XN000022-1976-09-30 — Page 12

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Thursday, September 30, 1976

"But though this side of Hong Kong is well known, the obverse is

not. The free-play of market forces if left entirely to themselves would

have unacceptable social consequences. So this concept of economic freedom

is balanced not only by an expanding corpus of commercial and labour legislation,

but also by the progressive provision of medical services and education

+

either free, or at nominal charge, or within the means of all; social welfare

in cash or services to support the unfortunate; and by the provision of choap

public housing on a scale rarely equalled. On such things between 40 and

50% of Hong Kong's budget is spent.

"So often visitors to Hong Kong fasten on one facet or another of

Hong Kong's unusual economic and social scene to the exclusion of all others,

and I should like such distinguished visitors at least to know the overall

guidelines within which this community is progressing, and progressing so fast.

"Within these guidelines Hong Kong came through the world recession

and back to full employment and economic growth with remarkable speed and

virtually without inflation. Within them and helped by an expanding econorty,

we expect to make rapid inroads into the deficiencies that exist in Hong Kong

as a result of the vast post-war expansion of population, and to eliminate

them by the early '80s.

"To do this Hong Kong depends only on reasonable prosperity, that is

to say on a reasonable level of exports. This inter-dependence between the

value of exports on the one hand, and the rate of social progress on the

other, is a phenomenon all too familiar to delegates from developing countries.

So now that the world is emerging from recession and, though problems abound,

prospects are so much brighter, might I indulge in just a little special

pleading in Hong Kong, and I believe in most developing countries, it is

the hope that developed countries, will maintain the access to their markets

that now exists, and open them more freely. The various generalised

/preference