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Wednesday, March 1, 1972
FINANCIAL SECRETARY SOUNDS NOTE OF CAUTION
ON INVESTMENT GROWTH PERFORMANCE
Rate Of Investment Growth Is Slowing Down: Mr. Reddon-Cave
Hong Kong must not be "too complacent" about its investment
growth performance in recent years, the Financial Secretary,
Mr. C.P. Haddon-Cave said today.
"At any rate," he added, "before satisfying ourselves that
adequate provision is being made for depreciation and additions to our
stock of fixed capital assets."
The Financial Secretary was speaking at today's Budget meeting
of the Legislative Council.
He said Hong Kong's performance in the past seven years had
been erratic. After reaching a peak of over 33,000 million in 1965,
gross investment in fixed assets declined continuously down to less
than $2,000 million in 1968.
This trend, however, was sharply reversed in the following
three years.
In 1969, the figure rose to $2,500 million, in 1970 to
$3,500 million and "possibly to $4,000 million last year."
"The rate of growth of investment is now slowing down, but
more so in plant, machinery and equipment rather than in land, buildings
and other construction," he said, adding that the rising trend in
expenditure on Government's public works programmes was a significant factor.
/In the
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