Kingdom. We have also seen intensified discussion about the
towards a directly elected
right pace of
legislature and
of Rights. And
scrutiny.
progress
calls for the early introduction of a Bill
the draft Basic Law has come under renewed
5.
Despite this
uncertainty and worry on the
political front, our economy showed itself to be robust.
Once again, we have been reminded how much our survival
resilience of our businessmen and our
depends on the
workforce.
The
because of the
But our
tourist industry was affected, largely
wholesale cancellation of tours to China.
manufacturing sector was relatively unscathed; and
economic links with China, especially with Guangdong
Province, have remained strong. Our newly-reorganised
financial institutions weathered the crisis and emerged
with their reputations enhanced. Our linked exchange rate
system proved its worth at a testing time.
6.
The overall economic effect on Hong Kong of the
events in China will probably be a slight check to the rate
of our economic expansion.
earlier estimate was that our
year, compared to
7% in 1988.
The
Financial
Secretary's
GDP would grow by 6% this
This forecast has now been
20'd 22
/adjusted
S'I'D PO:LT TI-OT-686T