XN000022-1987-12-16 — Page 3

WEDNESDAY, DECEMBER 16, 1987

2

BETTER PRODUCTS TO SAFEGUARD EXPORT COMPETITIVENESS

* * * * *

BETTER PRODUCTS MORE EFFICIENTLY

SAFEGUARDING

IS

EXPORT.

THE

THE ABILITY TO PRODUCE

HONG UNDOUBTEDLY

KONG'S KEY TO THE

AND ECONOMIC PROSPERITY IN THE COMPETITIVENESS

LONG RUN, AT THE ANNUAL CHRISTMAS FINANCIAL SECRETARY, MR PIERS JACOBS, SAID LUNCH OF THE HONG KONG EXPORTERS' ASSOCIATION TODAY (WEDNESDAY).

UNITED

MR JACOBS NOTED THAT PROTECTIONISM, PARTICULARLY IN THE STATES, REMAINED A THREAT, BUT HONG KONG'S STANCE WOULD REMAIN CLEAR.

"WE BELIEVE IN FREE TRADE, AND WE BELIEVE THAT THERE PLENTY OF SCOPE FOR FURTHER LIBERALISATION OF WORLD TRADE.

MEASURES WILL ALMOST "WE FEEL THAT PROTECTIONISM BREED THE KIND OF CONFRONTATION WHICH WILL NOT BE IN INTEREST OF ANY TRADING ECONOMY," HE SAID.

IS STILL

INEVITABLY THE LONGER-TERM

URUGUAY WHICH HONG KONG IS

BEING ACHIEVED IN THE

IN NEGOTIATIONS, TRADE

"WE LOOK FORWARD TO PROGRESS ROUND OF MULTILATERAL PARTICIPATING.

IN

MARKETS, THE FACE

HONG KONG MUST CONTINUE WITH EFFORTS TO DIVERSIFY ITS TO UPGRADE ITS PRODUCTS AND TO ENHANCE ITS PRODUCTIVITY OF PROTECTIONISM, MR JACOBS SAID.

"NEVERTHELESS, GIVEN THE VERVE

PEOPLE, I REMAIN OPTIMISTIC," HE SAID.

AND HARD WORK OF HONG KONG

OUT THAT HONG KONG'S TRADE MR JACOBS POINTED UNDERGONE SOME NOTABLE CHANGES OVER THE PAST FEW YEARS.

PATTERN HAD

EXPORTS, THE SHARES IN RESPECT OF MAJOR MARKETS FOR DOMESTIC

JAPAN HAD ATTRIBUTABLE TO CHINA, THE FEDERAL REPUBLIC OF GERMANY AND

STATES UNITED

HE INCREASED WHILE THAT OF THE

FAR THE

THE

FACT

THAT

DESPITE IMPORTANT SINGLE MARKET.

UNITED STATES

HAD DECLINED,

BY REMAINED

COMMENTING ON TRADE PROSPECTS FOR HONG AFTER 20 MONTHS OR SO OF SUSTAINED BUOYANCY IN EXPORTS, SOME SLOW-DOWN WAS LIKELY.

SAID,

MOST

MR KONG,

JACOBS SAID HONG KONG'S DOMESTIC

"THERE HAVE ALREADY BEEN SOME SIGNS THAT OUR EXTERNAL TRADE IS SLOWING DOWN.

THE GROWTH RATE OF

"THE UPHEAVALS IN THE COULD LEAD TO A FURTHER SLOW-DOWN,

MR JACOBS SAID AN IMMEDIATE CONSEQUENCE OF IN WORLD STOCK PRICES WAS AN INCREASED UNCERTAINTY BUSINESS OUTLOOK FOR THE SHORT-TO-MEDIUM TERM.

WORLD'S

+

MARKETS FINANCIAL HE SAID.

I.N

OCTOBER

THE SHARP OVER THE

DECLINE WORLD'S

"WHILE PREDICTIONS