XN000022-1990-02-16 — Page 4

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FRIDAY, FEBRUARY 16, 1990

HE ATTACHED IMPORTANCE TO HONG KONG'S TRADE AND INVESTMENT RELATIONS WITH CHINA AND THE ASIA-PACIFIC AREA, SAYING THEY WOULD CONTINUE TO BE A MAJOR FACTOR IN THE TERRITORY'S ECONOMIC GROWTH IN THE 1990'S.

MR CHAN SAID CHINA HAD REPLACED THE UNITED KONG'S LARGEST TRADING PARTNER SINCE JANUARY 1985, ABOUT ONE-THIRD OF HONG KONG'S TOTAL TRADE.

STATES AS HONG ACCOUNTING FOR

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DESPITE THE TEMPORARY SETBACK CAUSED BY THE EVENTS OF JUNE, THE OUTWARD PROCESSING ARRANGEMENTS THAT HONG KONG MANUFACTURERS HAD ESTABLISHED IN THE PEARL RIVER DELTA HAD NOT BEEN SUBSTANTIALLY AFFECTED AND THE TERRITORY'S TOTAL TRADE WITH CHINA HAD STILL SUSTAINED A GROWTH RATE OF 26 PER CENT IN THE FIRST THREE QUARTERS OF 1989 OVER THE SAME PERIOD IN 1988, MR CHAN SAID.

AS FOR THE TERRITORY'S TRADE WITH THE RAPIDLY EXPANDING ASIA- PACIFIC REGION, HE SAID THIS HAD GROWN BY ABOUT 30 PER CENT ANNUALLY IN THE LAST TWO YEARS.

"TRADE IS THE LIFEBLOOD OF HONG KONG. IN 1989, OUR TOTAL TRADE EXCEEDED US$128 BILLION, HE SAID.

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"WE ARE NOW THE WORLD'S 11TH LARGEST TRADING ECONOMY.

"HONG KONG IS ALSO RE-EMERGING AS AN IMPORTANT ENTREPOT, ESPECIALLY WITH REGARD TO OUR TRADE WITH THE RAPIDLY EXPANDING ASIA- PACIFIC REGION.

MR CHAN SAID HE BELIEVED THIS ENCOURAGING TREND, TOGETHER WITH HONG KONG'S STRONG COMMITMENT TO FREE TRADE AND TO THE MULTILATERAL TRADING SYSTEM EMBODIED IN THE GATT, AUGURED WELL FOR FURTHER GROWTH OF THE TERRITORY'S TRADE IN THE 1990'S.

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BILL TO CHANGE TIME LIMITS FOR STARTING NEGLIGENCE ACTIONS

AMENDMENTS TO THE LIMITATION ORDINANCE ARE PROPOSED ΤΟ CHANGE THE TIME PERIODS WITHIN WHICH CERTAIN LEGAL PROCEEDINGS MUST BE COMMENCED IN RELATION TO CLAIMS FOR DAMAGES.

PROVISIONS ARE ALSO MADE TO BRING THE LAW UP TO DATE IN THIS AREA WHERE THERE HAS BEEN FRAUD OR DELIBERATE CONCEALMENT OF FACTS BY A PARTY TO AN ACTION.

PUBLISHED IN THE GAZETTE TODAY (FRIDAY), THE LIMITATION

(AMENDMENT) BILL 1990 PROPOSES AMENDMENTS TO:

* EXTEND TIME LIMITS IN WHICH TO BRING AN ACTION AGAINST A DEFENDANT FOR NEGLIGENCE IN RESPECT OF DAMAGE WHICH MAY NOT COME TO LIGHT INSIDE THE NORMAL TIME LIMITS FOR STARTING A COURT ACTION;

/* REDUCE FROM