Relax" label, just like "Esprit" of America and "Benetton" of Italy, is entering the
Japanese market. "Tze Singapore" is targeting at France, Switzerland and Japan. The
trend indicates that fashion in both Hong Kong and Singapore has a very bright future.
To change the structure and the nature of production is an important survival strategy
for the industrial development of the ANIES. In addition, we can identify two
development patterns emerging.
First, along with economic liberalizations, the private sectors will become an engine
for industrial growth. It is anticipated that public investment in strategic industries will
occur only in cases when private sector entrepreneurs do not have the incentive and the
capability to do so. As part of the privatization scheme, more public attention will be
given to the development of small and medium enterprises (SMEs). Except in Hong
Kong, the governments of the other three ANIES are providing strong financial
incentives and technical support to investors of the SMEs who invest in high technology
industries.
Second, we expect to see new developments in intra-ANIES complementarity. A
sophisticated pattern of division of labour at both the industry level and the product
level will continue to develop among the four economies, so that each of them can
concentrate in their own special nich (or niches) of production.10
In the discussion of the pattern of industrialization in the Asian Pacific region,
economists recently often refer to professor Akamatsu's hypothesis in 1962. Though
the "flying geese" hypothesis had been an accurate description of the pattern of
economic development in the Asia-Pacific region in the past decade, by now it is perhaps.
a little out-dated or inappropriate to use this concept to describe the existing and future
pattern of industrialization in this region in view of the increasing importance of new
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