XN000022-1992-04-03 — Page 3

FRIDAY, APRIL 3, 1992

2

HONG KONG ECONOMIC FUNDAMENTALS REMAIN SOUND STI

HONG

WHILE CONCERNS ABOUT U.S.-CHINA TRADE RELATIONS ARE REAL, KONG'S ECONOMIC FUNDAMENTALS REMAIN SOUND, THE SECRETARY FOR TRADE AND INDUSTRY, MR T.H. CHAU, SAID TODAY (FRIDAY).

HAD

BEEN

SPEAKING AT THE "HONG KONG IN TRANSITION" CONFERENCE IN LONDON,

A

AMOUNT OF MR CHAU SAID

TREMENDOUS

ECONOMIC MOMENTUM GENERATED BOTH IN HONG KONG AND OVER THE BORDER IN CHINA.

LEADERS "CHINA'S

HAVE RECENTLY COMMITMENT TO ECONOMIC REFORMS. MR CHAU SAID.

THEIR RE-ASSERTED STRONGLY

GOOD, THE PROSPECTS FOR GROWTH LOOK

■

HE NOTED THAT THE YEARS SINCE THE NEGOTIATION DECLARATION HAD NOT BEEN EASY ONES.

OF THE

JOINT

"NOT ONLY HAVE WE SURVIVED THEM BUT WE HAVE ALSO EMERGED FLYING COLOURS," HE SAID.

EXTERNAL TRADE HAS CONTINUED TO FLOURISH AND TOTAL EXPORTS EXPECTED TO GROW AT ABOUT 14 PER CENT THIS YEAR.

WITH

ARE

3 PER CENT IN "THE ECONOMY, AFTER THE LOWER GROWTH RATES OF

1992 AT TO GROW IN

A 1990 AND 4 PER CENT IN 1991, IS FORECAST

- HIGHEST RESPECTABLE 5 PER CENT. PER CAPITA GDP IN 1991 WAS US$14,000

SOME IN ASIA AFTER JAPAN AND OIL-RICH BRUNEI AND HIGHER THAN THAT OF

MR CHAU SAID. MEMBER STATES OF THE EUROPEAN COMMUNITY,

HI

"IN 1981, WE WERE THE 18TH LARGEST TRADING ENTITY IN THE WORLD. SECOND-HALF OF AS

A RESULT OF THE GROWTH IN OUR CHINA TRADE, IN THE THE 1980'S WE ROSE TO BECOME THE 11TH LARGEST.

LARGEST,

AS ONE AFTER

"THE LATEST GATT FIGURES SHOW THAT WE ARE NOW THE 10TH LARGEST. IF THE MEMBER STATES OF THE EUROPEAN COMMUNITY WERE COUNTED SINGLE ENTITY

WE ARE THE FIFTH AS THEY SHOULD BE THE U.S., THE EC, JAPAN AND CANADA.

—

"THIS IS A RECORD OF WHICH WE HONG KONG RESIDENTS CAN JUSTLY BE PROUD," MR CHAU SAID, ADDING THAT BUT IT WOULD NOT HAVE BEEN POSSIBLE BECOME THE VAST WITHOUT

ESPECIALLY SOUTH CHINA WHICH HAD CHINA,

ITS HINTERLAND

WHICH

SUPPLEMENT ON

HONG KONG WAS ABLE TO DRAW LIMITED SUPPLIES OF LAND AND MANPOWER.

TO

"FOR

PART, ITS

HONG KONG

ITS THROUGH

INVESTMENT

AND

ENTREPRENEURS HAVE PROVIDED THE ENGINE FOR THE GROWTH OF SOUTH CHINA,

"THIS RELATIONSHIP IS ONE WHICH HAS BENEFITED

HONG KONG, MR CHAU STRESSED.

BOTH CHINA AND

THE MUTUAL

AUTONOMOUS

IT IS A RELATIONSHIP WHICH WILL CONTINUE TO GROW. BENEFIT DERIVED BY THE TWO PARTIES TO THIS RELATIONSHIP IS IN FACT ONE

HIGHLY OF THE BEST GUARANTEES OF HONG KONG'S FUTURE AS A SPECIAL ADMINISTRATIVE REGION OF CHINA, HE SAID.

/MR CHAU