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THURSDAY, SEPTEMBER 24, 1992
HONG KONG COMMITTED TO BUILDING FOR THE FUTURE
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THE
FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (THURSDAY) IN NEW YORK THAT HONG KONG WAS DETERMINED ΤΟ MAINTAIN THE TERRITORY'S REMARKABLE RECORD OF ACHIEVEMENT AND TO GIVE THE NEW HONG KONG IN 1997 AND ITS PEOPLE THE GREATEST POSSIBLE CHANCE OF SUCCESS.
"THIS IS WHY WE ARE INVESTING AND BUILDING VIGOROUSLY FOR THE FUTURE," HE SAID WHEN ADDRESSING THE ASIA SOCIETY ON THE CURRENT CHALLENGES AND FUTURE PROSPECTS FOR HONG KONG IN THE ASIA-PACIFIC.
"THAT 18 WHY WE ARE MAKING GREAT EFFORTS TO EXPAND TERTIARY EDUCATION, TO FURTHER DEVELOP OUR PUBLIC HOUSING PROGRAMME, TO IMPROVE HEALTH AND SOCIAL SERVICES, TO MAP OUT AN ENVIRONMENTAL IMPROVEMENT PROGRAMME AND TO EVOLVE OUR POLITICAL INSTITUTIONS.
OUR
"THAT IS WHY WE ARE EMBARKING ON MAJOR DEVELOPMENTS TO UNDERPIN HONG KONG'S ROLE.
"THAT IS ALSO THE REASON WHY HONG KONG IS BEGINNING TO BUILD A NEW AIRPORT AND THE ASSOCIATED INFRASTRUCTURAL PROJECTS, HE EXPLAINED.
"THESE WILL COST US$21 BILLION IN MONEY OF THE DAY TERMS TO BUT THIS IS A VERY WORTHWHILE AND NECESSARY LONG-TERM INVESTMENT,' HE NOTED,
BUILD.
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HE WAS OPTIMISTIC THAT AN AGREEMENT WOULD IN DUE COURSE BE REACHED WITH CHINA AS THE NEED FOR THESE PROJECTS WAS NOT IN DOUBT.
LOOKING MORE SPECIFICALLY AT THE CHALLENGES AHEAD, MR MACLEOD SAID HONG KONG'S ECONOMY HAD BEEN FORECAST ΤΟ GROW AT AN AVERAGE ANNUAL RATE OF 5 PER CENT IN REAL TERMS UP TO 1997.
"IT IS COMFORTING TO SAY THAT SOME ECONOMISTS BACK IN HONG KONG CRITICISED ME FOR A FORECAST THEY VIEW AS OVERLY CONSERVATIVE, HE SAID.
"THE OPTIMISM ABOUT THE TERRITORY'S UNDERLYING ECONOMIC AND FINANCIAL STRENGTH HAD BEEN REINFORCED BY THE DISCLOSURE IN JULY THIS YEAR OF THE ASSETS OF THE EXCHANGE FUND."
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THE FINANCIAL, SECRETARY NOTED THAT THE LEVEL OF FOREIGN CURRENCY HOLDINGS IN THE FUND, WHICH AMOUNTED TO US$29 BILLION, PLACED AS THE 12TH HIGHEST IN THE WORLD.
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HE CONCEDED
THAT INFLATION HAD REMAINED
UNCOMFORTABLY HIGH,
THOUGH SHOWING SIGNS OF MODERATING.
"A FIGURE OF 9.5 PER CENT FOR THE YEAR AS A WHOLE WAS EXPECTED," HE SAID, ADDING THAT HONG KONG HAD HOWEVER HAVE HIGH GROWTH AND LOW UNEMPLOYMENT.
BEEN ABLE TO
/"THIS CREATION