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MONDAY, SEPTEMBER 23, 1985
WITHIN DOMESTIC DEMAND, PRIVATE SECTOR DEMAND WAS EXPECTED TO GROW BY FIVE PER CENT IN REAL TERMS, WHILE PUBLIC SECTOR DEMAND WAS FORECAST TO DECLINE BY FOUR PER CENT, HE SAID.
WITH THE EXPECTED COMMENCEMENT OF THE TUEN MUN LIGHT RAIL SYSTEM IN 1986, SIR JOHN SAID, PUBLIC SECTOR EXPENDITURE ON BUILDING AND CONSTRUCTION WAS EXPECTED TO PICK UP AGAIN IN THE COMING YEAR OR SO.
+WE CAN LOOK FORWARD TO THE START OF CONSTRUCTION OF THE NEW EASTERN HARBOUR, THE TATE'S CAIRN AND THE SHATIN TUNNELS, + HE SAID.
+THE GOVERNMENT REMAINS COMMITTED TO PROVIDING THE INFRASTRUCTURE THE COMMUNITY REQUIRES.+
SIR JOHN SAID THAT IT HAD, HOWEVER, TO BE RECOGNISED THAT THE ECONOMY REMAINED, AS ALWAYS, CRUCIALLY DEPENDENT ON TRADE AND VULNERABLE TO EXTERNAL FORCES OUTSIDE HONG KONG'S CONTROL.
THE WORLD ECONOMY WAS BY NATURE CYCLICAL AND CYCLICAL MOVEMENTS IN HONG KONG'S OWN ECONOMIC AND EXPORT PERFORMANCE COULD STILL BE EXPECTED IN FUTURE.
FROM THIS SPRUNG THE NEED TO BE VERY CAUTIOUS ABOUT THE PUBLIC FINANCES, HE SAID.
IN RECENT YEAR, HE SAID, CHINA HAD PROVIDED THE HONG KONG ECONOMY WITH A NEW SOURCE OF GROWTH.
+ THE RAPIDLY EXPANDING VOLUME OF TRADE WITH CHINA HAS STRENGTHENED THE ECONOMIC TIES AND COOPERATION BETWEEN US, AND HONG KONG'S ROLE AS A MAJOR ENTREPOT FOR CHINA HAS RE-EMERGED.
+HONG KONG AS THE MAJOR FINANCIAL CENTRE IN THE ASIA-PACIFIC REGION, SHOULD ALSO BE ABLE TO INCREASE ITS CONTRIBUTION OF EXPERTISE IN THE FINANCIAL AND RELATED SERVICES THAT LINK CHINA WITH THE REST OF THE WORLD,+ HE SAID.
+
AMONG EXTERNAL ADVERSE FORCES THREATENING HONG KONG, CALLS FOR FURTHER PROTECTIONIST MEASURE IN PARTICULAR IN THE U.S. POSED THE MOST IMMEDIATE THREAT TO THE PERFORMANCE OF THE HONG KONG ECONOMY, SIR JOHN SAID.
+THE CONTROVERSIAL JENKINS BILL WOULD, IF PASSED INTO LAW UNDERMINE NOT ONLY WORLD TRADE IN THE TEXTILES SECTOR, BUT ALSÓ THE MULTI-FIBRE ARRANGEMENT AND THE GATT ITSELF BECAUSE IT CONTRAVENES SOME OF THE VITAL PRINCIPLES UNDERLYING THOSE INTERNATIONAL AGREEMENTS.
+GIVEN THAT THE HONG KONG ECONOMY IS SMALL AND OPEN, SUCH TRENDS IN RISING PROTECTIONISM ARE VERY WORRYING INDEED.
/+I CAN