-
5
individuals, and it is n'tural thrt calls for controls should be made.
But though Sow mert will continu. to watch the situation closely, it does
not intend to introduce controls particularly when such an unpreced ntedly
large supply of new commercial floor space is coming on the market and
which in -11 logic should restrain the rate of further increasɩ5.
Jurning now to general issues, any analysis of the present
situation must contain, like yours, Sir, clemente both sweet and sour.
Let first disport of the sour.
He have had 4 inflation over the last year, largely imported.
It is a high fir.. nd its implications for all are apparent. And the Government in very well aware that shoe pinches hardest in lower and middle income brackets.
Short...ning oroure and fall-off in demand in North Anerics and
-
Europe heve produced marked drop in the mother-t of our exports
(I rupent in real terms)
-
from
annual growth rate in real terms/in the first half of this year to
between 4 ana 7 in the second. This trend is a matter of concern her, in Hong
enviable. Kong, but by world standards the rate of growth is still respectable, event
Then there has been immigration. The measures to ictor ille l
immigration have worked so far, and we are aceply indebted to the
security fornes, the cooperation of the Quangdong Provincial Governaert,
and the support of the public. Nevertheless in the two years up to last
October we rind about 300 000 zoru population by immigration.. The
effect will have to be faced in many field. Certainly it held back to.
growth rate of w ge levels even in 1979, and in 1980, in combin' tion
-ctivity in some industrial sectors, it resulted in
with r.duced
real incrmƏQ at t
[V
lower and of the scal ́t best remaining st-tic
and pose lihtly falling.
It also maramsted th off c* of -cetoric con
unut rlement.
= risen from 2. ir
L
1979
15.4
5.41