2
<
Given a sustained demand
for manpower against a relatively
limited supply, earnings in all major sectors continues to show significant increases.
5.
Consumer price
inflation showed a significant moderation in the first eight months of 1992, before picking
up slightly towards the end of the year. Faster increases were observed notably in housing rentals and in the charges
for local services. Nevertheless, the year-on-year rate of
increase in the Consumer Price Index (A) stayed at a single
digit level for most of 1992. The average increase for the year as a whole was [9.5] per cent. The corresponding rate
of increase in 1991 was 12 per cent.
6.
1992.
Hong Kong is undergoing rapid structural change towards a more service-oriented economy. The contribution of
the service sectors as a whole to the GDP rose from 64 per
cent in 1985 to [69] per cent in 1991; their share in
employment increased from 55 per
cent in 1986 to [63] per
cent in
This change was made possible, in large measure, by the availability of outward processing facilities in China. By relocating the more labour-intensive production processes across the border, workers in Hong Kong are able to
concentrate
value-added and more
skill-intensive tasks locally. It has also facilitated the
release of a substantial number of local workers from the
manufacturing sector to the service sectors.
with
on
the
higher
the greater demand for services to
expanded production and export base.
This is in line
support a much