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Open trade regime has helped withstand recent external shocks
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This Review has provided an excellent opportunity for Members to
better understand the trade and economic policies of Hong Kong, China.
Our meeting has involved a very informative exchange of views,
stimulated by the full and open engagement of the delegation of Hong
Kong, China, broad-ranged and insightful comments by the discussant,
and Members' active involvement in the discussion. Members' evaluation
of the trade and trade-related policies of Hong Kong, China has, by
and large, been positive; Members commended Hong Kong, China for
maintaining one of the most open economies in the world, one which
many Members should seek to emulate. The outcome, I believe, has been
a highly successful fourth Review of Hong Kong, China's trade
policies, practices and measures.
Since
its reversion to China, Hong Kong, China's institutional and policy
framework has remained largely unchanged, in accordance with the
principle of “One Country, Two Systems”. Despite the difficulties
it has faced as a result of the Asian financial crisis, current global
economic downturn, and increasing integration with the rest of the
country, Hong Kong, China has maintained its traditional openness to
both trade and investment; indeed, it has taken further liberalization
measures during the period under review.
Members
congratulated Hong Kong, China on its active role in the WTO,
including its strong support for the Doha Development Agenda. Members
noted Hong Kong, China's increasing involvement with regional and
bilateral trade agreements. Hong Kong, China provided information
regarding the development of regional trade agreements between it and
other Members, and noted that these agreements would be fully
consistent with the principles underlying the WTO.
Members
commended Hong Kong, China for its continued trade-liberalization
efforts and for the transparency and openness of its trade and
investment regime. While the authorities of Hong Kong, China did
indicate that they were now following a more “proactive” approach
to industrial policy in an effort to promote high value-added
activities, this policy involved support for general infrastructure to
facilitate development. The authorities re-affirmed that the policy
does not involve picking winners or rescuing losers at taxpayers'
expense; nor does it involve protecting or subsidising particular
industries.
In
the interests of predictability and stability, Members encouraged Hong
Kong, China to bind more of its tariffs. Some Members also encouraged
it to reduce excise tax rates on wine. Some Members urged Hong Kong,
China to continue to strengthen its regime to protect intellectual
property rights, particularly enforcement. Members generally
appreciated Hong Kong, China's efforts to maintain a competitive
market.
On
sectoral issues, Members noted the predominance of services in Hong
Kong's economy. Members commended Hong Kong, China on a wide range of
commitments under the GATS together with the lack of MFN exemptions,
as well as on its liberalization measures, particularly in
telecommunications and financial services, undertaken since its
previous Trade Policy Review in 1998.
Members
also sought clarification on several specific issues including:
- macroeconomic
policy and the broad economic environment;
- WTO
accession of China and its benefits to Hong Kong, China;
- rules
of origin under the proposed FTA with China;
- import
licensing;
- contingency
measures;
- standards,
sanitary and phytosanitary measures;
- government
procurement;
- assistance
to certain activities and small and medium-sized enterprises;
- rice
stocks;
- rules
of origin concerning textiles and clothing;
- division
of regulatory responsibilities concerning securities;
- air
and maritime transport;
- recognition
of diplomas and qualifications;
- postal
service liberalization, broadcasting licences, legal services,
licensing requirements for inbound travel agents; and
- movement
of natural persons (visas);
Members
expressed their appreciation of the oral and written responses and
explanations provided by the delegation of Hong Kong, China.
This
brings us to the conclusion of our fourth Trade Policy Review of Hong
Kong, China. The large number of advance questions, numerous
interventions and the high level of attendance indicate the importance
Members attach to Hong Kong's leadership at the WTO. In this context,
I would encourage Hong Kong, China to continue its traditionally
strong support for the multilateral trading system.
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