WEDNESDAY, OCTOBER 31, 1990
22
"THE
RECENT SCHEMES FOR IMPORTATION OF LABOUR SHOULD RELIEVE LABOUR SHORTAGES AND REDUCE WAGE PRESSURE IN CERTAIN AREAS IN THE LABOUR MARKET.
WAS
HELP CRITICAL
ΤΟ
INFLATION.
SIR PIERS SAID ONE DARK CLOUD ON THE HORIZON BUT THERE WERE TWO POSITIVE FACTORS WHICH HE WOULD LIKE TO MENTION.
WE "FIRST,
ARE CURRENTLY EXPERIENCING
A CYCLICAL
SLOWDOWN
FOLLOWING STRONG GROWTH FOR THE PERIOD FROM 1986 TO 1988.
"AS A CONSEQUENCE, OUR LARGELY DOMESTICALLY-GENERATED INFLATION THAT WE HAD BEEN EDGING DOWNWARDS SINCE THE LATTER PART OF LAST YEAR, AND THIS TREND WOULD HAVE CONTINUED BUT FOR THE SURGE IN OIL PRICES HAVE EXPERIENCED RECENTLY.
"SECONDLY,
US DOLLAR ALTHOUGH THE RECENT DEPRECIATION OF THE
COULD MAY WELL ADD PRESSURES ON IMPORT PRICES IN DUE COURSE, THERE WELL BE SOME RELIEF FLOWING FROM THE SLOWDOWN IN THE RATE OF INFLATION IN CHINA AND THE PRESENT RELATIVELY STABLE WORLD COMMODITY PRICES FOR NON-OIL PRODUCTS.
ON
"I CANNOT, THIS AFTERNOON, OFFER TOO MUCH BY WAY OF COMFORT
THAT THE DOWNWARD THE INFLATIONARY FRONT BEYOND SAYING THAT IF WE ARE NOT HIT BY FURTHER
IT IS LIKELY, IN MY VIEW, ADVERSE DEVELOPMENTS, TREND IN INFLATION WILL BE RESUMED NEXT YEAR." SIR PIERS SAID.
GOVT SHOULD NOT DETERMINE DIRECTION OF INDUSTRIAL DEVELOPMENT: FS
* *
THE GOVERNMENT'S
SECTOR FREE
TECHNOLOGIES, (WEDNESDAY).
OVERALL PHILOSOPHY IS TO LEAVE
MARKETS, TO MAKE ITS OWN DECISIONS ABOUT
THE FINANCIAL SECRETARY, SIR PIERS JACOBS,
THE PRIVATE AND PRODUCTS
TODAY SAID
SPEAKING AT
POLICY
ON THE WAS WHICH
THE LEGISLATIVE COUNCIL'S RESUMED DEBATE SPEECH, SIR PIERS SAID THE GOVERNMENT'S VIEW
DIRECTION THE DETERMINE NOT SHOULD SERVANTS INDUSTRIAL DEVELOPMENT SHOULD TAKE.
GOVERNOR'S THAT CIVIL
GOVERNMENT KONG'S
THE
THE FINANCIAL SECRETARY WAS RESPONDING TO SUGGESTIONS THAT
PARTICULAR SHOULD FORMULATE A COMPREHENSIVE STRATEGY TO GUIDE HONG TECHNOLOGICAL PROMOTING FUTURE INDUSTRIAL DEVELOPMENT. SOME HAD ARGUED IN THAT THE GOVERNMENT SHOULD TAKE THE LEAD IN DEVELOPMENT.
"THAT IS PROPERLY A MATTER FOR BUSINESSMEN," HE SAID.
THE HOWEVER,
ACCEPT RESPONSIBILITY BUSINESS IN HONG KONG.
THE GOVERNMENT FINANCIAL SECRETARY SAID,
EFFICIENT OPERATION FOR FACILITATING THE
DID
OF
/"OVER THE