1
SATURDAY, SEPTEMBER 8, 1990
GOVT KELPS WATCH OVER OIL CRISIS
THE CURRENT SLOWDOWN IN THE ECONOMY SHOULD ALLOW HONG KONG'S OVERHEATED ECONOMY TO COOL AND EASE PRESSURES ON PRICES AND WAGES IN THE INTERIM, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID.
SPEAKING AT A LUNCH HOSTED BY THE HONG KONG BUSINESS ASSOCIATION FOR THE MID-WEST IN CHICAGO, USA, YESTERDAY (FRIDAY), MRS CHAN POINTED OUT THAT THE GOVERNMENT WOULD HAVE TO KEEP AN EYE ON THE EFFECT OF OIL PRICE INCREASES BECAUSE OF THE GULF CRISIS, THOUGH HONG KONG WAS NOT AS VULNERABLE THESE DAYS TO OIL PRICE VOLATILITY,
"MOST OF OUR POWER IS GENERATED BY COAL AND OUR MANUFACTURING PROCESSES ARE BY AND LARGE NOT ENERGY INTENSIVE,' SHE ADDED.
**
"IN THE LONGER TERM, OUR PROSPECTS FOR GROWTH ARE GOOD BECAUSE OF THE UNDERLYING STRENGTH OF OUR ECONOMY AND BECAUSE WE ARE WELL POSITIONED TO TAKE ADVANTAGE OF THE OPPORTUNITIES BOTH IN CHINA AND IN THE ASIA PACIFIC REGION, MRS CHAN SAID.
申申
TURNING TO HONG KONG'S ECONOMIC POLICY, MRS CHAN SAID THE TERRITORY'S OVERALL ECONOMIC PHILOSOPHY REMAINED THAT INTERVENTION WITH PRIVATE BUSINESS ACTIVITIES AND DECISIONS SHOULD BE KEPT TO THE MINIMUM CONSISTENT WITH SOUND AND EQUITABLE MARKETS.
"WE WILL CONTINUE TO FACILITATE RATHER THAN OVER-REGULATE.
"WE INTEND TO MAINTAIN OUR RECORD OF SOUND AND PRUDENT FINANCIAL MANAGEMENT. THIS IS ALL THE MORE IMPORTANT AS WE EMBARK OUR MAJOR INFRASTRUCTURE DEVELOPMENTS, SHE SAID.
ON
ON MEASURES TO MAINTAIN ECONOMIC GROWTH, MRS CHAN POINTED OUT THAT THE GOVERNMENT WAS COMMITTED TO IMPROVING THE QUANTITY AND QUALITY OF OUR HUMAN RESOURCES AND OF OUR BASIC INFRASTRUCTURE.
"WE
BY
INTEND TO DOUBLE THE PROVISION OF FIRST DEGREE PLACES 1995 AND A THIRD UNIVERSITY, DEDICATED TO SCIENCE AND TECHNOLOGY, WILL BE ESTABLISHED AND WILL ADMIT ITS FIRST STUDENTS IN OCTOBER 1991.
"OUR PLANS FOR THE BUILDING OF A NEW AIRPORT ARE WELL ADVANCED WITH INITIAL CONTRACTS ALREADY LET FOR PRELIMINARY WORKS.
"OUR CONTAINER PORT IS ALSO TO BB GREATLY ENLARGED. OUR AIRPORT AND PORT PROJECTS TOGETHER MAKE UP ONE OF THE WORLD'S LARGEST ENGINEERING AND CONSTRUCTION PROJECTS," SHE SAID.
MRS CHAN POINTED OUT THAT THESE WERB DECISIONS BASED ON COOL-HEADED ECONOMICS AND WERE ESSENTIAL IF HONG KONG WERE TO THE HUB OF ECONOMIC ACTIVITY IN THE REGION.
REMAIN
/"OUR PLANS