XN000022-1993-03-03 — Page 29

WEDNESDAY, MARCH 3, 1993

AFTER ANOTHER YEAR OF ECONOMIC SUCCESS:

*

ECONOMIES

HONG KONG HAS ALMOST CAUGHT UP WITH THE DEVELOPED OF UK AND AUSTRALIA, AND HAS ALREADY OVERTAKEN SPAIN AND NEW ZEALAND, IN TERMS OF GDP PER HEAD, A CRUDE BUT USEFUL YARDSTICK OF ECONOMIC WELLBEING.

HONG KONG IS THE 10TH LARGEST TRADING ECONOMY IN THE WORLD IN TERMS OF INTERNATIONAL TRADE.

HONG KONG IS THE 12TH LARGEST IN THE WORLD IN TERMS OF FOREIGN CURRENCY RESERVES.

IT IS NOT SIMPLY THAT HONG KONG HAS GOT ITS POLICIES RIGHT, THOUGH THIS HAS BEEN CRUCIAL, HE SAID.

"IT IS NOT ONLY THAT OUR COMMUNITY

ABUNDANCE.

POSSESSES TALENT IN

"IT IS ALSO THAT WE ARE FORTUNATE ENOUGH TO BE IN THE FASTEST GROWING REGION IN THE WORLD AND THAT WE ARE FLEXIBLE AND EFFICIENT ENOUGH TO TAKE FULL ADVANTAGE OF THE OPPORTUNITIES THIS PRESENTS."

-

THUS HONG KONG'S REGIONAL TRADE EXPANDED BY 23% IN 1992, AND TRADE WITH CHINA IN PARTICULAR BY 25%.

IMPORTANCE OF CHINA

OVER THE LAST DECADE, THE INCREASE IN TRADE, IN BOTH ABSOLUTE AND RELATIVE TERMS, HAS BEEN STAGGERING, HE SAID.

"WE ARE BENEFITING HANDSOMELY FROM THE ASTONISHING GROWTH RATES RECORDED BY GUANGDONG AND OTHER PARTS OF CHINA.

"AND WE HAVE ALSO CONTRIBUTED HANDSOMELY TO CHINA'S SUCCESS, THROUGH OUR INVESTMENT IN THAT COUNTRY'S MANUFACTURING, COMMUNICATIONS AND SERVICES, THE FINANCIAL SECRETARY SAID.

T1

THANKS LARGELY TO THE MARKET-ORIENTED ECONOMIC POLICIES ADOPTED BY THE CHINESE GOVERNMENT OVER THE LAST DECADE, HONG KONG HAS BECOME PART OF THE FASTEST-GROWING ECONOMIC REGION IN THE WORLD.

++

*WE ARE PART OF WHAT I BELIEVE HISTORY WILL RECOGNISE ECONOMIC MIRACLE TO RIVAL THE MUCH-VAUNTED POST-WAR RECORD AND GERMANY, HE ADDED.

*+

AS AN

OF JAPAN

14