TUESDAY, AUGUST 26, 1986
GOVERNOR TO ATTEND TDC DINNER IN LONDON
*****
THE GOVERNOR, SIR EDWARD YOUDE, WILL BE VISITING LONDON TO ATTEND THE DINNER TO BE HELD BY THE TRADE DEVELOPMENT COUNCIL ON SEPTEMBER 11.
SINCE SOME MEMBERS OF THE EXECUTIVE COUNCIL WILL ALSO BE ATTENDING THE DINNER. THE OPPORTUNITY WILL BE TAKEN FOR ALL UNOFFICIAL MEMBERS OF THE EXECUTIVE COUNCIL TO ACCOMPANY THE GOVERNOR TO LONDON,
J
THEY WILL CALL ON THE PRIME MINISTER, THE SECRETARY OF STATE FOR FOREIGN AND COMMONWEALTH AFFAIRS AND THE FOREIGN AND COMMONWEALTH VINISTER RESPONSIBLE FOR HONG KONG, MR TIMOTHY RENTON.
THE PURPOSE WILL BE TO REVIEW GENERALLY THE DEVELOPMENTS IN HONG KONG AND THE IMPLEMENTATION OF THE JOINT DECLARATION SINCE THEIR LAST VISIT.
EXPORT-LED GROWTH WITH LOW UNEMPLOYMENT, STABLE PRICES
******
ECONOMIC GROWTH IN THE FIRST HALF OF 1986 WAS EXPORT-LED, WITH DOMESTIC EXPORTS PROVIDING THE MAIN IMPETUS TO GROWTH. THE RECOVERY IN DOMESTIC EXPORTS HAS GATHERED MOMENTUM SINCE MARCH 1936.
FOR THE FIRST HALF AS A WHOLE, DOMESTIC EXPORTS GREW BY AN ESTIMATED & PER CENT IN REAL TERMS COMPARED WITH THE SAME PERIOD LAST YEAR, MADE UP OF GROWTH RATES OF 1 PER CENT IN THE FIRST QUARTER AND OF ABOUT 14 PER CENT IN THE SECOND QUARTER, ACCORDING TO THE HALF-YEARLY ECONOMIC REPORT 1986 PUBLISHED TODAY BY THE GOVERNMENT.
THE IMPROVED EXPORT PERFORMANCE AND CONTINUED GROWTH IN DOMESTIC DEMAND HAS HELPED TO KEEP THE UNEMPLOYMENT RATE AT A LOW LEVEL, AT 3.0 PER CENT IN THE SECOND QUARTER OF 1986, BUT HAS NOT GENERATED MUCH PRESSURE ON THE GENERAL PRICE LEVEL, WITH THE YEAR-ON-YEAR RATE OF INCREASE IN THE CPI(A) STAYING LOW AT 2-3 PER CENT IN THE FIRST HALF OF THE YEAR.
LATEST FIGURES ON THE ORDER-BOOK POSITIONS IN MANUFACTURING AND ON RETAINED IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES SUGGEST A CONTINUED GROWTH IN DOMESTIC EXPORTS AND MANUFACTURING ACTIVITY IN THE COMING MONTHS.
/AS REGARDS