TUESDAY, MAY 29, 1984
CLARITY AND DETAIL ESSENTIAL TO CONFIDENCE
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SIR JOHN
THE SINO-BRITISH AGREEMENT ON HONG KONG'S FUTURE NEEDS CLARITY AND DETAIL TO GIVE CONFIDENCE LOCALLY AND ABROAD, THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, SAID TODAY (TUESDAY), IN AN ADDRESS AT THE CABLE AND WIRELESS DINNER.
THE BEST METHOD OF ENSURING HONG KONG'S FUTURE SUCCESS, SIR JOHN SAID, IS THROUGH A BINDING INTERNATIONAL AGREEMENT
IN WHICH ARRANGEMENTS FOR THE TERRITORY'S CONTINUING PROSPERITY AND STABILITY, BASED ON A SUBSTANTIAL AUTONOMY, WOULD BE FORMALLY RECORDED.
+WE ARE LOOKING FOR THE CLARITY AND THE DETAIL WHICH IS ESSENTIAL TO GIVE CONFIDENCE TO ALL THOSE AFFECTED BY THE AGREEMENT, IN HONG KONG AND ELSEWHERE.
+
+ IF SUCH AN AGREEMENT CAN BE ACHIEVED, THEN I AM SURE THAT THE BUSINESS COMMUNITY IN HONG KONG AS A WHOLE AND HONG KONG'S INTERNATIONAL PARTNERS WILL SHARE THE CONFIDENCE IN THE FUTURE AND DETERMINATION TO INVEST IN IT, + SIR JOHN SAID.
HE FORECAST THAT IN 10 YEARS' TIME, HONG KONG'S PER CAPITA GROSS DOMESTIC PRODUCT +COULD WITH A BIT OF LUCK BE OF THE SAME ORDER AS THAT IN THE UNITED KINGDOM+,
+THIS WOULD BE REMARKABLE, GIVEN THAT OUR FINE HARBOUR IS OUR ONLY NATURAL RESOURCE,+ SIR JOHN SAID.
HE DESCRIBED HONG KONG'S ECONOMY AS BEING AT PRESENT, WITH A REAL-TERM INCREASE OF 30 PER DOMESTIC EXPORTS.
BUT HE POINTED TO TWO PROBLEM AREAS:
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*
IN GREAT FORM+ CENT IN
INVESTMENT IS NOT AS PRONOUNCED AS WOULD NORMALLY BE EXPECTED, THOUGH HE IS MORE OPTIMISTIC NOW AS THE RESULT OF RECENT SIGNS OF IMPROVEMENT.
HONG KONG'S INFLATION RATE IS STILL HIGH THOUGH IT IS NOW FALLING FAST SO THAT HE SEES HIS EARLIER FORECAST OF A SEVEN PER CENT LEVEL BY THE END OF THE YEAR AS BEING ACHIEVABLE.
SIR JOHN EMPHASISED THAT THE GOVERNMENT INTENDS TO MAINTAIN ITS RELIANCE ON MARKET FORCES AND THE IMPERATIVES OF INDIVIDUAL FREEDOM AND ENTERPRISE.
/THE GOVERNMENT