found out that you're using it. Would you please leave some space for us?
Governor: I've only used it, I think, once, and I'm sure that they'd welcome in the other 51 volumes over the coming year, a letter from you. But if you can't get into The Economist, I can offer you, or suggest, The Far Eastern Economic Review, Asiaweek, The Asian Wall Street Journal, in any of which I'd very much welcome a letter from you, particularly if it supported my views.
Question: Sir, it seems that you have already given the remark on comparing the Singapore example to that of Hong Kong. I'm asking what steps the Government would take in view that China might be joining the World Trade Organisation in the near future and would be competing with that of the Hong Kong exporters. My question is, would the Hong Kong Government try its best to safeguard the interests of the Hong Kong exporters in view of the (fact that) Chinese exporters will be competing against Hong Kong in the very near future, despite (the fact) that we have so many competitors already around Hong Kong, like Singapore, the example that you have drawn properly? Thank you, sir.
Governor: I must say that I would see China joining the World Trade Organisation not as a threat to our exports but as a further bonus for our exporting, and in due course, I hope, when the WTO is able to extend its ambit much more into service industries even than it does at the present, as a bonus for our services too. Why do I say that? Because in my view, bringing China within the ambit of the rules and regulations, which cover the liberation of trade for most of the rest of the globe, has to be good for an economy like ours which is so closely tied to that of China. I think that joining the WTO is not only right for China and should not only be welcomed by the United States, the European Union and others, not only right for China but good for the rest of us. So I don't accept the notion that for China to come into the club would somehow mean that the existing cake of exports was divided up in a way which was less advantageous for Hong Kong. On the other hand, I do think that for China to join the WTO would be likely to give a boost to world trade from which we could ourselves benefit.
I think that when one looks at the economies in the region, it's useful for us to have competitors against which we can match ourselves and our own performance and I very much see Singapore in that way. But I don't think we should be obsessive about it, and I don't think we should assume that it's, as it were, either Singapore or us. There's quite enough room for both of us in the region, as in due course there'll be quite enough room for economic success in Shanghai too. Asia is growing at such a dramatic pace, provided we can remain competitive we'll be able, I'm sure, to continue to guarantee an improving economy and standards of living for all our people.