XN000022-1991-01-07 — Page 4

MONDAY, JANUARY 7, 1991

J

"THIS IS LARGELY, BUT BY NO MEANS ALL, DUE TO CHINA," HE SAID.

"I THINK YOU WILL AGREE THAT WHAT I HAVE DESCRIBED SO FAR PROVIDES VERY STRONG FOUNDATIONS ON WHICH WE CAN BUILD THE HONG KONG OF THE FUTURE.

LO

WE ARE BUILDING ON THESE FOUNDATIONS. EASY TASK. THERE WILL BE PROBLEMS ALONG THE ENTIRELY ACHIEVABLE," THE SECRETARY SAID.

MR CHAN

THIS WILL NOT BE AN WAY. BUT THE TASK IS

SAID A PERENNIAL THREAT TO SMALL, EXPORT-ORIENTATED ECONOMIES SUCH AS HONG KONG'S WAS TRADE PROTECTIONISM IN WORLD MARKETS.

"WE HAD VERY LITTLE CLOUT OF OUR OWN. THIS WAS WHY THE GATT WAS SO IMPORTANT TO US.

"THE ON-GOING URUGUAY ROUND OF MULTILATERAL TRADE NEGOTIATIONS IS CRUCIAL TO THE FUTURE OF THE FREE TRADE SYSTEM THAT HAS BROUGHT PROSPERITY TO SO MANY IN THE POST-WAR PERIOD," HE SAID.

IN

THOSE

HE ADDED THAT HONG KONG, AS A CONTRACTING PARTY TO THE GATT ITS OWN RIGHT, HAD BEEN PLAYING A FULL AND CONSTRUCTIVE PART IN NEGOTIATIONS.

"LIKE MANY OTHER PARTICIPANTS, WE WERE DEEPLY DISAPPOINTED THAT URUGUAY ROUND FROM SERIOUS DIFFERENCES IN SOME AREAS PREVENTED THE BEING SUCCESSFULLY CONCLUDED BEFORE THE END OF 1990.

"IT WILL TAKE A GREAT DEAL OF POLITICAL WILL AND COURAGE ON THE PART OF THE WORLD'S MAJOR TRADING POWERS

THE ΤΟ RESOLVE

OUTSTANDING PROBLEMS.

"

"I HOPE THEY WILL RISE TO THE CHALLENGE, MR CHAN SAID.

WITH

FACED HE SAID HONG KONG FULLY EXPECTED TO CONTINUE TO BE PROBLEMS OF ONE KIND OR ANOTHER.. BUT PROBLEMS WERE USUALLY BLESSINGS IN DISGUISE.

"TOO MUCH PLAIN SAILING CAN BE HYPNOTIC. HONG KONG WILL NOT

OR ALLOW SHY AWAY FROM ITS PROBLEMS,

THEM TO DISCOURAGE US FROM BUILDING FOR OURSELVES A BETTER TOMORROW," HE SAID.

A

ASPECTS

OF

THOSE "OUR STRATEGY FOR THE FUTURE IS TO MAINTAIN HONG KONG LIFE THAT ARE MOST ATTRACTIVE, SUCH AS

DYNAMIC ECONOMY, FULL EMPLOYMENT AND LOW TAX RATES, AND TO IMPROVE FURTHER THE QUALITY OF LIFE IN TERMS OF, FOR EXAMPLE, A CLEANER ENVIRONMENT, BETTER HOUSING AND HIGHER STANDARDS OF SOCIAL SERVICES.

"IN PURSUING THIS STRATEGY, THE HONG KONG GOVERNMENT, PART, IS LOOKING WELL BEYOND 1997," MR CHAN SAID.

FOR ITS

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