XN000022-1981-03-26 — Page 14

THURSDAY, MARCH 26, 1981

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MR NEWBIGGING SAID HE SHARED THE CONCERN OF THE FINANCIAL SECRETARY AT THE ABSENCE OF INROADS INTO THE HOUSING AUTHORITY'S WAITING LISTS, AND HOPED THAT THE IMPROVED OUTLOOK FOR LAND PRODUCTION WILL RESULT IN THE SETTING OF HIGHER PERHAPS SUBSTANTIALLY HIGHER - TARGETS THAN 35 000 UNITS PER ANNUM FOR HOUSING IN THE MID-1980'S AND BEYOND UNTIL WE HAVE AT LEAST BROKEN THE BACK OF THIS MOST FUNDAMENTAL SOCIAL PROBLEM,+

TURNING TO TRADING WITH THE UNITED STATES, MR NEWBIGGING CONSIDERED THAT THE TIME IS NOW RIGHT, PARTICULARLY WITH THE RISING TIDE OF PROTECTION ISM WORLDWIDE, FOR A CONCERTED EFFORT ON THE PART OF THE GOVERNMENT +TO CREATE THE RIGHT IMPACT AND TO DEVELOP RELATIONSHIPS AT THE TOP LEVEL IN THE UNITED STATES, TO NURTURE AN UNDERSTANDING OF WHY HONG KONG IS ONE OF THE MOST IMPORTANT CITIES IN ASIA, AND THUS TO BUILD UP THE CONFIDENCE UPON WHICH THE REAL ISATION OF OUR DESTINY IS SO DEPENDENT.+

HE NOTED THAT THE ECONOMIC DYNAMISM THAT HAS BEEN SO EFFECTIVELY PORTRAYED BY THE FINANCIAL SECRETARY, AND THE VIRILITY OF OUR SOCIETY THAT HAS MADE THESE ACHIEVEMENTS POSSIBLE, ARE HARDLY RECOGNISED IN THE UNITED STATES.

+FOR INSTANCE, HE SAID, +EVEN SEASONED U.S. BUSINESSMEN ARE FLABBERGASTED WHEN TOLD THAT HONG KONG'S EXPORTS ARE ROUGHLY 10 PER CENT OF THOSE OF THE USA.

+THIS IGNORANCE OF TODAY'S REALITY IN HONG KONG, LET ALONE OF TOMORROW'S POTENTIAL, ON THE PART OF OUR LARGEST CUSTOMER AND CUR LARGEST INDUSTRIAL ÎNVESTOR OUGHT TO BE A CAUSE FOR CONCERN,+

ALTHOUGH MEMBERS OF THE PRIVATE SECTOR AND GOVERNMENT- SUBVENTED ORGANISATIONS SUCH AS THE TRADE DEVELOPMENT COUNCIL AND THE HONG KONG TOUR IST ASSOCIATION ARE PARTIALLY COMBATTING THE PROBLEM, THE IMPACT IS BOUND TO BE PIECEMEAL.

+AN EXCELLENT JOB HAS BEEN DONE IN FORGING AND STRENGTHENING SUCH RELATIONSHIPS WITH THE UNITED KINGDOM FOR VERY GOOD PAST, PRESENT AND FUTURE REASONS: I SUGGEST A SIMILAR EFFORT SHOULD NOW BE LAUNCHED TOWARDS THE USA,+ SAID MR NEWBIGGING.

HE ALSO WARNED OF A DANGER OF +AN EQUALLY EXCESSIVE SWING OF THE PENDULUM IN THE OPPOSITE DIRECTION+ FOLLOWING THE EUPHORIA CONCERNING THE OPENING UP OF CHINA+ THAT DEVELOPED IN THE LATE 1970'S, PARTICULARLY IN THE UNITED STATES.

HE SAID HE CONSIDERED TOTALLY MISPLACED A BELIEF THAT RECENT REAL IGNMENTS IN CHINA'S ECONOMIC POLICIES WERE TAKEN TO MEAN THAT THE TASK OF MODERN IS ING CHINA WAS VIRTUALLY IMPOSSIBLE.

+HOWEVER, GIVEN THE INTIMATE RELATIONSHIP BETWEEN PROGRESS IN CHINA AND PROSPERITY IN HONG KONG, THE PREVALENCE OF SUCH OPINIONS ADDS WEIGHT TO THE ARGUMENT FOR THE PRESENTATION OF MEASURED, AUTHORITATIVE VIEWS IN THE UNITED STATES ON THE REALITIES OF THE PRESENT SITUATION IN AND NEAR HONG KONG.+

ON FINANCIAL AND SECURITIES MARKETS, MR NEWBIGGING ASKED THE GOVERNMENT TO MAKE ITS OBJECTIVES CLEAR WHEN PROPOSING RELATED LEGISLATION AND TO BE TOTALLY CONFIDENT THAT IT WILL INDEED ACHIEVE THOSE OBJECTIVES.

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