9
WEDNESDAY, APRIL 20, 1988
"THEY MAY FIND IT REWARDING AS THESE EX-EMPLOYEES MAY HAVE NEW WORKING KNOWLEDGE OF ONE MORE COUNTRY WHICH MAY BE BENEFICIAL TO THE EMPLOYER AND OF MUTUAL BENEFIT TO BOTH COUNTRIES IN SUCH AREAS AS TRADE PROMOTION, HE SAID.
**
TURNING TO THE ECONOMY, HE SAID THAT THE DOLLAR'S LINKED EXCHANGE RATE WITH THE U.S. CURRENCY HAD ATTRACTED
ORDERS THAN HONG KONG COULD COPE WITH, AND ORDERS WERE SPILLING
INTO CHINA AND CREATED OVER ONE MILLION JOBS THERE.
MORE
OVER
BUT, IN THE LONG TERM, INFLATION AND COMPETITION WITH CHINA MIGHT ERODE HONG KONG MANUFACTURERS' PROFIT MARGIN, HE NOTED.
"WE MUST INVEST MORE IN EQUIPMENT, TRANSFER OF TECHNOLOGY TRAINING OF STAFF TO BOOST OUR ECONOMY FROM A LABOUR INTENSIZ ONE A CAPITAL INTENSIVE ONE WITH HIGHER TECHNOLOGY, HE SAID.
**
AND TO
HE ALSO CALLED ON THE GOVERNMENT TO TAKE ALL NECESSARY STEPS WHICH VE TO RESTORE THE CONFIDENCE OF INVESTORS IN THE STOCK MARKET, SAID WAS OF PARAMOUNT IMPORTANCE.
MR CHAN EXPRESSED STRONG SUPPORT FOR THE $7.8 LINKED RATE
THE ECONOMY THE U.S. DOLLAR, SAYING THAT IT NOT ONLY BENEFITTED ALSO PROVIDED STABILITY,
WITH
BUT
1.3. HAD AT
HE NOTED THAT BEFORE THE LOCAL CURRENCY WAS LINKED TO THE
FREE-FLOWING HONG KONG DOLLAR DOLLAR IN OCTOBER 1983, THE ONE STAGE REACHED $9.6 AGAINST THE U.S. DOLLAR.
8
BY $1. MADE KNOWN
THIS SHOWED THAT THE HONG KONG DOLLAR HAD APPRECIATED OR 18.75 PER CENT SINCE OCTOBER 1983. THIS FACT SHOULD BE TO HONG KONG'S TRADING PARTNERS WHO SAID THAT THE HONG KONG DOLLAR HAD NOT APPRECIATED ALONG WITH THE CURRENCIES OF IN ASIA.
OTHER
DEVELOPING AREAS
MR ON VIETNAMESE REFUGEES, ALREADY SPENT SOME $900 JANUARY 1979.
CHAN
MILLION ON
NOTED THAT HONG KONG HAD THE UPKEEP OF REFUGEES SINCE
IF HONG KONG CONTINUED TO SPEND THE ESTIMATED $126 MILLION ANNUM UNTIL JUNE 30, 1997, THE FINANCIAL BURDEN WOULD BE LARGE.
"
'BESIDES THE GOOD NAME OF BEING HUMANE, WHAT OTHER BENEFITS WE DERIVE FROM SPENDING THIS HUGE SUM OF MONEY?" HE ASKED.
PER
DO
ΤΟ THE NOW BEING
HE SAID HONG KONG PEOPLE HAD AT FIRST BEEN SYMPATHETIC PLIGHT OF THE REFUGEES, BUT HE FELT THAT THIS SYMPATHY WAS ABUSED, AND AS A RESULT THERE HAD BEEN A SHIFT IN PUBLIC OPINION.
STRONGLY SUPPORTED INDIRECT ON INDIRECT TAX, MR CHAN SAID HE
NOT TO TAX TAX FOR UNNECESSARY ITEMS. BUT HONG KONG MUST BE CAREFUL DAILY NECESSITIES AS THIS WOULD CAUSE INFLATION AND HIT THE LOW INCOME GROUP.
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