MONDAY, MAY 17, 1993
THE
REASONS MAIN
FOR OUR GEOGRAPHICAL, OUR PHYSICAL, POSITION.
WITH OUR
LIMIT LITTLE
THERE MEET
INFLATION ARE TO DO
FIRST OF ALL, THERE IS A TO THE AMOUNT OF LAND THAT WE HAVE, THOUGH RECLAMATION DOES A TO HELP EASE THE PRESSURE THERE. SECONDLY AND EVEN MORE CONCERNING,
LABOUR MARKET PROBLEMS WITH OUR PUBLISHED WE HAVE
VACANCY FIGURES ALMOST TWICE THE SIZE, AT THE MOMENT, AS OUR PUBLISHED UNEMPLOYMENT FIGURES. UNEMPLOYMENT RUNS AT ROUNDABOUT 40,000. THE VACANCIES RUN AT ABOUT 70,000. THAT IS NOT A PROBLEM
COMMUNITIES WHICH MOST ELSEWHERE IN THE WORLD ARE HAVING TO COPE WITH AT THE MOMENT. ARE WORRIES IN THE COMMUNITY ABOUT THE IMPORTATION OF LABOUR TO THOSE BOTTLENECKS, TO MEET SOME OF THOSE PROBLEMS, CONCERNS WHICH ARE ROOTED
PEOPLE'S ANXIETIES ABOUT THE IMPACT IN
ON
RATES AND WAGE
ΤΟ RELATED
COPE THERE ARE ANXIETIES THAT WE HAVE TO TRY MATTERS.
WE ALSO WITH AND THERE ARE ANXIETIES THAT WE HAVE TO TRY TO EDUCATE.
RE-TRAINING IN HAVE TO DO MORE TO INVEST IN VOCATIONAL TRAINING AND
BUT IN MY JUDGMENT, THE ORDER TO OVERCOME LABOUR SUPPLY PROBLEMS. RIGGEST
THAT WE HAVE ARE ON LAND SUPPLY AND PARTICULARLY LABOUR SUPPLY AREAS IN INCREASING INFLATION,
PROBLEMS
WE
EXPENDITURE
HAVE
AS
WE'VE MANAGED TO BRING INFLATION DOWN, WE ARE DETERMINED
ΤΟ ΤΟ GOVERNMENT
DO WHAT WE CAN BY NOT ALLOWING PUBLIC
LARGE RISE BY MORE THAN THE RATE OF INCREASE IN OUR GNP. RESERVES
DIRECTION. AND SO FISCAL POLICY I THINK IS SET IN THE RIGHT
IT'S NOT WE ARE DOING WHAT WE CAN ON THOSE SUPPLY SIDE PROBLEMS BUT
REASONS THAT I EASY TO COPE WITH OUR INFLATION FOR THE STRUCTURAL
INTERNAL MENTIONED. ONE OTHER THING I SHOULD SAY IS THAT DESPITE OUR INFLATION RATE WE'VE MANAGED TO REMAIN COMPETITIVE. OUR EXPORT PRICES HAVE ONLY BEEN GOING UP BY ABOUT 1-1/2% A YEAR WHICH IS PRETTY GOOD BY ANYBODY'S RECKONING AND THAT IS OF COURSE PARTLY A CONSEQUENCE OF US
MANUFACTURING MOVING
TAKING
OF MAINLAND CHINA AND
IN MAINLAND CHINA. LABOUR
AND LABOUR COSTS COMPETITIVENESS SUPPLY
SO WE CLEARLY, HOW LONG WE CAN DO THAT IS AN INTERESTING QUESTION, HAVE TO GO ON BEARING DOWN ON INFLATION WHEREVER WE CAN.
INTO
ADVANTAGE
1997 HONG THE ONE
QUESTION: I WILL ASK ONE QUESTION TO GOVERNOR PATTEN. IN KONG SOVEREIGNTY IS RETURNED TO UILENA UNDER THE CONCEPT OF COUNTRY TWO SYSTEMS. THEREFORE I WOULD LIKE TO ASK, GOVERNOR, HOW YOU THE VISUALISE THE RELATIONSHIP BETWEEN THE TWO SYSTEMS, ESPECIALLY IN HOW DO YOU VISUALISE, ACTUALLY, FIELD OF ECONOMIC DEVELOPMENT?
THANK YOU, RELATIONSHIP BETWEEN THE TWO SYSTEMS?
THE
GOVERNOR: FIRST OF ALL AMBASSADOR, IT'S VERY NICE TO SEE YOU AGAIN AND MILLION DOLLAR OR TYPICALLY AND VERY COURTEOUSLY YOU'VE ASKED THE BILLION
A
WE
WE
SOCIETY. TOLERANT
NOW, WHEN
AS ADAM SMITH WOULD HAVE DESCRIBED HIMSELF YEN QUESTION. MORAL PHILOSOPHER AND WROTE ABOUT POLITICAL ECONOMY AND THAT, I THINK,
IN UNDERLINES AN EXTREMELY IMPORTANT POINT WHICH I WAS TRYING TO MAKE MY REMARKS EARLIER. THE REASON FOR OUR SUCCESS ISN'T SOLELY THAT ALLOCATE RESOURCES ACCORDING TO THE RULES OF THE CAPITALIST MODEL, ALSO ENJOY ALL THE VALUES AND THE FREEDOM OF AN OPEN PLURAL WE ARE NOT
AND FREE AND A DEMOCRACY BUT WE ARE AN OPEN COMMUNITY WHICH HAS ELEMENTS OF DEMOCRACY IN ITS MAKE-UP. OUR FRIENDS IN CHINA TALK ABOUT ONE COUNTRY, TWO SYSTEMS I HOPE
UNDERSTAND THEY
THAT OUR SYSTEM GOES BEYOND A
MODEL. CAPITALIST CERTAINLY, WHAT IS DESCRIBED IN THE JOINT DECLARATION GOES WELL BEYOND A MERE DESCRIPTION OF THE WAY AN ECONOMY MECHANISTICALLY WORKS.
LIVING IS
1N
AND THRIVING THE JOINT DECLARATION 1S OUR COMMUNITY HERE IN WHICH WE TAKE A FREE PRESS AND THE RULE OF LAW GRANTED.
DESCRIBED
THAT
WHAT
FOR
/MY OWN