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WEDNESDAY, SEPTEMBER 18, 1974
GIVEN HONG KONG'S OPEN ECONOMY AND LACK OF NATURAL RESOURCES, +WE WOULD BE DELUDING OURSELVES TO THINK THAT UE COULD SPEND OUR WAY OUT OF TROUBLE BY TRYING TO REFLATE THE ECONOMY FROM OUR OWN RESOURCES,+ NR. JONES SAID. TO DO SO, WOULD BRING ONLY THE LOST SHORT TERM ADVANTAGE BEFORE A LARCE PART OF THE MONEY FLOWED OUT IN INCREASED. SPENDING ON IMPORTS AND THROUGH OTHER CHANNELS. +THAT WAY COULD ONLY LEAD TO BANKRUPTCY.+
GOVERNMENT'S ROLE
FOR ITS PART, THE GOVERNMENT IS TRYING TO STIMULATE INVESTMENTS ON WHICH HONG KONG'S LONG TERI GROUTH DEPENDS.
MR. JONES CITED AS AN EXAMPLE THE CROWING PROGRAMNE OF PUBLIC WORKS WHICH, APART FROM PROVIDING A STACLE ELEMENT OF EXPENDITURE WITHIN THE ECONOMY, ALSO HELPS TO DEVELOP THE BASIC INFRASTRUCTURE FOR THE COMMUNITY, SUCH AS ROADS, VATER SUPPLIES AND AIRPORT DEVELOPMENT, AS WELL AS SOCIAL DEVELOPMENTS LIKE PUBLIC HOUSING, EDUCATION AND MEDICAL SERVICES.
BEYOND THIS, THE GOVERNMENT IS ALSO WORKING ACTIVELY ON MEANS TO ATTRACT INTO HONG KONG FOREIGN INVEST.ENTS IN NEW, HIGHER TECHNOLOGY INDUSTRIES.
+PLANS ARE BEING CONSIDERED TO DEVELOP INDUSTRIAL ESTATES TO ATTRACT BOTH LOCAL AND FOREIGN INVESTIMENTS TO THESE NEW INDUSTRIES,+ MR. JONES SAID. +DISCUSSIONS ARE ALSO PROCEEDING ON THE POSSIBILITY OF BUILDING IN HONG KONG A HAJOR NEW OIL REFINERY AND PETROCHEMICAL COMPLEX.+
INVESTMENTS LIKE THESE, HE SAID, WOULD OPEN UP FURTHER POSSIBILITIES FOR THE DEVELOPMENT OF OTHER 1DUSTRIES HERE, AND INTRODUCE A MUCH WIDER RANGE OF TECHNICAL KNOU-HOW AND EXPERIENCE.
SOME OF THESE DEVELOPMENTS, HE SAID, WOULD BE COMING ON STREAM VERY SOON, AND ALL OF THEM WITHIN THE NEXT DECADE.
+THEY WILL, IF WE ARE SUCCESSFUL, PROVIDE A MAJOR IMPETUS TO HONG KONG'S ECONOMIC DEVELOPMENT WHICH, COUPLED WITH THE GENERAL FLEXIBILITY OF OUR INDUSTRY AND OUR COMPETITIVE STRENGTH, SHOULD ENSURE THAT, WHATEVER SHORT TERA DIFFICULTIES THERE MAY BE, THE FUTURE EXPANSION OF THE HONG KONG ECONOMY AND OF THE LIVING STANDARDS OF THE PEOPLE SHOULD BE ASSURED.+
NOTE TO EDITORS:
COPIES OF THE FULL TEXT OF MR. JONES' SPEECH ARE BOXED FOR COLLECTION.
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