WEDNESDAY, OCTOBER 6, 1993
2
NO LET-UP IN HK'S ECONOMIC ADVANCE
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THERE HAS BEEN NO LET-UP IN HONG KONG'S ECONOMIC ADVANCE, THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID IN THE LEGISLATIVE COUNCIL THIS AFTERNOON (WEDNESDAY).
IN REVIEWING THE GENERAL ECONOMY OF HONG KONG IN HIS POLICY ADDRESS, MR PATTEN NOTED THAT THE TERRITORY'S FINANCIAL POSITION TODAY 18 SUFFICIENTLY HEALTHY то ALLOW THE GOVERNMENT TO UNDERTAKE ADDITIONAL COMMITMENTS TO MUCH-NEEDED CAPITAL IMPROVEMENTS TO SCHOOLS, HOSPITALS AND CLINICS.
"FOR HONG KONG, NOTHING IS MORE IMPORTANT THAN GETTING THE ECONOMY RIGHT. I THINK THIS IS A POINT WELL UNDERSTOOD HERE.
"FOR HONG KONG, WHILE IT IS TRUE THAT OUR WAY OF LIFE SUSTAINS OUR ECONOMY, IT IS EQUALLY TRUE THAT OUR ECONOMY SUPPORTS OUR WAY OF LIFE. IN SETTING OUT OUR POLICY GOALS, THE ECONOMY COMES HAVE TO KEEP IT FIT AND HEALTHY," HE SAID.
THE GOVERNOR POINTED OUT THAT THIS YEAR, HONG OVERTAKE AUSTRALIA AND THE UK IN TERMS OF GDP PER HEAD, DRAW LEVEL WITH CANADA NEXT YEAR.
FIRST. WE
KONG WOULD AND SHOULD
THIS YEAR, SPENDING
REAL GDP GROWTH WILL LIKELY BE 5.5 PER CENT FOR UNDERPINNED BY THE CONTINUING STRENGTH OF EXPORTS, CONSUMER AND CAPITAL INVESTMENT, HE SAID.
THE GOVERNOR NOTED THAT INFLATION, THOUGH STILL HIGH, HAD EASED AND WOULD LIKELY AVERAGE NINE PER CENT OR JUST UNDER FOR THE YEAR. THE ORIGINAL FORECAST WAS 9.5 PER CENT.
MEANWHILE, THE HANG SENG INDEX HAS ALSO SHRUGGED OFF SETBACKS
TO REACH A SUCCESSION OF NEW RECORDS, HE SAID.
AT THE END OF SEPTEMBER, THE INDEX WAS NEARLY 40 PER CENT HIGHER THAN AT THE SAME TIME LAST SEPTEMBER, HE ADDED.
"IT
IS PROBABLY THE BEST PERFORMING MAJOR STOCK MARKET IN THE WORLD, HE SAID.
NEVERTHELESS, THERE ARE CAUSES FOR CONCERN ABROAD AND HONG KONG CANNOT BE COMPLACENT, THE GOVERNOR SAID.
"ON THE TRADE FRONT, THE QUESTION OF CHINA'S MEN STATUS WILL COME UP AGAIN NEXT SPRING TO DOG THE RELATIONSHIP BETWEEN OUR TWO MOST IMPORTANT TRADING PARTNERS.
"WE WILL CONTINUE TO FIGHT FOR UNCONDITIONAL RENEWAL, AS WE DID VIGOROUSLY AND WITH CONSIDERABLE IMPACT THIS YEAR.
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"BUT OUR TASK MAY BE EVEN MORE FORMIDABLE NEXT TIME THAN IT WAS YEAR. ANOTHER WORRY IS THAT THE URUGUAY ROUND OF THE GATT NEGOTIATIONS MAY MISS YET ANOTHER DEADLINE, THUS FRUSTRATING OUR HOPES OF GREATER TRADE LIBERALISATION AND PLACING THE MULTILATERAL TRADING SYSTEM IN JEOPARDY, THE GOVERNOR SAID.
"
/TURNING TO