香港總督府
CONFIDENTIAL
GOVERNMENT HOUSE HONG KONG
18 February 1982
My Lord,
HONG KONG ANNUAL REVIEW 1981
1. I ended my report for 1980 with a description of the unhappy atmosphere created by static real incomes for industrial workers, the disturbing effects of the influx of immigrants, and poor trade prospects for 1981, and commented that this Government would have to watch its step in the year to come. But though much Government time was wasted on irrelevancies such as the McLennan Enquiry and on endless discussions on bus fares and electricity charges, on basic essentials 1981 did not turn out too badly. The usual calendar of events is attached.
Economic
2.
First of all the economy as a whole held up surprisingly well in spite of the unhappy state of Hong Kong's major overseas markets. The increase in domestic exports in real terms over 1980 grew from 6% in the first quarter of 1981 to 10% in the last.
3. The new measures to stop illegal immigration held. This tightened the labour market and unemployment fell back to 3.6% - virtually full employment. By the end of the year real wages in industry and the construction industry which had been held back by the glut of immigrant labour started to rise again. The increase in GDP per capita was 6.3% in 1980 and looks like being 8% in 1981. While the benefits may have been unevenly spread, the workforce did have a cheering sense of a rising rather than dropping tide.
Inflation continued at much the same rate as in 1980 with the deflator at about 10% but consumer
4.
/ prices
The Rt. Hon. The Lord Carrington, KCMG, MC,
Secretary of State for Foreign and Commonwealth Affairs
CONFIDENTIAL