HONG KONG ECONOMY
2
7.
Between October and December last year Hong Kong Stock Market fell considerably. Due to several factors including worldwide recession which led to estimated growth rate of 2.4% in 1982-3 (compared to estimated 8%) and decline of property market, which has a major influence on Stock Market. Uncertainty about future also a factor.
volatile market than those in the West.
8.
It is a far more
This year, Stock Market has risen again as general economic outlook has improved. In his budget speech on 23 February the Financial Secretary projected 4% growth of GDP in real terms in 1983-4, and real growth of 7% in imports and exports (including re-exports).
ECONOMIC VALUE OF HONG KONG TO CHINA
9.
It is difficult to make a precise assessment of Hong Kong's contribution to the economy of China but it is a significant factor in discussions about the future of Hong Kong. China draws considerable economic benefit from Hong Kong as the
source of her foreign exchange, and as a source of investment
capital and of financial and commercial services.
Hong Kong and General Department
28 March 1983