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Wednesday, March 14, 1973
housing.
Accompanying this would be a crash programme for Government
Referring to the Financial Secretary's prediction that rent
levels for domestic premises would stabilise this year, Mr. Wong said
this was being "somewhat optimistic."
Although 30,000 flats were to be completed this year, he said, the number of new families had increased considerably and there was a
tendency to hoard flats as indicated by the fact that over 4,200 flats
were vacant at the end of 1972 when 20,000 flats were completed.
its peak.
Mr. Wong said Hong Kong's economy appeared to have reached
The Gross Domestic Product for 1972, he noted, was $23,000
million or $5,750 per capita, while the public debt was still $16.50 on a
capita basis.
Bank deposits at the end of last year were $24,613 million
while loans and advances were $17,726 million.
"Therefore, the ultimate criterion is not the amount of reserves
but the taxibility of the economy," he said.
desirable but not necessary.
I
t
•
"General reserves are
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