CONFIDENTIAL
að bera kan ekit
public provision might be made for goods and services that would in any event be supplied privately (and there is plenty of scope for this in the education and health fields in Hong Kong), there is the point that the labour market is now relatively slack(with wages increasing less rapidly than profits as a result). This slackness is likely to remain, not only because of the anticipated slower growth of the economy, but also because unemployment seems likely to persist given that the population of working age is still increasing by about 3-4% a year.
Economists Department
Foreign and Commonwealth Office
October 1975
21
CONFIDENTIAL