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WEDNESDAY, OCTOBER 7, 1987
LOOKING AHEAD, SIR DAVID SAID HE REMAINED CONFIDENT THAT THE LONGER TERM OUTLOOK FOR HONG KONG'S ECONOMY WAS GOOD.
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"NEVERTHELESS, WE HAVE TO REALISE THAT ITS PERFORMANCE WILL CONTINUE TO BE HEAVILY INFLUENCED BY EXTERNAL FORCES OUTSIDE OUR CONTROL. WE REMAIN VULNERABLE, NOT ONLY TO THREATS OF PROTECTION IN OUR MAJOR MARKETS, BUT ALSO TO SWINGS IN DEMAND AND IN ECONOMIC ACTIVITY IN THOSE MARKETS.'
"
COULD
HONG KONG'S ECONOMY WAS VERY FLEXIBLE, AND THE TERRITORY RIDE OUT STORMS BETTER THAN MOST. "BUT IF THE STORMS DO COME WE MUST BE PREPARED TO REACT TO THEM QUICKLY, HE ADDED.
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PROTECTIONIST SENTIMENT IN U.S. A DANGER
IN LOOKING AT RECENT EXCELLENT TRADING RESULTS HONG KONG MUST ALSO BE AWARE OF THE DANGER POSED BY PROTECTIONIST SENTIMENT IN THE UNITED STATES, THE GOVERNOR, SIR DAVID WILSON, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
HE POINTED OUT THAT BOTH HOUSES OF CONGRESS HAD PRODUCED VERSIONS OF A TRADE BILL WHICH CONTAINED A NUMBER OF PROTECTIONIST PROVISIONS, AND AN EVEN MORE DIRECT THREAT WAS POSED BY PENDING TEXTILES LEGISLATION.
SIR DAVID EMPHASISED THAT BOTH THE GOVERNMENT AND THE PRIVATE SECTOR WERE TAKING EVERY OPPORTUNITY TO IMPRESS UPON THE U.S. ADMINISTRATION, AND ON CONGRESSIONAL LEADERS, THE DANGERS INHERENT IN PROTECTIONIST LEGISLATION, WHICH IN THE LONG RUN WOULD SEVERELY DAMAGE THE WORLD TRADING SYSTEM.
THESE IMPORTANT MATTERS
WOULD BE HIGH ON HIS AGENDA WHEN HE WENT TO WASHINGTON HIMSELF IN TWO WEEKS' TIME, THE GOVERNOR ADDED.
EXPLAINING THE CONCERNS THAT LAY BEHIND THE GOVERNMENT'S CURRENT THINKING ON TRADE ISSUES AND ITS STRATEGY FOR INDUSTRIAL DEVELOPMENT, SIR DAVID SAID HONG KONG HAD TO FOLLOW CAREFULLY DEVELOPMENTS IN ITS OVERSEAS MARKETS AND ALSO TO MAINTAIN AND IMPROVE THE LONG-TERM COMPETITIVENESS OF MAJOR EXPORT INDUSTRIES.
DO ENSURE
THE GOVERNMENT'S MAIN ROLE IN TRADE WAS TO FOSTER A FREE AND OPEN TRADING SYSTEM, AND TO FOR MANUFACTURERS TO OVERSEAS MARKETS.
ITS UTMOST ΤΟ MAXIMUM ACCESS
"THESE OBJECTIVES
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