XN000022-1988-10-25 — Page 3

N

TUESDAY, OCTOBER 25, 1988

HONG KONG'S ENTREPOT REFERRING TO THE RE-EMERGENCE OF SIR DAVID SAID LESS THAN A QUARTER OF THE GOODS IMPORTED FROM WERE RE-EXPORTED.

"THIS SUGGESTS THAT THE UK IS MAKING LESS USE OF ROLE THAN OTHER COUNTRIES,' HE SAID,

"

THE

ROLE, UK

OUR

ENTREPOT

BOTH A

BEEN GROWING AT A SIR DAVID POINTED OUT THAT RE-EXPORTS HAD MUCH FASTER RATE THAN EXPORTS, REFLECTING HONG KONG'S ROLE AS REGIONAL TRADING CENTRE AND A SPRINGBOARD TO AND FROM CHINA.

RE-EXPORTS NOW MADE UP OVER HALF OF TOTAL EXPORTS.

"SO FAR THIS YEAR CHINA HAS BEEN INVOLVED, EITHER AS

HE SAID. OR A MARKET, IN ABOUT 80 PER CENT OF THEM,'

"

"THERE COULD HARDLY BE A MORE DRAMATIC PROOF OF THE HONG KONG IS INDEED THE GATEWAY TO CHINA.

++

SAID GOVERNOR

A SOURCE

FACT THAT

IN RECENT JAPAN AND THE

ON MANUFACTURING OPPORTUNITIES, THE YEARS, EUROPE AS A WHOLE HAD BEEN SLOW, COMPARED WITH UNITED STATES, TO TAKE ADVANTAGE OF THE MARKET IN HONG KONG.

BUROPEAN STILL REMAINED LARGER THAN

WHILE THE UK DID ACCOUNT FOR ABOUT 40 PER CENT OF THE SHARE OF DIRECT INVESTMENT IN MANUFACTURING, THE FACT THAT INVESTMENT FROM THE U.S.A. AND JAPAN WAS FIVE TIMES THE FIGURE FOR THE WHOLE OF EUROPE.

SIR DAVID ALSO STRESSED, AS HE HAD DONE IN KONG WAS AN OPEN MARKET, AND ITS SUCCESS WAS BUILT POLICY.

EUROPE, THAT HONG ON A FREE TRADE

"TIGER" INTENT WELCOME ΤΟ EXPORT TO

THE IMAGE OF HONG KONG AS AN ASIAN "DRAGON" OR ONLY ON EXPORTING WAS A MYTH. ANY COUNTRY WAS HONG KONG,

"WE ARE WATCHING WITH INTEREST THE MOVE IN EUROPE CREATION OF THE SINGLE MARKET IN 1992," HE SAID.

TOWARDS THE

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BOOST то WORLD "WE NATURALLY HOPE THAT THIS WILL GIVE A REAL TRADE AND WILL THEREFORE INDIRECTLY OR DIRECTLY BENEFIT HONG KONG.

REMAIN A PRESENCE

HE EMPHASISED THAT HONG KONG WOULD RECKONED WITH, AND SHOULD NOT BE UNDER-ESTIMATED.

то BE

OF

"MOREOVER, DESPITE OUR SMALL SIZE, WE DO HAVE OUR OWN POINT

** HE SAID. VIEW AND OUR OWN VOICE IN THE DEBATE ON WORLD TRADE ISSUES,

THE UK HAD NEVER BEEN GIVEN SIR DAVID ALSO COMMENTED THAT

OPEN ENOUGH CREDIT FOR ALLOWING HONG KONG TO DEVELOP ITS MARKET WITHOUT TRYING TO MAINTAIN A SPECIAL ADVANTAGE FOR ITSELF.

COMPETITIVE

/THE GOVERNOR