RE-EXPORTS SHOW STRONG GROWTH
HONG KONG'S RE-EXPORTS CONTINUE TO SHOW STRONG GROWTH AND THIS HAS LARGELY COMPENSATED FOR A DECLINE IN DOMESTIC EXPORTS UP ΤΟ SEPTEMBER THIS YEAR, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID TODAY (TUESDAY).
OFFICIATING AT THE OPENING OF THE EIGHTH ASIAN HOROLOGICAL TRADE AND INDUSTRY PROMOTION CONFERENCE, MRS CHAN SAID DOMESTIC DEMAND HAS ALSO SHOWN SIGNS OF RECOVERY IN RECENT MONTHS WITH THE VOLUME OF RETAIL SALES UP ABOUT SEVEN PER CENT IN THE THREE MONTHS то AUGUST.
"THE HONG KONG ECONOMY IS CURRENTLY EXPERIENCING SLOW-DOWN ALTHOUGH THERE HAVE BEEN SOME ENCOURAGING IMPROVEMENT IN RECENT MONTHS, SHE SAID.
A CYCLICAL
SIGNS
OF
SHE POINTED OUT THAT OIL PRICE RISES AS A RESULT OF CRISIS HAVE KEPT THE LOCAL INFLATION RATE HIGH.
THE GULF
IN THE
THE CONSUMER PRICE INDEX (A) WAS 9.5 PER CENT HIGHER THIRD QUARTER OF THIS YEAR THAN A YEAR EARLIER BUT MUCH OF THE DIFFICULTIES WE ARE FACING HAVE ARISEN BECAUSE DEMAND, PARTICULARLY FOR LABOUR, HAS OUTSTRIPPED SUPPLY.
"OUR ECONOMIC PROSPECTS FOR NEXT YEAR REMAIN UNCERTAIN. MUCH DEPEND ON THE ECONOMIC PERFORMANCE OF OUR MAJOR EXPORT MARKETS AND ON THE OUTCOME OF THE GULF CRISIS," SHE SAID.
WILL
HONG KONG'S GDP GROWTH IN REAL TERMS IN 1990 IS ESTIMATED TO BE 2.3 PER CENT.
"THIS SLOWER GROWTH IS NO BAD THING FOR AN ECONOMY THAT HAS ENJOYED SUSTAINED HIGH LEVELS OF GROWTH IN RECENT YEARS.
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"IN THE FOUR YEARS BETWEEN 1986 AND 1989, OUR ECONOMY ENJOYED AN
AVERAGE OF NINE PER CENT GROWTH IN REAL TERMS, SHE SAID, ADDING THAT SUCH RAPID GROWTH WAS INEVITABLY NOT WITHOUT ITS PAINS AND HONG KONG HAS HAD TO LIVE WITH HIGHER INFLATION AND A VERY TIGHT LABOUR MARKET.
"SLOWER GROWTH SHOULD ALLOW THE ECONOMY TO ADJUST TO CAPACITY CONSTRAINTS. BUT OUR ECONOMIC FUNDAMENTALS REMAIN STRONG AND WE ARE WELL POSITIONED TO TAKE ADVANTAGE OF ANY UPSWING IN THE WORLD ECONOMY, MRS. CHAN SAID.
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THE GOVERNMENT'S MAIN ROLE IN THE ECONOMIC DEVELOPMENT OF HONG KONG IS TO PROVIDE THE INFRASTRUCTURE NECESSARY FOR THE PRIVATE SECTOR TO RUN THEIR BUSINESSES AS EFFECTIVELY AS POSSIBLE, SHE EMPHASISED.
HONG KONG STANDS TO LOSE OUT SERIOUSLY PERMITS ITS AIRPORT TO CONTINUE OPERATING AT OR CAPACITY FOR A PROTRACTED PERIOD.
ECONOMICALLY IF
BEYOND ITS
IT DESIGN
/"IT IS