OT, but peripherally related:
(COMTEX) HK to Turn Crisis Into Opportunity: Trade Official
HK to Turn Crisis Into Opportunity: Trade Official
HONG KONG (Jan. 23) XINHUA - Hong Kong is able to transform the
current Asian economic crisis into a good opportunity for its economic
development, a senior trade official of the Hong Kong Special
Administrative Region (SAR) of China said here Friday.
Addressing a seminar organized by the Hong Kong Chinese Enterprises
Association, Stanley Ying, deputy director-general of the SAR Trade
Department, pointed out that for many times in the past Hong Kong had
transformed crises into opportunities.
Ying attributed the transformation to the ability of Hong Kong's
enterprises to adjust themselves to the changing situation and the free
trade policy adopted by the government.
Hong Kong's competitiveness may not necessarily be weakened by the
devaluation of other Asian countries' currencies because nowadays
competitiveness relies not only on prices but also on quality and
service.
Hong Kong's enterprises enjoy good reputation for the quality of their
products and services they offer, Ying said in his address titled
Opportunities and Challenges for Hong Kong's Trade Prospect.
Those countries whose currencies have devaluated in the financial
turmoil also have problems such as increased raw material prices and
production cost, which have an adverse effect on their competitiveness,
Ying noted.
The economic instability caused by the currency devaluation in these
countries made overseas buyers worry whether companies in these
countries have the ability to fulfill their contracts, Ying said.
Hong Kong will benefit from the globalization of world economy because
it remains a separate customs territory and is a full member of the
World Trade Organization after it returned to China on July 1, Ying
said.
The opening up of the world telecommunications, information technology
and monetary markets will offer opportunities to Hong Kong's service
sectors, which account for 85 percent to Hong Kong's gross domestic
product.
Hong Kong also enjoys its geographical advantage as a window of China's
mainland, which has rich resources and is a big market, Ying said. No
other Asian countries can match Hong Kong in this regard, he added.
Enditem
23/01/98 13:46 GMT
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