17
WEDNESDAY, OCTOBER 5, 1994
GOVERNMENT PLAYS FULL PART TO FIGHT INFLATION
THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, TODAY ASSURED THE LEGISLATIVE COUNCIL THAT THE GOVERNMENT WOULD FULL PART IN TACKLING INFLATION.
SECTOR.
(WEDNESDAY) PLAY ITS
"WE WILL KEEP UP OUR DRIVE FOR MAXIMUM EFFICIENCY IN THE PUBLIC
"WE WILL CONTINUE TO BE PRUDENT HOUSEKEEPERS, NOT CARELESS
BIG
SPENDERS.
"I
'ABOVE ALL, WE WILL MAINTAIN OUR STRICT AND OUR SOUND BUDGETARY POLICIES,
FINANCIAL DISCIPLINE
H
HE SAID.
OF
RECOGNISING THAT THE BUSINESS COMMUNITY WAS THE FIRST LINE DEFENCE IN THE BATTLE AGAINST INFLATION, MR PATTEN SAID ITS CONTINUING SEARCH FOR LOWER COSTS AND HIGHER STANDARDS OF PRODUCTIVITY WAS VITAL TO MAINTAINING HONG KONG'S COMPETITIVENESS IN THE FACE OF INFLATIONARY
PRESSURES.
COUNCIL, "IT IS ALSO IMPORTANT THAT, WITH THE SUPPORT OF THIS WE CONTINUE TO IMPORT, ON A LIMITED AND STRICTLY-CONTROLLED BASIS, THE OUR FOREIGN WORKERS NEEDED TO OVERCOME THE MOST ACUTE BOTTLENECKS IN LABOUR MARKET," HE SAID.
TO
MAINTAIN
PROPERTY MARKET, EFFORTS TO STABILISE THE GOVERNMENT MOVED RAPIDLY THIS SUMMER TO PROTECT THE GENUINE FROM SPECULATIVE PRESSURES ON THE PRICE OF DOMESTIC FLATS.
THE
RECOMMENDATIONS
OF
THE TASK FORCE PROPERTY PRICES ARE BEING IMPLEMENTED.
THE
PURCHASER
ON LAND SUPPLY
AND
"WE SHALL NOT HESITATE TO INTRODUCE FURTHER MEASURES
HE ADDED. MARKET SHOWS FRESH SIGNS OF OVERHEATING,"
IF THE
UNDER HONG A GOAL
THOUGH IT IS DIFFICULT TO ACHIEVE PRICE STABILITY KONG'S SPECIAL ECONOMIC CIRCUMSTANCES, MR PATTEN SAID IT WAS WHICH MUST BE PURSUED CONTINUOUSLY YEAR IN AND YEAR OUT.
HE NOTED THAT DURING THE FIRST HALF OF THIS YEAR, THE PRICE INDEX (A) ROSE BY 7.5 PER CENT, A USEFUL IMPROVEMENT AVERAGE OF 8.5 PER CENT FOR 1993 AS A WHOLE.
CONSUMER
FROM THE
PRESSURE ON FOOD PRICES CAUSED BY FLOODING HERE AND IN SOUTHERN IN THE THIRD CHINA DURING THE SUMMER PUSHED UP THE INFLATION RATE QUARTER.
NEVERTHELESS, INFLATION FOR 1994 IS EXPECTED TO BE THAN LAST YEAR'S FIGURE.
NO HIGHER
"THIS SUMMER'S EXPERIENCE IS AN UNPLEASANT REMINDER MUST NOT
OUR EFFORTS TO BRING INFLATION RELAX PATTEN SAID.
UNDER
THAT WE CONTROL, MR
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/THE GOVERNOR