XN000022-1980-04-18 — Page 3

FRIDAY, APRIL 18, 1980

+THE GOVERNMENT ASSISTED BY ADOPTING POLICIES WHICH WE BELIEVED WERE SUITED TO HONG KONG'S CIRCUMSTANCES, SIR MURRAY SAID,

+ESSENTIALLY THESE WERE TO DEVELOP A FRAMEWORK IN WHICH EFFORT AND ENTERPRISE COULD FLOURISH IN A LIBERAL FISCAL ENVIRONMENT WITH STATE INTERFERENCE BEING KEPT TO THE MINIMUM, BUT, OF COURSE, THE GOVERNMENT HAS ASSUMED A SUBSTANTIAL RESPONSIBILITY FOR THE DEVELOPMENT OF THE SOCIAL AND ECONOMIC

INFRASTRUCTURE.

+ECONOMIC GROWTH WAS BASED ON MANUFACTURING. BUT, WHEREAS ELSEWHERE IN THE REGION, RESOURCES WERE SHIFTED FROM THE PRIMARY SECTOR TO THE SECONDARY SECTOR AND THEN TO THE TERTIARY SECTOR. IN THE CASE OF HONG KONG THE OLD ENTREPOT TRADE HAD ALREADY GIVEN BIRTH TO AN ADVANCED TERTIARY SECTOR WHOSE DEVELOPMENT WAS THEN FURTHER STIMULATED BY THE SUCCESS OF THE MANUFACTURING INDUSTRIES OF THE SECONDARY SECTOR, HE ADDED.

NOTE TO EDITORS:

COPIES OF THE GOVERNOR'S SPEECH AT THE INTERTANKO GENERAL MEETING IN BOTH CHINESE AND ENGLISH WILL BE AVAILABLE FOR COLLECTION FROM GIS PRESS BOXES THIS EVENING,

EXTERNAL TRADE FOR JANUARY AND FEBRUARY *****

HONG KONG'S EXTERNAL TRADE FOR THE FIRST TWO MONTHS OF THIS YEAR WAS VALUED AT $28 219 MILLION, AN INCREASE OF 41 PER CENT OVER THE CORRESPONDING PERIOD OF 1979, ACCORDING TO TRADE FIGURES RELEASED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY (FRIDAY).

BOTH DOMESTIC EXPORTS AND RE-EXPORTS ROSE BY 45 PER CENT TO $9 128 MILLION AND $3 835 MILLION RESPECTIVELY, AND IMPORTS BY 38 PER CENT TO $15 256 MILLION.

DOMESTIC EXPORTS TO 10 MAJOR OVERSEAS MARKETS ARE AS FOLLOWS:

JAN-FEB 80 (HK$ MN)

JAN-FEB 79 (HK$ MN)

INCREASE DECREASE

(HK$ MN)

PERCENTAGE CHANGE

USA

2 856

2 042

+ 814

40

WEST GERMANY

1 133

760

+373

49

UK

946

709

+ 237

33

/AUSTRALIA