THURSDAY, OCTOBER 27, 1977
WHILST ADMITTING THAT THE GROWTH OF HONG KONG'S ECONOMY DEPENDED ON THE GROWTH OF EXPORTS, NEITHER THE GOVERNOR IN HIS ANNUAL POLICY SPEECH NOR THE FINANCIAL SECRETARY HAD INDICATED HOW THE GOVERNMENT PROPOSED TO RELIEVE THE PRESSURE ON COSTS SO AS TO RESTORE PRICE FLEXIBILITY, SHE SAID.
IT SEEMED THE GOVERNMENT WAS CONTENT TO SIT BACK AND HOPED THAT A DECLINE IN PRIVATE SECTOR DEMAND WOULD EASE OFF THE PRESSURE, +BUT SURELY THIS SHOULD AT LEAST BE ACCOMPANIED BY A TRIMMING BACK OF PUBLIC SECTOR DEMAND, SHE SAID.
YET TAKING INTO ACCOUNT THE FINANCIAL IMPLICATIONS OF THE PROPOSALS CONTAINED IN THE GOVERNOR'S SPEECH AND GROWING COST OF EXISTING SERVICES, THE PROSPECT WAS FOR A SHARP INCREASE IN RECURRENT EXPENDITURE NEXT YEAR.
SHE HOPED THE GOVERNMENT WOULD BE MINDFUL OF THE NEED TO MANAGE THE ECONOMY AND PUBLIC FINANCES IN SUCH A WAY AS TO SECURE OUR PROSPERITY +FOR IT IS IMPORTANT THAT WE DO NOT SUFFER A PERMANENT LOSS OF OUR FLEXIBILITY,
OUR ECONOMIC PROSPECTS ALSO DEPENDED ON THE MAINTENANCE OF CONFIDENCE IN OUR FUTURE, MISS DUNN CONTINUED.
+ IT FOLLOWS THAT THOSE WHO ARE CONSTITUTIONALLY RESPONSIBLE FOR HONG KONG SHOULD ENSURE THAT THERE IS NO AMBIGUITY IN THEIR ACTIONS WHICH COULD BE INTERPRETED, RIGHTLY OR WRONGLY, AS SHOWING A LACK OF INTEREST IN OUR WELFARE, SHE EXPLAINED.
SHE SAID MANY IN HONG KONG HAD BEEN DISTURBED BY THE BRITISH GOVERNMENT'S ACQUIESCENCE IN THE EEC'S DISCRIMINATORY TRADE POLICY.
WHAT UPSET PEOPLE WAS THE DISCRIMINATION OF BRITAIN AGAINST HONG KONG FOR WHICH IT HAS A SPECIAL RESPONSIBILITY, IN FAVOUR OF OTHER SUPPLIERS FOR WHOM IT HAS NONE.
HONG KONG HAD NOT ASKED THE BRITISH GOVERNMENT TO DISCHARGE THIS RESPONSIBILITY IN A WAY COSTLY TO THE BRITISH TAXPAYER OR DAMAGING TO THE BRITISH INDUSTRY, ALL WE ASKED WAS THAT THE BRITISH GOVERNMENT IS MINDFUL OF ITS ULTIMATE RESPONSIBILITY FOR THE WELFARE OF HONG KONG +AND THIS INCLUDES RESISTING THE APPLICATION OF TRADE POLICIES TO US WHICH ARE SO INDEFENSIBLE IN TERMS OF INTERNATIONALLY ACCEPTED RULES, SHE SAID.
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