7
THURSDAY, JU
990
DK
A NEW METROPLAN HAD ALSO BEEN LAUNCHED TO CHANGE THE SHAPE OF URBAN AND OTHER SPATIAL DEVELOPMENT BY 2011 AND US$3 BILLION WOULD SPENT ON IMPROVING THE TRANSPORT INFRASTRUCTURE.
A NEW 1991; A
AMONG IMPROVEMENTS IN THE MANUFACTURING SECTOR, UNIVERSITY OF SCIENCE AND TECHNOLOGY WAS EXPECTED TO OPEN IN NEW TECHNOLOGY CENTRE WAS EXPECTED TO BECOME OPERATIONAL IN 1993 TO PROVIDE FACILITIES FOR NEW AND SMALL HIGH-TECHNOLOGY COMPANIES TO GROW THROUGH PRODUCT RESEARCH AND DEVELOPMENT AND A THIRD INDUSTRIAL ESTATE WAS TO BE DEVELOPED.
IN FINANCIAL SERVICES, THE GOVERNMENT HAD KEPT ITS REGULATORY MEASURES UNDER REGULAR REVIEW AND A SERIES OF CHANGES ΤΟ REINFORCE HONG KONG'S BANKING SYSTEM WERE BEING INTRODUCED.
MR LEUNG SAID THAT HONG KONG, LIKE OTHER HIGH-GROWTH ECONOMIES, ALSO HAD ITS FAIR SHARE OF DIFFICULTIES, AMONG THEM INCREASED EMIGRATION WHICH THE GOVERNMENT WAS TACKLING BY INCREASING TERTIARY AND TECHNICAL EDUCATION AND FACILITATING THE RETURN TO HONG KONG OF THOSE WHO HAVE ALREADY OBTAINED AN INSURANCE POLICY IN THE FORM OF A FOREIGN PASSPORT. THE BRITISH GOVERNMENT TOO, HE ADDED, WAS ASSISTING BY PROVIDING PASSPORTS TO 50,000 HEADS OF HOUSEHOLDS TO ENCOURAGE KEY PEOPLE TO STAY.
ON THE REPORTED PROBLEM OF CAPITAL OUTFLOW, MR LEUNG SAID IT WAS COMMON KNOWLEDGE THAT SOME PEOPLE WERE ACQUIRING ASSETS ABROAD A9 A FORM OF INSURANCE, BUT THAT DID NOT APPEAR TO AFFECT THE AMOUNT OF DEPOSITS IN HONG KONG'S BANKING SYSTEM.
TOTAL DEPOSITS, HE SAID, HAD BEEN GROWING RAPIDLY AND CONTINUOUSLY, AT A RATE IN 1989 OF 20 PER CENT FOR ALL CURRENCIES AND 15 PER CENT FOR HONG KONG DOLLAR DEPOSITS, HIGHER THAN THE GROWTH RATE OF HONG KONG'S GROSS DOMESTIC PRODUCT IN MONEY TERMS.
THE HONG KONG DOLLAR EXCHANGE RATE TOO HAD REMAINED VERY STABLE, EVEN IN MID-1989, WITHOUT ANY SIGNIFICANT INTERVENTION.
F
"EVEN IF ONE IS NOT TO QUESTION THE RELIABILITY OF SOME OF THE MORE COMMONLY QUOTED ESTIMATES' PRODUCED, US$2.87 BILLION A YEAR, THIS IS QUITE INSIGNIFICANT COMPARED WITH THE DAILY TURNOVER OF US$49 BILLION IN HONG KONG'S FOREIGN EXCHANGE MARKET, HE SAID.
A
MR LEUNG SAID HONG KONG'S ECONOMIC MIRACLE HAD NEVER BERN BED OF ROSES. "IN PARTICULAR, AS A TOTALLY EXTERNALLY ORIENTED
TO ECONOMY, IT REMAINS HIGHLY SENSITIVE
OUTSIDE EVENTS BEYOND ITS CONTROL. YET, THROUGH VICISSITUDES, THE ECONOMY HAS ALWAYS BOUNCED BACK WITH ENHANCED VIGOUR."
HE SAID HONG KONG MIGHT BE ENTERING INTO ANOTHER TROUGH AFTER SEVERAL YEARS OF IMPRESSIVE GROWTH. "BUT WITH POSITIVE DEVELOPMENTS IN EUROPE, THE U.S.A. AND CANADA AND
NEW HEIGHTS ARE APPEARING ON THE HORIZON AND ARE WITHIN HONG KONG'S REACH.
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ASIA-PACIFIC,
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