XN000022-1995-09-12 — Page 7

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"In the process, China has become a major player in world trade and is now one of the largest economies. The standard of living of its people has improved impressively. GDP growth continues at a robust 8-9 per cent in real terms.

"Hong Kong has contributed to, and benefited from, these massive changes. Our per capita GDP now exceeds that of many developed economies such as Canada, Australia and several EC members," he said.

Mr Tsang said Hong Kong was a Chinese city imbued with traditional Chinese values and strengths. The stress on education, hard work, the importance of the family.

"On top of this we have added a cosmopolitan overlay. We have not been shy to borrow the best ideas from around the world and adapt them to our own needs.

"The rule of law, the concept of an individual with both rights and responsibilities. An impartial administrative machinery with appropriate checks and balances. Nowhere else do different cultures come together so effectively," he said.

He said this unique blend made Hong Kong the ideal interface between China and the rest of the world.

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"And it promises great things for both partners in future. In 20 years' time, China with support from Hong Kong will be well on the way to becoming the world's largest economy. And Hong Kong - with support from China will be the world's business capital," he said.

End Tuesday, September 12, 1995

External trade statistics for July by country and commodity

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The Census and Statistics Department today (Tuesday) released detailed statistics on external trade with breakdown by country/territory and commodity for July 1995.

The value of re-exports continued to increase notably, by 19% over a year earlier to $100.1 billion in July 1995.

Comparing July 1995 with July 1994, the value of re-exports to all of the main destinations showed increases of various magnitudes: Singapore (+38%), Netherlands (+30%), France (+29%), Taiwan (+29%), Japan (+28%), the United Kingdom (+25%), China (+18%), South Korea (+18%), Germany (+12%) and the United States (+9.5%).