PART I
Summary and Assessment
HK-EEC TEXTILE AGREEMENT
The new textile agreement between Hong Kong and the European Economic Community signed last Saturday (December 3) became a major topic of discussion in the papers during the last few days, with some 20 editorials appearing in the Chinese Press. The majority of them called on the Government and the textile industry to face up to reality and to draw up appropriate remedial measures to help Hong Kong tide over the pressat crisis.
The Hong Kong Times amed Hong Kong's defeat on Britain's failure to help Hong Kong.
Sing Pao said since Britain was the main force behind the EFC's policy to s... rife Hong Kong to please other developing countries, there was nothing mong Kon, 26. about it.
Most papers, waile describing the new agreement as "unfair" and "discriminating" hoped the authenties concerned would not be unduly worried and discouraged as lione Song had always been able to adapt to changing circumstances.
1 number of papers, including Wah Kiu Yat Po, the Hong Kong Times. Sing Pao, Sing Tao Jin Pao, Sing Tao Wan Pao and Tin Tin Daily News, urged the authorities to take immediate steps in assisting local industry to diversify their products, to produce Ligher- qually goods and to open up new markets instead of relying entirely on the FF textiles.
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Wah Kiu felt that the home market should be developed and Hong Kong people encouraged to buy Hong Kong goods. On the other hand, it added, restrictions should be imposed on textile imports from other countries so as to offset losses brought about by
the new agreement.
Sing Pao said that the Government should call upon local industrialists to unite in drawing up a comprehensive plan to tackle the crisis. It suggested that the Government should lead local industries to new ventures and assist affected manufacturers to tide over their financial difficulties.
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g Tao Jih Pao thought that Hong Kong should develop highly sophisticated industries orb worker who might lose their jobs as a result of pressure from the BEC.
ie paper suggested that Hong Kong should take retaliatory measures against territories v'.......mp.sed restrictions on Hong Kong product. by levying duty on their imports.
de fong Kong Economic Journal, however, ad a different view on the product..
-quity products as a solution to the present problem. It doubted whether these
higher prices would become popular as most industrialised nations were now sg from unemployment and inflation.
While calling on the authorities to work out new development plans for the local textile industry, the New Evening ost suggested that policies which were detrimental to tie inture development of commerce and industry should be abolished.
Commenting on unemployment in the textile industry, the Oriental Daily News hoped the authorities concerned would come up with remedial measures as soon as possible.
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