XN000022-1991-05-22 — Page 12

WEDNESDAY, MAY 22, 1991

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GOVT CONTINUES TO REPRESENT HK'S INTEREST IN U.S. MFN DEBATE

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THE ADMINISTRATION WILL CONTINUE ΤΟ REPRESENT HONG KONG'S INTEREST IN THE MOST FAVOURED NATION (MEN) DEBATE IN THE UNITED STATES, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

REPLYING TO A QUESTION BY THE HON DAVID LI, SIR PIERS SAID THE UNITED STATES PRESIDENT HAD YET TO FORMALLY ANNOUNCE HIS DECISION ΤΟ EXTEND THE MFN STATUS TO CHINA FOR ANOTHER YEAR.

SOME DRAFT BILLS HAD BEEN INTRODUCED IN THE U.S. CONGRESS EITHER TO TERMINATE CHINA'S MFN STATUS OR TO IMPOSE CONDITIONS ON ITS RENEWAL, HE NOTED.

WHILE THE ADMINISTRATION WAS MONITORING THE DEVEOLPMENT'S CLOSELY, THE GOVERNOR, SIR DAVID WILSON, HAD BEEN IN TOUCH WITH A NUMBER OF KEY MEMBERS OF THE U.S. CONGRESS.

P

CONSIDERABLE AMOUNT OF WORK HAD ALSO BEEN DONE IN AND ELSEWHERE IN THE UNITED STATES, THROUGH THE COMBINED THE HONG KONG ECONOMIC AND TRADE OFFICES, THE HONG DEVELOPMENT COUNCIL AND THE HONG KONG TEAM OF CONSULTANTS,

SAID.

PERSONALLY

WASHINGTON, EFFORTS OF RONG TRADE SIR PIERS

HE POINTED OUT THAT THE SECRETARY FOR TRADE AND INDUSTRY AND OTHER MEMBERS OF THE HONG KONG/U.S. ECONOMIC CO-OPERATION COMMITTEE WOULD BE CALLING ·ON U.S. ADMINISTRATION OFFICIALS, SENATORS AND CONGRESSMEN BEFORE AND AFTER A JOINT MEETING BETWEEN THE COMMITTEE AND ITS AMERICAN COUNTERPART TO BE HELD IN NEW YORK ON JUNE 6.

MEANWHILE, THE ADMINISTRATION WAS IN CLOSE TOUCH WITH OTHER INTERESTED PARTIES IN HONG KONG SUCH AS THE AMERICAN CHAMBER OF COMMERCE AND OTHER TRADE OR INDUSTRIAL ORGANISATIONS TO ENSURE PROPER CO-ORDINATION OF EFFORTS, INCLUDING POSSIBLE VISITS TO THE UNITED STATES.

NOTING THAT THE AMERICAN CHAMBER OF COMMERCE HAD SENT A DELEGATION TO THE UNITED STATES IN EARLY MAY, SIR PIERS SAID THE HONG KONG GENERAL CHAMBER OF COMMERCE WAS PRESENTLY IN WASHINGTON.

MEANWHILLF, THE ADMINISTRATION HAD DRAWN ATTENTION ΤΟ THE ADVERSE IMPLICATIONS FOR HONG KONG OF ANY DECISION TO REVOKE IMPOSE CONDITIONS ON RENEWAL OF CHINA'S MPN STATUS.

OR

ON THE IMPACT ON HONG KONG, THE FINANCIAL SECRETARY SAID THE GOVERNMENT ESTIMATED THAT IF THE MFN STATUS WERE WITHDRAWN FROM CHINA, HONG KONG'S RE-EXPORTS, WHICH AMOUNTED ΤΟ HK$82 BILLION IN 1990, WOULD PROBABLY BE REDUCED BY ABOUT 33 PER CENT TO 44 PER CENT OR SOME HK$27-36 BILLION.

HONG KONG'S OVERALL TRADE MIGHT BE REDUCED BY ABOUT FIVE PER CENT TO SEVEN PER CENT OR SOME HK$69-91 BILLION AND HONG KONG COULD ALSO LOSE 1.3 PER CENT TO 1.8 PER CENT. IN THE GROWTH RATE OF THE OVERALL GDP.

THE LOSS IN EMPLOYMENT MIGHT BE IN 43,000 JOBS, HE ADDED.

THE RANGE OF 32,000

ΤΟ

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