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TUESDAY, JULY 25, 1989
"WE HAVE SEEN SOME VERY DIFFICULT TIMES OVER THE PAST 40 YEARS. BUT WE HAVE ALWAYS MANAGED TO PULL THROUGH, AND INDEED WE HAVE USUALLY EMERGED STRONGER THAN BEFORE.
"HONG KONG'S RESILIENCE IS LEGENDARY. AND I AM CONFIDENT THAT THIS INNATE ABILITY TO EXPLOIT BUSINESS OPPORTUNITIES SUCCESSFULLY WILL SEE US THROUGH AGAIN, HE SAID.
ON HONG KONG'S ECONOMIC FUNDAMENTALS, SIR PIERS SAID: "WE HAVE THE INFRASTRUCTURE, THE COMMUNICATIONS SYSTEMS, THE FINANCIAL AND COMMERCIAL EXPERTISE AS WELL AS SOUND INTERNATIONAL RELATIONSHIPS.
"HONG KONG IS, AND WILL REMAIN, CHINA'S BEST SOURCE OF FOREIGN EXCHANGE, HER BEST ENGINE OF GROWTH, AND THE BEST PROMOTER OF WEALTH.
"I BELIEVE THAT WE IN HONG KONG MUST CONTINUE ΤΟ IMPROVE CUR ECONOMIC AND INFRASTRUCTURAL LINKS WITH CHINA WHILE DOING EVERYTHING TO PRESERVE OUR SEPARATE IDENTITY WITHIN THE TERMS OF THE JOINT DECLARATION," HE SAID.
ON THE TRADE RELATIONSHIP WITH CHINA, SIR PIERS POINTED OUT THAT CHINA HAD SINCE 1985 OVERTAKEN THE UNITED STATES AS THE LARGEST MARKET FOR HONG KONG'S RE-EXPORTS.
"FURTHERMORE, IT IS NOW THE SECOND LARGEST MARKET FOR OUR DOMESTIC EXPORTS, JUST AFTER THE UNITED STATES, AND IT IS THE LARGEST SOURCE OF OUR IMPORTS, HE SAID, ADDING THAT TWO-WAY MERCHANDISE
TRADE GREW BY AN AVERAGE 39 PER CENT EVERY YEAR IN HONG KONG DOLLAR TERMS BETWEEN 1978 AND 1988.
WHILE MANY HAD QUESTIONED WHETHER ALL THIS GROWTH COULD BE SUSTAINED IN THE YEARS TO COME, PARTICULARLY IN THE LIGHT OF RECENT EVENTS IN CHINA. THE FINANCIAL SECRETARY DID NOT BELIEVE THE OUTLOOK FOR CHINA TRADE WAS AS BLEAK AS THE PESSIMISTS WOULD HAVE IT.
"CHINA HAS REITERATED ITS DESIRE TO CONTINUE TO TRADE WITH THE REST OF THE WORLD. AND I FOR ONE BELIEVE THAT THE DEVELOPMENT IS SUFFICIENTLY STRONG TO ENSURE THAT LONG TERM BUSINESS WILL CONTINUE TO GROW.
TIDE OF ECONOMIC IN THE MEDIUM TO
"IN THIS CONTEXT WE ARE, OF COURSE, CONCERNED ABOUT SUGGESTIONS IN THE UNITED STATES CONGRESS THAT THE MOST FAVOURED NATION TARIFF STATUS BE WITHDRAWN FROM CHINA," HE POINTED OUT, NOTING THAT THIS WOULD VERY SUBSTANTIALLY INCREASE TARIFFS ON MOST CHINA-MADE PRODUCTS.
"MUCH OF HONG KONG'S BUSINESS WOULD NATURALLY BE AFFECTED. AND SO WE ARE TAKING EVERY OPPORTUNITY TO IMPRESS UPON UNITED STATES OFFICIALS AND POLITICIANS HOW DAMAGING SUCH A MOVE WOULD BB TO HONG KONG'S ECONOMY AND TO THE CASE OF ECONOMIC LIBERALISATION IN CHINA, HE SAID.
TURNING TO TRADE IN THE REGION, SIR PIERS SAID HONG KONG'S
WITH TRADE WITH EAST ASIA HAD BEEN GROWING,
ASIA'S PORTION OF OUR TOTAL TRADE RISING FROM 45 PER CENT 10 YEARS AGO TO 58 PER CENT NOW.
/"SINCE 1970
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