7
RADE AND INDUSTRY
HONG KONG Continued its evolution from a low-cost manufacturing entity towards that of a regional commercial centre and high value-added manufacturing base.
The relocation of low value-added manufacturing processes to southern China and elsewhere contributed to stagnating domestic exports, which registered a 0.4 per cent decrease, totalling $222,092 million in value. However, total exports continued to register double-digit growth in 1994, increasing by 11.8 per cent over the previous year. This was due in large part to the buoyancy of re-exports, given the territory's role as an entrepôt for trade with China. The gross total value of re-exports was $947,921 million, representing an increase of 15.1 per cent. Imports rose by 16.6 per cent to $1,250,709 million.
The government took steps to improve the technological infrastructure to support the move towards high value-added, technologically-advanced industries, including the launch of a special fund for projects which will enhance the territory's technological and industrial development. Plans for an applied research centre were also announced.
The work of the Consumer Council in promoting the legitimate interests of consumers, including its studies on the state of competition in Hong Kong and the setting up of the Consumer Legal Action Fund to help consumers take action against unscrupulous traders, is also covered in this chapter.
Trade and Industrial Policies
Hong Kong's continuing success as a leading commercial and manufacturing centre owes much to a simple tax structure and low tax rates, a versatile and industrious workforce, its excellent infrastructure, and the government's firm commitment to free trade and free enterprise. The government believes its task is to facilitate commerce and industry within the framework of a free market.
Hong Kong's trade policies seek to promote a free, open and stable multilateral trading system; to safeguard Hong Kong's rights and to fulfil its obligations under multilateral and bilateral trade or trade-related agreements; and to secure, maintain and improve access for the territory's markets.
+
Its industry policies aim to promote industrial development by ensuring a business- friendly environment, and by providing support services. The government provides land for general and specialised industrial use, maintains and develops advanced education and training facilities, ensures a modern legislative and regulatory environment, and funds
103
No comments yet.
Private notes are available after approval.