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The free port philosophy has not been changed. There are no
protective tariffs and our industry is forced to sink or swim, not in a
small protected home market, but in the markets of the world. More than
80 per cent of all production is exported. There is also no exchange
control; and money can be remitted freely in and out in all currencies.
Testation is relatively low and business can operate with the minimum
interference from government controls. In particular, no restriction is
placed on the establishment of foreign owned businesses or on the repatriation
of their profits.
For it is well understood that the investment necessary
for economic growth must come essentially from profits.
"There is a popular misconception that Hong Kong is a laissez-faire,
uncaring, society. This cannot be sustained. Although, as I have said,
we accept free enterprise as the generating force in our economy, our
economic growth has also rested very heavily on the development of the
essential infrastructure of a modern society, much of it through public
expenditure. Large investments have been undertaken in roads, waterworks,
hospitals, schools, public transport facilities, electricity supplies, tele-
communications and recreational facilities. Two-fifths of the population are
already accommodated in subsidised public housing and within four years we
will be accommodating 200,000 more people. Plans are now under way to develop
three new satellite towns.
"An underground railway is being built through the densest parts of
the urban area, the first stage of which will be completed by 1980 at a cost
of as much as 1 billion US dollars. Plans are also being carried out to
expand secondary and tertiary education, particularly technical and vocational
training, through a Polytechnic and new technical colleges.
A social welfare
All this has been
net to support the old and the needy has been established. possible, while maintaining our relatively low tax structure, because of
economic growth.
/Of course
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