JAN 28 '93 11:16 UKDEL
FOL
TUE 26 JAN 93′ 13:23
GOVERNENT HOUSE HONG KONG.
TUE 28 JAN 93 29:84
CONFIDENTIAL
:
PG.13
PG.68
projections.
projec
position ca
Zn
equence, the shift in the fiscal
expected to be of a lesser magnitude
Khan the projections sight at first suggest.
(B)
min era of
(C)
(D)
shift in the riscal position
quite rightly been identified by the Fund Staff Es relating to the investment in the new airport and
Felated projects.
investment will mail
ent
main demands
this
construction industry #
which no doubt is showing some
118 is evidenc
Fevant Bonths
by 11.6% between
third quarter
slack et present.
de prices for contracts awarded
tender price index has fallen
first quarter of 1991 and the 1997. In addition, not only will
there be significant leakage to imports as the works
kze plant
plant and equipsent intensive, but contractors working on airport and related projecta wil1
labour under a special labour
permitted to import labour
importation scbees.
The HK Authorities, remain committed to its budgetary strategy of mainkmining control,
over the medium
term, on the growth of public expenditure.
contiming shift of manufacturing capacity to southern China, which will help to release labour in
P.5/6