CONFIDENTIAL
SUMMARY
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1969 was a year of continuing social and economic progress, against a background of public and overseas confidence.
The 1969/70 budget surplus will be of the order of $450 million. A surplus of $187 million is estimated for 1970/71.
Domestic exports set a new record despite quota and other trading restrictions, being up 24,8% over the previous year.
Industrial expansion continued, with resultant shortage of factory space and pressure on labour force. The general level of wages rose by 14% during the twelve months up to September 1969, as against a 3% rise in the Consumer Price Index. Tourists increased by 23.7%.
There has been a sharp revival of activity in the property market. However, drop in new building schemes in past few years had led to rent increases in industrial and domestic premises. Supply of planned new factory space in 1970 should resolve the problems of industrialists but legislation had to be passed to protect domestic tenants from eviction and unreasonable rent increases.
Low-rent public housing for over 123,600 persons was completed during the year. Over a third of the population is now living in low-rent public housing.
Massive new road-building programmes are in hand, and further studies are being done on a mass transit scheme.
Steps have been taken to ensure that container ships will be able to use the port.
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Work has started on the cross-harbour tunnel
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connecting Hong Kong Island to Kowloon.
The extension of Kai Tak runway has been approved and extensive improvements have been and will be made to the Airport Terminal facilities,
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CONFIDENTIAL