XN000022-1991-07-17 — Page 16

14

WEDNESDAY, JULY 17, 1991

BILL TO MAINTAIN COMPETITIVE EDGE OF KNITWEAR

INDUSTRY PASSED

*

*

NO

HONG SECTOR

KONG'S ECONOMY OF REGULATION BEYOND WHAT IS NECESSARY.

SHOULD

BE

SUBJECTED

ΤΟ

THIS PRINCIPLE WAS, INDEED, THE BEDROCK OF HONG KONG'S BECAUSE IT ENSURED THAT HONG KONG ECONOMY WAS COMPETITIVE.

SUCCESS

PIERS THIS WAS STATED BY THE FINANCIAL SECRETARY, THE HON SIR

DEBATE

THE OF

TRADE JACOBS, WHEN

UP WINDING

THE SECOND READING

COUNCIL TODAY DESCRIPTIONS { AMENDMENT) BILL. 1991 IN THE LEGISLATIVE (WEDNESDAY)

L

ECONOMIC

90

BEST

"MORE IMPORTANTLY, IT HAS ALLOWED US TO MAXIMISE THE BENEFITS AND COMPARATIVE ADVANTAGES OF OUR GEOGRAPHICAL LOCATION, THAT WE CAN CONCENTRATE OUR LIMITED RESOURCES ON WHATEVER WE DO

11 SIR PIERS IN HONG KONG, WHILE OTHER ACTIVITIES CAN MOVE ELSEWHERE, SAID.

HE SAID THE ARRANGEMENTS IN THE BILL FELL SQUARELY WITHIN

PRINCIPLE.

"THEY ADDRESS A PRACTICAL PROBLEM.

THIS

THE UNITED "OUR KNITWEAR INDUSTRY CURRENTLY HAS TO MEET BOTH

REQUIREMENTS FOR STATES REQUIREMENTS FOR KNITTING AND THE HONG KONG LINKING AND LOOPING IN ORDER TO EXPORT RELEVANT KNITWEAR TO THE UNITED STATES WITH A HONG KONG ORIGIN LABEL.

"EACH OF THESE REQUIREMENTS IS SECRETARY SAID.

THE SUBSTANTIAL,

FINANCIAL

TOGETHER, TAKEN

HE SAID, THEY REGULATORY BURDEN ON THE INDUSTRY.

AN CONSTITUTED

UNNECESSARY

MUST "OUR

COMPLY WITH U.S. RULES EXPORTS ENTRY INTO THE U.S. BECAUSE THE U.S. CAN DETERMINE ORIGIN REQUIREMENTS FOR GOODS IMPORTED INTO ITS TERRITORY.

IN ORDER

TO

GAIN

11

UNNECESSARY AND "WE HAVE THEREFORE CONCLUDED THAT IT IS BOTH

WELL, UNFAIR TO CONTINUE TO REQUIRE THE INDUSTRY TO MEET OUR RULE AS SIR PIERS SAID,

THE FINANCIAL SECRETARY POINTED OUT THAT HONG KONG'S KNITWEAR MARKET WAS AN EXTREMELY COMPETITIVE ONE.

**THE KNITWEAR INDUSTRY, LIKE ANY OTHER SECTOR IN SHOULD BE ALLOWED AND REQUIRED TO ADJUST TO MARKET FORCES, IT WILL LOSE OUT FOR WANT OF MAINTAINING ITS COMPETITIVE SAID.

OVERSEAS

HONG KONG, OTHERWISE EDGE," HE

IT COULD ONLY LEAD TO DAMAGE TO HE WARNED THAT IN THE LONG RUN,

AND LOSS OF THE INDUSTRY, AND CONSEQUENTIAL DAMAGE TO ITS WORKFORCE JOBS..

/HE ASSURED

•