their adaptability and speed in diversifying their activities, their
concem to provide what the market demands at a fair price, the
assiduity of the Hong Kong worker and his willingness to adapt to new
skills and new opportunities, the prime position of the harbour and
the aviation centre and the merchanting and related services which go
with them, the commitment of the govemment and the community to the
free enterprise system, the consistency of government policy in
providing essential services and basic infrastructure but intervening
in the economy only where prudent regulation and the good name of
Hong Kong requires, sound management of the public finances - none of
these has changed.
If any evidence were required of the resilience which that
combination of factors can generate, it can be found in the items on
the credit side of our account for 1983.
Our 1983 exports and re-exports, at about US$22 billion, are
over 25 per cent above the 1982 figure. Of them, nearly one third-US$7
billion - went to the United States, and imports from this country
came to over US$2.6 billion.
Our unemployment rate has been stable. At its peak it was between 5 and 6 per cent and is now about 4 per cent.
Our new currency stabilisation measures have been successful.
We are under no illusion that we are out of the wood. But even with
the new surge in the U.S. dollar rate at the end of last year the
movement in the exchange value of the Hong Kong dollar was limited to 0.25 per cent. There are not many currencies around the world which
We have considerable reserves and no central
can match that.
government debt.
You do not find the name of Hong Kong on the list of
those requiring their debts to be rescheduled, or seeking IMF support,
nor is there any reason it should appear there in the future.
You have heard much of the troubles of some of our companies.
But surely what is remarkable is the number who have survived the storm.
Some in the property sector may remain troubled but there has been much to compensate for that. A GDP growth rate of 6 per cent in 1983 is not
a sign of a collapsing economy.
As a