8
It has been in these unpromising circumstances that ever the
5 years up to the end of 1980 our economy has grown at an average annual rate of about 11% in real terms; that the gross domestic product per head
of population has risen by about 50% in real terms; that public expenditure
has risen, and risen through growth not tax increases, by about 90% in
of
real terms, and course an increasing proportion of this expenditure is
going on items such as expanded housing, education, medical and health
services and social welfare that directly benefit the family
budgets of lower income groupa.
Certainly the last half decade has seen a heartening improvement
in the standard of living of nearly all our people and it has been based
on the extraordinary ability of our exporters and industrialists to
maintain growth in the face of a sluggish world economy; on the
rapid expansion of Hong Kong's tertiary sector and in particular of its
sector,
on
financial services/and tourism; and Hong Kong's popularity as the principal
place of business in the Westem Pacific growth area.
This expansion has also been greatly assisted by Chinese
Lodernisation and the resulting expansion of trade which has a marked
impact on Hong Kong.
in money terms
Total trade with China increased by 6%/in the first eleven
months of 1980 over the corresponding period in the previous year. Hong
Kong's imports from China in these eleven months amounted to HK$19 628
million, or 20% of imports from all sources. But the most striking
development is the re-energence of Hong Kong as an entrepot for the China
trade. Apart from the fact that China is traditionally the largest
source, supplying about 28% of goods re-exported through Hong Kong, China
has in 1980 also become the largest market, taking about 15% of goods
re-exported through Hong Kong. The increase in the entrepot trade for
/China is .....
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