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Category which vets the business background of potential business migrants far more rigorously than the old BMP.
4.
The number of applications received by the Australian Consulate in Hong Kong fell by 13% in 1990/91 as compared with 1989/90. Confidence in Hong Kong and world recession
discouraging people from emigrating. However, the number of immigrant visas issued rose by 23% during the same period as
a result of relaxation of the selection creteria. Despite the drop in applications, emigration to Australia is
expected to remain at the current level for the next two to
three years, owing to a backlog of applications to be
processed.
Inflation and the Economy
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- The recovery in the economy continues. Growth in 1991 was
about 4% and is projected be be 5% in 1992. Inflation still
a problem currently running at about 10% down from 12% in
1991. Efforts by Hong Kong Government to combat inflation, eg property market price stabilisation and labour import
scheme seem to be working. Total exports in 1991 increased by 20% over previous year, imports by 21%, and re-exports increased dramatically by 29%. There was a small trade
deficit of HK$1.68 bn. Supported by favourable corporate
results and interest rate cuts. Local share prices have jumped. The Hong Kong Index rose to an historic high of
6083 on 27 May, and the trend continues.
New Airport
The award of contracts for the airport projects is proceeding rapidly. Recently, the main bridge and the Tai Ho section of the North Lantau Expressway (the two largest contracts to have been awarded to date) were won by consortia including British companies. The consortia which won the latter included an Australian company
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Eltin
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