Hong Kong faces huge trade losses, particularly...
Hong Kong faces huge trade losses, particularly in re-exports, if the U.S. Congress does not renew China’s most favored nation status, according to a senior Hong Kong government official.
“We have estimated that, even on the basis of measurable trade, we stand to lose perhaps up to $10 billion worth of trade a year,” Secretary for Trade and Industry John Chan said.
President Bush must decide by June 3 whether to ask Congress to revoke the special trade status for China.
The British colony’s total trade between January and October, 1989, was worth $12.06 billion.
Re-exports from Hong Kong for goods originating in China between January and September, 1989, were worth $1.75 billion.
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