THURSDAY. NOVEMBER 23, 1989
3
HK ECONOMY WELL POISED FOR EXPLOITING OPPORTUNITIES: FS
THE
HONG KONG HAS DEVELOPED A MUCH GREATER DEPTH AND STRENGTH OVER YEARS AND IT IS NOW MORE FIRMLY WOVEN INTO THE FABRIC OF INTERNATIONAL BUSINESS AND WORLD TRADE, THE FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID THIS (THURSDAY EVENING.
SPEAKING AT A DINNER MEETING OF THE HONG KONG SOCIETY OF ACCOUNTANTS ON THE STRUCTURAL ADJUSTMENT IN THE HONG KONG ECONOMY, SIR PIERS SAID THAT HONG KONG'S INFLUENCE HAD SPREAD OUT IN WAYS THAT
WE PERHAPS COULD NOT HAVE IMAGINED A COUPLE OF DECADES AGO.
"THE
WAY AHEAD IS NOT WITHOUT ITS DIFFICULTIES. THE ECONOMIC ENVIRONMENT IN WHICH WE WORK IS NOT ALWAYS SMOOTH. CHALLENGES SUCH AS PROTECTIONIST THREATS, COMPETITION FROM OTHER EXPORTING ECONOMIES, AND UNCERTAINTIES IN THE WORLD COMMODITY AND CURRENCY MARKETS CONTINUE TO
EXIST.
||
TO
NEVERTHELESS, WITH THE FAMILIAR INGREDIENTS THAT HAVE CONTRIBUTED TO OUR ECONOMIC SUCCESS UP TO NOW WE ARE WELL-POISED EXPLOIT OPPORTUNITIES AS THEY ARISE.
I BELIEVE THAT THE TRANSFORMATION THAT HAS BEEN TAKING PLACE WITHIN THE ECONOMY REINFORCKS OUR CAPABILITY IN THIS REGARD, HE SAID.
STR PIERS SPOKE OF THE STRUCTURAL CHANGES AND ECONOMIC OPPORTUNITIES THAT LAY AHEAD FOR THE HONG KONG ECONOMY.
IF TOUCHED ON THE CURRENT SITUATION IN THE ECONOMY. PRIMARILY BECAUSE DE THE CONSTRAINTS ON CAPACITY AND A SLACKENING OF DEMAND IN BOTH THE EXTERNAL AND DOMESTIC SECTORS. THE RATE OF ECONOMIC GROWTH HAS SLOWED DOWN MARKEDLY.
THE FORECAST OF GROSS DOMESTIC PRODUCT GROWTH FOR 1989 IS BEING REVISED DOWNWARDS TO THREE PER CENT. SIR PIERS SAID THAT FURTHER DETAILS WOULD BE RELEASED TOMORROW (FRIDAY 1, BUT COMMENTED THAT THE THIRD QUARTER HAD BEEN DISAPPOINTING AND THAT THIS HAD AFFECTED THE FORECAST FOR THE YEAR AS A WHOLE.
SEEN
ECONOMY, SIR THE RAPID THE
ELABORATING ON THE STRUCTURAL CHANGES IN THE PIERS SAID IN RECENT YEARS, HONG KONG HAD TRANSFORMATION TOWARDS TRADING AND SERVICES. ALTHOUGH MANUFACTURING INDUSTRY HAD REMAINED A SECTOR OF CONSIDERABLE IMPORTANCE.
"THE RAPID DEVELOPMENT IN ECONOMIC RELATIONS BETWEEN HONG KONG AND CHINA OVER JUST A FEW YEARS HAS CONTRIBUTED GREATLY TO THE GROWTH AND THE TRANSFORMATION OF THE HONG KONG ECONOMY.
PACE OF DEVELOPMENT 18. HOWEVER. SUSCEPTIBLE TO CHANGES IN THE ECONOMIC AND POLITICAL CLIMATE IN CHINA. HE SAID.
/HOWEVER, SIR