8
-
serious setbacks, China trade has remained of enormous
significance.
16.
The secular trends underlying these facts serve to
emphasise where many opportunities
Hong Kong accomplished its
extraordinarily quickly.
!
for the future lie.
industrial revolution
Quite early on we developed both
the appetite and the ability to expand into off-shore
production. We went up-market and moved into areas of
higher technology. But whilst costs remained competitive, capacity limitations locally, increasing management savvy,
and, in some cases, trade restrictions led many of our
businessmen to diversify abroad.
17.
The Chinese, in an imaginative experiment to let
market forces prime the development pump, established the
Special Economic Zones in Guangdong. This and a parallel liberalisation of provincial policies achieved two things.
Hong Kong industrialists gained room for expansion right
next door, and, at the same time, there was created a new
demand for port, trade and financial services, which we in
Hong Kong have been only too happy to meet. Perhaps for
the first time in its history Hong Kong has been enjoying
the benefits of an economically active hinterland.
/18.
Guangdong
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