I
2
WEDNESDAY, SEPTEMBER 17, 1986
IN THIS CONTEXT, HE WELCOMED THE INITIATIVE OF THE HONG KONG ASSOCIATION OF BANKS IN ADDRESSING THE SUBJECT OF RISK ASSESSMENT OF INDUSTRIAL LOANS AND THE AVAILABILITY OF VENTURE CAPITAL. SUCH PRIVATE SECTOR INITIATIVES WOULD NO DOUBT CONTRIBUTE TO THE LONG-TERM DEVELOPMENT OF HONG KONG INDUSTRY.
DEALING WITH THE GDP, MR JACOBS SAID THAT TAKING INTO ACCOUNT THE GOOD PERFORMANCE OF THE ECONOMY SO FAR THIS YEAR, HE HAD REVISED THE FORECAST GROWTH RATE FOR 1986 UPWARDS TO ABOUT 5-1/2 PER CENT, FROM THE BUDGET FORECAST OF 4-1/2 PER CENT.
IN PARTICULAR UPWARD REVISIONS WERE MADE TO TWO MAJOR COMPONENTS, EXPORTS AND PRIVATE CONSUMPTION EXPENDITURE.
THESE MORE THAN OFFSET THE DOWNWARD REVISIONS MADE TO SEVERAL SMALLER COMPONENTS, SUCH AS BUILDING AND CONSTRUCTION AND NET EXPORTS OF SERVICES.
+AS PREDICTED IN THE BUDGET, 1986 IS PROVING TO BE A YEAR OF EXPORT-LED GROWTH. MOREOVER, THE RECOVERY OF THE GOVERNMENT'S FINANCES AFTER A PERIOD OF DEFICIT IS CONFIRMED, + HE SAID,
AS REGARDS THE LONGER TERM OUTLOOK, MR JACOBS SAID THAT HONG KONG REMAINED HEAVILY DEPENDENT ON EXTERNAL TRADE IN GOODS FOR ITS ECONOMIC WELL-BEING.
ANY
AND HERE PROTECTIONISM REMAINED A CONSTANT THREAT. FURTHER INTENS IF ICATION OF PROTECTIONIST MEASURES, PARTICULARLY IN THE UNITED STATES, WOULD AFFECT THE LONGER TERM PROSPECTS FOR HONG KONG'S EXPORTS AND FOR WORLD TRADE GENERALLY.
+THE GOVERNMENT WILL CONTINUE TO DO ALL IT CAN TO PROTECT HONG KONG'S TRADING RIGHTS AND INTERESTS, HE ADDED.
HK-NETHERLANDS AIR AGREEMENT SIGNED ****
A HONG KONG-NETHERLANDS AIR SERVICES AGREEMENT (ASA) WAS SIGNED IN THE HAGUE TODAY (SEPTEMBER 17). THE SECRETARY FOR ECONOMIC SERVICES, MR JOHN YAXLEY, SIGNED ON BEHALF OF HONG KONG AND THE MINISTER FOR FOREIGN AFFAIRS, MR HANS VAN DEN BROEK, FOR THE NETHERLANDS.
SIGNATURE OF THE ASA FOLLOWS DISCUSSIONS EARLIER IN THE YEAR BETWEEN THE UK AND NETHERLANDS DELEGATIONS AT WHICH PROVISIONAL AGREEMENT WAS REACHED ON THE TEXT. HONG KONG REPRESENTATIVES WERE INCLUDED IN THE UK DELEGATION AT THOSE
TALKS.
/THE ASA