Hong Kong Rides on Benefits of China's WTO Membership: Tung
October 12, 2000 - 0:0
HONG KONG Hong Kong chief executive Tung Chee-Hwa reiterated on Wednesday that the territory would benefit from China's imminent membership to the World Trade Organization (WTO).
"Hong Kong will gain great advantages and opportunities for development," as a result of China's WTO accession, AFP quoted Tung as saying in his annual policy address.
"Hong Kong has long acted as an intermediary between the Mainland and world markets," said Tung.
"China's accession to the WTO will give us an opportunity to further expand our network which links with the Mainland and overseas markets." Tung predicted that by the end of this year China's gross domestic product (GDP) would exceed 1,000 billion U.S. dollars.
"It is therefore not hard to see the strong economic impetus we will derive from our country's sustained aggregate economic growth in the coming decade," said Tung, citing opportunities for development.
Hong Kong's economic growth is forecast to grow 8.5 percent in 2000 the highest for more than a decade taking into account the impact of fluctuating oil prices, said Tung.
With China's WTO accession, Tung also pointed out Hong Kong's wealth of high caliber professionals who should have a competitive edge in the mainland market.
He pledged to keep local professionals well informed of developments in the opening up of the Chinese market.
"To take advantage of this, we need to train a critical mass of people with suitable talent as quickly as possible," said Tung.
People should have a thorough understanding of the business environment in China, knowledge of international finance and proficiency in Mandarin and other languages.
"A good command of English is not only a tool for conducting business and trade with the world, but also a must in maintaining Hong Kong's status as an international financial center.
"I hope that the educational community will respond to this need and offer more relevant courses to help nurture such talent," said Tung.
In September, Joseph Yam, head of the Hong Kong Monetary Authority (HKMA), said: "Our estimates suggest Hong Kong's reexport trade, involving the movement of goods to and from the Mainland through Hong Kong, will be considerably boosted, and should raise our annual GDP growth rate by somewhere between 0.5 percent and 1 percent."
"Hong Kong will gain great advantages and opportunities for development," as a result of China's WTO accession, AFP quoted Tung as saying in his annual policy address.
"Hong Kong has long acted as an intermediary between the Mainland and world markets," said Tung.
"China's accession to the WTO will give us an opportunity to further expand our network which links with the Mainland and overseas markets." Tung predicted that by the end of this year China's gross domestic product (GDP) would exceed 1,000 billion U.S. dollars.
"It is therefore not hard to see the strong economic impetus we will derive from our country's sustained aggregate economic growth in the coming decade," said Tung, citing opportunities for development.
Hong Kong's economic growth is forecast to grow 8.5 percent in 2000 the highest for more than a decade taking into account the impact of fluctuating oil prices, said Tung.
With China's WTO accession, Tung also pointed out Hong Kong's wealth of high caliber professionals who should have a competitive edge in the mainland market.
He pledged to keep local professionals well informed of developments in the opening up of the Chinese market.
"To take advantage of this, we need to train a critical mass of people with suitable talent as quickly as possible," said Tung.
People should have a thorough understanding of the business environment in China, knowledge of international finance and proficiency in Mandarin and other languages.
"A good command of English is not only a tool for conducting business and trade with the world, but also a must in maintaining Hong Kong's status as an international financial center.
"I hope that the educational community will respond to this need and offer more relevant courses to help nurture such talent," said Tung.
In September, Joseph Yam, head of the Hong Kong Monetary Authority (HKMA), said: "Our estimates suggest Hong Kong's reexport trade, involving the movement of goods to and from the Mainland through Hong Kong, will be considerably boosted, and should raise our annual GDP growth rate by somewhere between 0.5 percent and 1 percent."