XN000022-1992-01-21 — Page 5

TUESDAY, JANUARY 21, 1992

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"WE BELIEVE THAT BUSINESS BUSINESSMEN THEMSELVES," MR CHAU SAID.

DECISIONS ARE BEST MADE BY

THE

THE GOVERNMENT DOES NOT SEEK TO LEAD OR GUIDE BUSINESSMEN, SECRETARY SAID. INSTEAD, IT SEEKS TO PROVIDE THEM WITH AN ENVIRONMENT IN WHICH THEY CAN EXERCISE THEIR OWN JUDGEMENT, MAKE THEIR OWN EFFORTS AND ACHIEVE THEIR OWN GOALS.

"OF COURSE THEY WILL HAVE TO BEAR THE CONSEQUENCES IF THINGS GO WRONG BUT BY AND LARGE I BELIEVE OUR BUSINESSMEN ARE CONTENT TO OPERATE ON THE BASIS OF SUCH A PHILOSOPHY."

MR CHAU SAID THROUGH THE INDUSTRY DEPARTMENT AND A NUMBER OF AGENCIES, THE GOVERNMENT PROVIDES A WHOLE RANGE OF FACILITIES AND SERVICES TO HELP INDUSTRY IMPROVE PRODUCTIVITY AND QUALITY AND ΤΟ BECOME MORE INNOVATIVE.

"THE GOVERNMENT'S ROLE IS LIMITED TO THE PROVISION OF A SOUND INFRASTRUCTURE AND A STABLE ENVIRONMENT." HE SAID.

TURNING TO THE URUGUAY ROUND OF TRADE NEGOTATIONS, MR CHAU SAID DEVELOPMENTS SO FAR ARE ENCOURAGING.

"IF THE NEGOTIATIONS CAN BE SUCCESSFULLY COMPLETED BEFORE EASTER, WE SHALL HAVE A STRENGTHENED MULTILATERAL TRADE SYSTEM SOME TIME IN 1993 AND HONG KONG, AS A FREE TRADER, STANDS TO BENEFIT FROM IT, HE SAID.

**

MR CHAU POINTED OUT THAT THE TERRITORY IS FACING UNCERTAINTY CAUSED BY THE TENSION IN TRADE RELATIONS BETWEEN ITS TWO LARGEST TRADING PARTNERS, THE UNITED STATES AND CHINA.

CHINA'S MFN STATUS IN THE U.S. AND THE OUTSTANDING U.S. SECTION 301 ACTION ON ACCESS TO THE CHINESE MARKET ARE IMPORTANT PROBLEMS AHEAD FOR HONG KONG, HE SAID.

BE

"IN SHORT, DIFFICULTIES ARE THERE AND OUR BUSINESSMEN HAVE ΤΟ PREPARED; BUT IN GOOD TIMES OR BAD OUR FREE TRADE STANCE MUST BE CONSISTENT, MR CHAU ADDED.

THE

....

SECRETARY STRESSED THAT THE GOVERNMENT BELIEVES AS FIRMLY AS EVER IN THE MERITS OF A MARKET ECONOMY AND OF COMPETITION, IN LOW TAX AND MINIMUM RED TAPE; IN COMBINING EFFECTIVE PROTECTION OF THE INTERESTS OF THE PUBLIC WITH MAXIMUM OPPORTUNITY FOR ECONOMIC BUSINESS GROWTH.

AND

**WE VALUE THE BUSINESSMAN AND THE CONTRIBUTION HE AND INVESTMENTS MAKE TO THE COMMUNITY.

HIS

"AND

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WE ARE AWARE OF THE NEED OF BUSINESS FOR A STABLE PREDICTABLE ENVIRONMENT; WE AIM TO CONTINUE TO PROVIDE THAT, AND CONFIDENT THAT WE CAN AND WILL DELIVER ON THIS AIM,' HE SAID.

AND

ARE

THIS MARKET ECONOMY APPROACH IS AMONG THE KEY INGREDIENTS MADE HONG KONG WHAT IT IS TODAY.

/MR CHAU

THAT