XN000022-1976-03-25 — Page 10

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THURSDAY, MARCH 25, 1976

+THE LAST THING WE WANT IS TO GO BACK TO A SITUATION OF SPIRALLING COSTS, PRICES AND WAGES IN THE BUILDING SECTOR,+ HE SAID.

HE URGED THAT THE SITUATION BE MONITORED REGULARLY SO AS

TO AVOID GETTING INTO AN OVER-HEATED CONDITION.

MR. TIEN ALSO MENTIONED ANOTHER AREA WHERE THE SITUATION HAD TO BE WATCHED THE ACUTE SHORTAGE OF LABOUR IN MANUFACTURING INDUSTRIES, PARTICULARLY IN THE GARMENT SECTOR.

HE SUGGESTED THAT THE INCENTIVES TO HAWKING PREVIOUSLY ADOPTED TO EASE UNEMPLOYMENT SHOULD BEFORE LONG BE REMOVED SO THAT ESSENTIAL MANPOWER COULD BE DIVERTED BACK TO THE MORE PRODUCTIVE SECTORS OF THE ECONOMY.

MR. TIEN FULLY SUPPORTED THE MEASURES ANNOUNCED TO EXPAND SECONDARY EDUCATION, ESPECIALLY TECHNICAL EDUCATION, INCLUDING THE POLYTECHNIC.

AT THE SAME TIME, HE URGED THAT THE CLOTHING AND CONSTRUCTION INDUSTRIES TRAINING SCHEMES BE EXPANDED TO OTHER INDUSTRIES.

HE WELCOMED THE EMPHASIS PUT ON ECONOMIC AND SOCIAL PROJECTS.

+THE DEVELOPMENT OF THE BASIC INFRA-STRUCTURE, SUCH AS ROADS, WATER SUPPLIES, AIRPORT FACILITIES AND PORT WORKS AND SO ON IS VITAL TO THE DEVELOPMENT OF OUR WHOLE ECONOMY,+ MR. TIEN SAID.

HE THOUGHT THE NINE PER CENT GDP GROWTH IN REAL TERMS FORECAST BY THE FINANCIAL SECRETARY FOR 1976 WAS SOMEWHAT CONSERVATIVE.

+BUT I AGREE THAT AS REVENUE FORECAST IS BASED ON THE FORECAST OF DEVELOPMENTS IN THE ECONOMY IT IS BETTER TO BE PRUDENT IN FORECASTING THE GROWTH OF THE GDP,+ HE SAID.

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