HKB 011/8
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FM HONG KONG
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TO IMMEDIATE HONG KONG GOVERNMENT OFFICE LONDON
TELNO 527
OF 120925Z OCTOBER 88
011211
MDHIAN 7243
AND TO IMMEDIATE HKGO BRUSSELS, HKGO GENEVA HKGO WASHINGTON AND TO IMMEDIATE HKGO NEW YORK, HKGO SAN FRANCISCO, HKETO TOKYO INFO IMMEDIATE FCO, PEKING
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MIPT : MY ADDRESS TO THE LEGISLATIVE COUNCIL : HIGHLIGHTS
ECONOMY
IN 1988, DOMESTIC EXPORTS +6 PERCENT, RE-EXPORTS +35 PERCENT (+ 250 PERCENT IN 5 YEARS)
GDP + 6 PERCENT (AVERAGE OF 10 PERCENT OVER PAST 3 YEARS)
CURRENT INFLATION 7 PERCENT+.
CHINA
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HONG KONG AND CHINA EACH OTHER'S LARGEST TRADING PARTNERS. CHINA THE SECOND LARGEST MARKET FOR HK EXPORTS, LARGEST SUPPLIER AND MARKET FOR RE-EXPORTS, SECOND LARGEST SOURCE OF
RETAINED IMPORTS.
HONG KONG ACCOUNTS FOR TWO-THIRDS OF ALL EXTERNAL INVESTMENT
IN CHINA.
1.5-2 MILLION PEOPLE IN GUANGDONG ESTIMATED TO WORK FOR HONG KONG
BUSINESSES (MORE THAN TOTAL IN MANUFACTURING SECTOR IN HK).
TRADE
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ACTIVE PARTICIPANTS IN URUGUAY ROUND OF MULTI-LATERAL TRADE
NEGOTIATIONS.
NEW ECONOMIC AND TRADE OFFICE IN TOKYO.
INDUSTRY
3RD. INDUSTRIAL ESTATE BEING PLANNED (JUNK BAY) LAND AVAILABLE
1993.
FEASIBILITY STUDY INTO ESTABLISHMENT OF TECHNOLOGY CENTRE.
IMPOROVEMENT OF INDUSTRIAL PROMOTION OFFICES OVERSEAS.
LABOUR SHORTAGE
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