ENG-1979 — Page 40

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簡仁

Industry and Trade

IN GENERAL, the manufacturing industry performed well in 1979, and achieved an overall rate of growth higher than that in 1978.

The value of domestic exports in 1979 amounted to $55,912 million - 37 per cent more than in 1978.

The major factors that have given Hong Kong its international reputation as a leading manufacturing and commercial centre are still at work. Among these are the consistent economic policies of free enterprise and free trade, an industrious work-force, a sophisticated commercial and industrial infrastructure, a modern and efficient seaport that includes one of the world's largest container terminals, a centrally-located airport with a computerised cargo terminal, and excellent world-wide communications. There are no import tariffs, and revenue duties are levied only on tobacco, alcoholic liquors, methyl alcohol and some hydrocarbon oils. Tax also is payable on first registration of motor vehicles, except fran- chised buses.

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Apart from ensuring the provision of the infrastructure - either through direct services the or by co-operation with public utility companies and several autonomous bodies government's principal role in the economy is to ensure a stable framework in which commerce and industry can function efficiently and effectively with minimum interference. The government normally intervenes only in response to the pressure of economic and social needs, and neither protects nor subsidises manufactures.

Industrial Development and Industrial Land ·

Light manufacturing industries, producing mainly consumer goods, continue to predominate in Hong Kong. About 68 per cent of the total industrial work-force is employed in the textiles, clothing, electronics, plastic products, toys, and watches and clocks industries. These industries together accounted for 73 per cent of Hong Kong's total domestic exports. They have, over the years, been steadily introducing modern technology into their manu- facturing processes which is indicated, for example, by the move towards electronic toys and watches. At the same time non-consumer electronics, which require relatively higher levels of technology, are gaining rapidly in significance. In 1979, exports of non-consumer electronic products were valued at $2,392 million representing 36 per cent of total electronics exports.

Since the completion in 1977 of the first stage of Tai Po Industrial Estate, which com- prises 15 hectares of land, work has been proceeding on the production of an additional 30 hectares of land in the second stage. This is scheduled for completion in mid-1980, but sites became progressively available for allocation during 1979. By the end of the year, 24 companies had either taken up or been offered sites in Tai Po Industrial Estate. A second industrial estate, which will make available a further 72 hectares of land, is under