XN000022-1983-06-27 — Page 20

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Kong's economic growth and the pessimistic forecasts about our future

that some observers have seen fit to make, there is clear evidence that

private firms are still willing to invest in Hong Kong's future.

We are also facing important decisions on the direction of

long term urban development. Our oxisting new towns will be fully

developed by the end of the present decade. During the last two years

comprehensive studies on the next major development options have been

undertaken and should be completed by the end of the year.

Decisions

will have to be taken thereafter which will determine the pattern of

development for the decade from 1991 to 2001. We are dealing here not

just with the location of a housing estate or two, The problem is to

determine the locations for homes, offices, schools and factories for

more than a million people and to build the necessary transport network.

Our plans are ambitious and we shall pursue them to the full extent that

our resources permit.

I hope I have said enough to convince you that you have not

come to a city which has stalled. We have our difficulties and recognise

clearly the problem of confidence. But we remain committed to our

traditional approach, which has served Hong Kong so well, of allowing

market forces to operate. Our economy can adjust and there are encouraging

signs that it is already doing so. Where, without excessive intervention,

the Government can mitigate the harshness of that adjustment it does 80.

There are many firms in the private sector in Hong Kong showing their

faith in the future of Hong Kong in the most practioal of ways by

continued investment and expansion of their operations here. The Government

for its part will continue to invest in both the development of Hong Kong's

human resources and the territory's infrastructure. In short, we know

where we want to go, and we shall not be deflected by rough weather, from

doing our utmost to get there.