XN000022-1989-01-27 — Page 8

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FRIDAY, JANUARY 27, 1989

IN 1984, HE RETIRED AS A JUDGE OF THE HIGH COURT AND HAY RE-EMPLOYED IN THE SAME CAPACITY SINCE THEN.

MR GARCIA IS ALSO CHAIRMAN OF, AMONG OTHERS, THE COSTS COMMITTEE, THE SOCIAL WORK COMMITTEE OF CARITAS, HONG KONG SOCIETY FOR THE AGED, AND THE SOCIETY HANDICAPPED.

OF

BEEN

SOLICITORS'

THE THE

HONG KONG, HOMES FOR

MR GARCIA IS MARRIED WITH TWO SONS.

ECONOMIC SUCCESS A REASON FOR OPTIMISM

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ONE ASPECT OF THE HONG KONG SITUATION THAT SHOULD NOT BK IGNORED WHEN LOOKING TO THE FUTURE IS THE TERRITORY'S PHENOMENAL ECONOMIC SUCCESS OVER THE PAST GENERATIONS AND THE PROSPECTS FOR 1TS CONTINUATION WELL BEYOND 1997.

THE DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE IN SAN FRANCISCO, MR PETER JOHNSON, SAID THIS YESTERDAY (THURSDAY) WHEN ADDRESSING THE COMMONWEALTH CLUB OF NORTHERN CALIFORNIA.

EXPLAINING WHY HE WAS OPTIMISTIC ABOUT THE FUTURE, MR JOHNSON OUTLINED SOME OF THE CONDITIONS AND POLICIES THAT HAD LED то BONG KONG'S SUCCESS AND ITS ROLE AS A THOROUGHLY MODERN CITY,

"WE HAVE WORKED OUR WAY UP THROUGH A PERIOD OF DEPENDENCE SIMPLE MANUFACTURING TO OUR PRESENT POSITION WHEREIN WE NOT REMAIN A MAJOR MANUFACTURING CENTRE BUT HAVE ALSO BECOMB, MORK EVER BEFORE, A MAJOR REGIONAL CENTRE IN EVERY SENSE," HE SAID.

ON

ONLY

THAN

AND

"THIS APPLIES BOTH WITH REGARD TO CHINA AND ITS COMMERCE TRADING RELATIONSHIPS WITH OTHER COUNTRIES, AND WITH REGARD то INTRA-REGIONAL TRADE AND COMMERCE IN GENERAL.

TO ILLUSTRATE THE SCALE OF HONG KONG'S ACHIEVEMENTS, MR JOHNSON LOOKED BACK 20 YEARS AT GROSS DOMESTIC PRODUCT (GDP) GROWTH AND TRADE GROWTH.

"IN 1967 OUR GDP STOOD AT AROUND US$2.5 BILLION. IN 1987 WAS US$46 BILLION. THIS REPRESENTS AN INCREASE OF 20 TIMES IN YEARS OR REAL GROWTH OF 8.5 PER CENT PER ANNUM,

H HE SAID.

IT

20

"IN 1988 OUR GDP PER HEAD WAS US$9,370. THIS 18 SUBSTANTIALLY MORE THAN SOME OF THE NEWER MEMBERS OF THE EEC AND PUTS US IN 9BCOND PLACE IN ASIA, WITH SINGAPORE, BEHIND JAPAN.

"THE GROWTH OF HONG KONG'S TRADE SINCR 1967 HAS ALSO BRKN DRAMATIC. OUR TOTAL ANNUAL TRADE WAS THEN WORTH US$3.3 BILLION. IN 1988 IT WAS WORTH US$127 BILLION.

/THIS IS