O
., 1985
ON INFLATION, SIR JOHN SAID THE INFLATION RATE IN HONG KONG TENDED TO MOVE BROADLY IN LINE WITH THAT IN THE U.S. UNDER THE LINKED EXCHANGE RATE SYSTEM.
SEVERAL INTERNATIONAL FORECASTS SUGGESTED THAT CONSUMER PRICES IN THE U.S. WOULD INCREASE BY FOUR PER CENT TO SIX PER CENT IN THE NEXT FEW YEARS, SIR JOHN SAID. THUS THE OUTLOOK FOR INFLATION IN HONG KONG WAS ENCOURAGING. ASSUMING NO RESURGENCE IN WORLD INFLATION AND A REASONABLY STABLE U.S. DOLLAR, THERE SHOULD BE ONLY LIMITED IMPORTED INFLATION.
IN CONCLUSION, SIR JOHN SAID THE PROSPECTS FOR THE REST OF THE 1980S WERE GENERALLY FAVOURABLE.
+BUT THIS FORECAST IS TOTALLY SUBJECT TO EXTERNAL EVENTS OUTSIDE OUR CONTROL,+ HE SAID.
ECONOMIC LINKS WITH CHINA SHOULD BE FURTHER STRENGTHENED. THESE LINKS WOULD THUS BECOME A SIGNIFICANT FACTOR CONTRIBUTING TO ECONOMIC GROWTH AS WELL AS HELPING TO STABILISE POTENTIAL FLUCTUATIONS IN THE ECONOMY.
THE RELATIVE IMPORTANCE OF BUSINESS-RELATED SERVICES, INCLUDING FINANCIAL SERVICES, IN THE ECONOMY SHOULD CONTINUE TO INCREASE, WHILE THAT OF THE MANUFACTURING SECTOR MIGHT TEND TO BE SMALLER IN RELATIVE EXTENT. DOMESTIC DEMAND SHOULD GROW AT LEAST AS RAPIDLY AS IN THE FIRST HALF OF THE 1980S.
+AS A RESULT, THE ECONOMY IS EXPECTED TO GROW MORE STEADILY WITH RELATIVELY FULL EMPLOYMENT AND CONTAINED INFLATION,+ HE SAID.
HK NOW LEADING DIAMOND CENTRE
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AS A FREE PORT WITH ADVANCED BANKING AND COMMUNICATION FACILITIES AS WELL AS EXCELLENT HUMAN RESOURCES, HONG KONG HAD NOW EMERGED AS ONE OF THE LEADING INTERNATIONAL DIAMOND TRADING AND DISTRIBUTION CENTRES, THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, SAID TODAY (THURSDAY).
SPEAKING AT THE OPENING OF THE FIRST DIAMOND BOURSE IN ASIA, SIR JOHN SAID IT WAS ENVISAGED THAT THE FORMATION OF HONG KONG DIAMOND BOURSE WOULD PLAY A VITAL ROLE IN STRENGTHENING THE LOCAL DIAMOND TRADE AS WELL AS PROMOTING AND DEVELOPING THE DIAMOND INDUSTRY IN THIS PART OF THE WORLD.
/HE NOTED .................