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Saturday, June 12, 1976
risen b- as much as 20% or more over their level of last year. All
this is evidence of a rapid taking up of the cluck and of renewed
real growth in the economy and this has been reflected also in activity
in the construction industry, as well as in increased consumption and
higher imports.
"Obviously we cannot expect this surging upward trend to
continue at the same pace indefinitely. As I have said, we have bean
taking up the slack. Once this process has been completed and we cre
back to reasonably full employment as we nearly gre now
-
any further
advance must depend on the underlying growth of our productive
resources and on their better utilisation. We also continue te doend,
and I cannot emphasise this too much, on the continued recovery of our
oversees markets, particularly in North America and Western Europe.
However particularly in North America but also elsewhere prospects for
growth are now most encouraging.
"But this, I think, we can say. By weathering by far the worst
recession since the war and coming back onto our growth course co fant,
there is new confidence in Hong Kong's underlying strength and future
prospects. And to this the helpful attitude of the Feoples' Republic
of China is highly relevant. I believe Hong Kong is now a stronger and
sounder place than it was in the boom years of 1972/75, and cur new industrial
and other policies are designed to make it stronger still.
"But economic growth is not the only objective of this Government,
although it is a fundamental requirement for the achievement of our other
objectives. For economic growth is only of social nezain if it brings about
a better life for all our people and not just a few. Some of this will
happen automatically, through higher wages and higher incomes of all sorts.
But in any just society some of the fruits must be distributed through
public action.
There now