5
WEDNESDAY, MARCH 2, 1994
INVESTORS TOO.
THIS BULLISH ATTITUDE AFFECTS FOREIGN
FOR EXAMPLE, INVESTMENT FROM AROUND THE WORLD HAS CONTINUED TO FLOW INTO HONG KONG'S ASSET MARKETS, AND MORE FOREIGN COMPANIES CONTINUE ΤΟ ESTABLISH THEIR PRESENCE HERE IN HONG KONG.
SIR HAMISH SAID LAST YEAR'S SUCCESS WOULD PERSIST, WHILE RECENT DEVELOPMENTS IN THE WORLD ECONOMY OFFER ADDITIONAL ENCOURAGEMENT:
* THE SUCCESSFUL CONCLUSION OF THE URUGUAY ROUND HAS BOOSTED
TRADE POTENTIAL AND BLUNTED PROTECTIONIST PRESSURE.
*
*
PROSPECTS IN MAJOR OVERSEAS MARKETS HAVE IMPROVED. AND UK ECONOMIES ARE SET TO GROW BY AROUND 3% IN AHEAD.
THE CHINESE
THE U.S. THE YEAR
ECONOMY
EVEN MORE IMPORTANT FOR HONG KONG, SHOULD HAVE LITTLE DIFFICULTY IN CONTINUING TO ACHIEVE AN ANNUAL GROWTH OF ABOUT 10% IN REAL TERMS.
HONG KONG'S OTHER NEIGHBOURS IN EAST ASIA ARE LIKELY ΤΟ MAINTAIN THEIR DYNAMIC GROWTH, WITH TRADE WITHIN THE REGION EXPANDING BY AROUND 15% IN 1994.
"WE HAVE ENTERED 1994, THEN, IN BETTER SHAPE THAN WE MIGHT HAVE
INEVITABLY, HOWEVER, WE ALSO FACE SOME UNCERTAINTIES.
EXPECTED.
UNITED
THE ANNUAL BATTLE FOR THE RENEWAL OF CHINA'S MFN STATUS IN THE
STATES WILL HAVE TO BE FOUGHT YET AGAIN.
"HONG KONG MUST HOPE THAT POLITICS IS NOT ALLOWED
ΤΟ DAMAGE THIS IMPORTANT TRADING RELATIONSHIP. FOR OUR PART, WE SHALL DO ALL WE CAN TO EMPHASISE TO OUR FRIENDS IN WASHINGTON THE IMPORTANCE OF TRADE BETWEEN CHINA AND THE UNITED STATES.
**WE
WILL GO ON ARGUING THAT POLITICS SHOULD NOT BE ALLOWED DAMAGE TRADE," THE FINANCIAL SECRETARY SAID.
TO
HE SAID THIS WAS NOT ONLY A MATTER OF HONG KONG'S SELF- INTEREST, ALTHOUGH THIS WAS CLEARLY A KEY FACTOR.
AND FOR GOOD REASON.
"WE ESTIMATE THAT FAILURE TO RENEW MFN WOULD SLASH HONG KONG'S GDP GROWTH BY UP TO THREE PERCENTAGE POINTS, AND EMPLOYMENT BY UP 75,000 JOBS. BUT THERE ARE WIDER ISSUES AT STAKE TOO."
IT
то
IS TRADE WHICH GENERATES GROWTH, THE GROWTH ESSENTIAL FOR ECONOMIC AND SOCIAL PROGRESS.
+
THE AVOIDANCE OF TRADE DISCRIMINATION THE ENCOURAGEMENT OF A LEVEL PLAYING
ARE FIELD AND THE VIRTUES OF FREE TRADE
AIMS WHICH
UNDERLIE THE GATT.
—
IT IS FOR THIS REASON ALSO THAT CHINA'S WISH TO REJOIN THE GATT IS OF SUCH SIGNIFICANCE, HE SAID.
ANOTHER FACTOR
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