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HONG KONG PROVISIONAL URBAN COUNCIL
It is dealing a blow to our economy, our politics and all facets of our livelihood. From the newspaper headlines, we know that in the area of finance, the stock market is on a downhill slide, the local and Asian currencies are being buffeted on all sides, bank rates remain high while real estate prices are falling. There are unending reports of well-known companies and merchant banks going bankrupt and public companies finding themselves in financial straits. We also read of independent international bodies downgrading the credit rating of the Hong Kong Government and Hong Kong banks. Commissioning of the airport will be delayed, resulting in a loss of over $1 billion. The other major pillars of our economy, including the tourist industry, are on the decline. All industries can be said to be adversely affected. Employment figures in such areas as tourism, hotels, retail trade and restaurants are not very encouraging and the number of companies going bankrupt has gone up by over 40% over the same period last year. There are also rumours that 800 ground staff will be laid off in the airline industry, causing the unemployment rate to soar.
Apart from the above problems relating to economy, finance, employment and people's livelihood, Hong Kong's public health is also facing a great challenge. The 0157 E. coli bacteria, the Listeria in Dreyer's ice-cream, the H5N1 virulent bird flu and even the H3N2 bacteria that is now being talked about have all invaded our busy market ahead of time and taken over Hong Kong. Under this situation, we can see a decline in the economy, housing, people's livelihood, finance and public health of the territory. Democracy, too, is on the decline as there seems to be a regression of democracy in the constitutional picture. All this is being reported on one page of the newspapers. But what is the Government's response on the opposite page?
The Government's response is the usual official jargon: This financial storm is only temporary; we expect it to be over before Christmas Eve 1997. The current system of pegging the Hong Kong dollar to the greenback is still working well. You can consider getting into the market when the index reaches 10,000. Our economic base is very sound; our monetary reserves can be said to be very strong. As for the bird flu, the situation is now under control. It was not a friendly gesture for certain independent bodies to downgrade the credit ratings of the Hong Kong Government and Hong Kong's economic system.
The above situation tells us a lot about our politics, the wisdom of the Government's management and our culture. The Government continues to downplay our present crisis and regard it in a short-sighted manner. It continues to release misleading information that is repeated over and over again. It does not have any positive remedial measure or contingency plan and turns a deaf ear to well-meaning criticisms and suggestions. Our current Government officials are all-rounders and specialists in leadership. According to the latest reports, senior Government officials think that the present civil service system does not have to be changed and that there is no need for any