XN000022-1989-03-28 — Page 3

TUESDAY, MARCH 28, 1989

ECONOMY UNDERGOES SUCCESSFUL RESTRUCTURING

HONG KONG ATTACHES GREAT IMPORTANCE TO THE URUGUAY ROUND TALKS ON THE GENERAL AGREEMENT ON TARIFFS AND TRADE, AND IT HOPES TO SEE SOME CONCRETE ACHIEVEMENTS AND A GREATER COMMITMENT BY ALL CONTRACTING PARTIES TO LIBERALISING TRADE IN THE DISCUSSIONS.

A MEMBER OF THE EXECUTIVE AND LEGISLATIVE COUNCILS, DR DANIEL TSE, SAID THIS AT THE 45TH PLENARY SESSION OF THE UNITED NATIONS ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC, YESTERDAY (MONDAY).

THE PLENARY SESSION, WITH A THEME OF RESTRUCTURING THE DEVELOPING ECONOMIES OF ASIA AND THE PACIFIC IN THE 1990'S, IS BEING HELD IN BANGKOK, AND WILL END ON APRIL 5.

DR TSE, REPRESENTING HONG KONG AT THE MEETING, SAID THE

TERRITORY BELIEVED IN A FREE ENVIRONMENT FOR TRADE. ALL PLACES COULD BENEFIT FROM SUCH AN ENVIRONMENT.

REVIEWING THE DEVELOPMENT OF HONG KONG'S ECONOMY, DR TSE SAID IT HAD UNDERGONE ANOTHER RESTRUCTURING PROCESS IN RECENT YEARS AFTER

A MAJOR RESTRUCTURING IN THE 1950'S.

HE SAID THERE HAD BEEN A STEADY SHIFT FROM MANUFACTURING LABOUR-INTENSIVE PRODUCTS TO MAKING MORE TECHNOLOGY-INTENSIVE GOODS, AND FROM LIGHT-MANUFACTURING ACTIVITIES TOWARDS PROVIDING AN INCREASING RANGE OF SERVICES.

HE ALSO STRESSED THAT THE RESTRUCTURING 80 FAR HAD BEEN SUCCESSFUL.

"THE HONG KONG GOVERNMENT WILL CONTINUE то PROVIDE A SOUND LEGAL AND INSTITUTIONAL FRAMEWORK AND ENSURE THE AVAILABILITY OF ADEQUATE INFRASTRUCTURAL SUPPORT, HE SAID.

...

"THE POLICY OF LEAVING MAXIMUM FLEXIBILITY TO THE PRIVATE SECTOR WITH MINIMUM GOVERNMENT INTERVENTION WILL BE MAINTAINED, HE ADDED.

AND

NOTING THAT THERE WOULD BE NUMEROUS CHALLENGES OPPORTUNITIES IN FUTURE, DR TSE SAID IT WAS IMPORTANT FOR THE ECONOMIES IN THE PACIFIC REGION TO PREPARE THEMSELVES TO FACE THE CHALLENGES AND TO TAKE FULL ADVANTAGE OF THE OPPORTUNITIES.

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