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(b) The value of domestic exports from Hong Kong in the first six months of 1976 was higher than the corresponding six months for 1975: imports during the same period of 1976 were 39% higher in value than in the first half of 1975;
(c) The unemployment rate in March 1976 was 5.6% compared to 9.1% in September 1975 (and is now probably much lower);
(a) Increases in real wage rates amounted to 13-15% between March 1975 and March 1976;
(e) Consumer price indexes in the first half of 1976 showed very moderate increases (2%-3%) over the first half of 1975.
LINE TO TAKE
4.
The PUS may wish to comment in general on the strong recovery of the Hong Kong economy. He could also make the point that the strength of the economy should enable Hong Kong to accelerate implementation of the programmes for improvements in social conditions that were held up during the recession. As the Governor said in his statement at the opening of the current session of the Legislative Council earlier this month, the target should be to raise standards, especially in the labour field, to a level "broadly equivalent to the best in neighbouring countries whose stage of economic development and social and cultural background" are similar to Hong Kong's, ie her principal Asian competitors,
excluding Japan.
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