13
WEDNESDAY, NOVEMBER 6, 1991
AS A RESULT, MR MACLEOD SAID, HONG KONG HAD A SITUATION WHERE LOCAL CONSUMER PRICES HAD BEEN RISING TOO FAST FOR COMFORT, BUT WHERE EXPORT PRICES HAD REMAINED BROADLY COMPETITIVE.
++
"THIS KIND OF DIFFERENTIAL BETWEEN THE RATE OF DOMESTIC PRICE INFLATION AND EXPORT PRICE INFLATION IS UNUSUAL IN A MARKET ECONOMY, HE SAID.
THIRDLY, AND MOST SERIOUS OF ALL, THE SEVERE SHORTAGE OF LAND LABOUR AGGRAVATED THE PRESSURE ON CONSUMER PRICES AND RESTRAINED
AND GROWTH.
"LET US NOT FORGET THAT THE LABOUR SHORTAGE IS RELATIVELY NEW, STEMMING FROM THE ENDING OF FREE IMMIGRATION FROM CHINA - THE TOUCH- BASE POLICY' IN 1980. AND ACCENTUATED BY EMIGRATION," HE SAID.
HE
SERVICES
-
SAID THE ADDITIONAL DEMAND CREATED FOR HONG KONG GOODS AND BY THE GROWTH IN OVERSEAS ORDERS AND HONG KONG'S EXPANDED ROLE IN SOUTHERN CHINA WOULD HAVE BEEN FAR LESS INFLATIONARY HAD THE LAND AND LABOUR NOT BEEN IN SHORT SUPPLY.
0
MEASURES TO CURB INFLATION OUTLINED
*
AND
THE GOVERNMENT TODAY (WEDNESDAY) OUTLINED A PACKAGE OF MEASURES TO CURB INFLATION WITH AN AIM TO RETURN TO A MORE STABLE, ORDERLY HEALTHY GROWTH, PARTICULARLY IN THE PROPERTY MARKET.
THESE
SELECTIVELY, SUPPLY
MEASURES WERE TO CURB EXPAND
PROPERTY SPECULATION, THE
INCREASE REMIT, LABOUR
CONSUMER COUNCIL'S
EFFECTIVELY CONTROL ESTABLISH A NEW ECONOMIC ADVISORY COMMITTEE AND PUBLIC SPENDING WHILE STILL FUNDING KEY COMMUNITY PROGRAMMES.
SPEAKING AT THE RESUMED DEBATE ON THE GOVERNOR'S POLICY ADDRESS THE HON HAMISH IN THE LEGISLATIVE COUNCIL, THE FINANCIAL SECRETARY,
MEASURES WOULD EXERT USEFUL MACLEOD, SAID DOWNWARD PRESSURE ON INFLATION.
TAKEN TOGETHER
THESE
IN
THE
1. MR MACLEOD
"WE WILL NEED TO MONITOR EVENTS CLOSELY, PARTICULARLY PROPERTY AREA, AND BE ALERT TO WHAT CHANGES ARE NEEDED, SAID.
WHILE ADMITTING THE LONG-TERM MEASURE TO STABILISE THE PROPERTY MARKET WAS TO ENSURE A REASONABLE SUPPLY OF RESIDENTIAL UNITS TO MEET THE SPECULATOR BY DEMAND, HE SAID A DIRECT SOLUTION WAS TO DETER CUTTING INTO HIS PROFIT MARGIN AT EACH STAGE OF A CHAIN OF PROFITABLE TRANSACTIONS.
/MR MACLEOD