XN000022-1985-10-30 — Page 14

!

12

WEDNESDAY, OCTOBER 30, 1985

THIS FOLLOWED A DECISION BY THE EXECUTIVE COUNCIL IN JULY THIS YEAR THAT AN AUTHENTIC CHINESE VERSION OF THE STATUTE LAW OF HONG KONG SHOULD BE PRODUCED.

SIR EDWARD POINTED OUT THAT AS ALL MAJOR DECISIONS IN OUR SYSTEM OF GOVERNMENT WERE TAKEN WITHIN, OR WERE INCORPORATED INTO, OUR STATUTES AND ORDINANCES, IT WAS RIGHT THAT LAWS SHOULD BE AVAILABLE IN THE LANGUAGE OF THE MAJORITY OF THE POPULATION.

HE SAID THAT FOLLOWING THE EXECUTIVE COUNCIL'S DECISION, THE SELECTION AND TRAINING OF STAFF HAD BEGUN.

GDP GROWTH RATE 'STILL SATISFACTORY'

****

THE LIKELY GROWTH RATE OF 4.5 TO 5 PER CENT FOR GROSS DOMESTIC PRODUCT IN 1985, THOUGH LOWER THAN HOPED FOR, WAS STILL SATISFACTORY, THE GOVERNOR, SIR EDWARD YOUDE, SAID TODAY.

BUT LOOKING AHEAD TO 1986, THE MOST IMMEDIATE THREAT TO THE PERFORMANCE OF THE ECONOMY LAY IN CALLS FOR FURTHER PROTECTIONIST MEASURES, IN PARTICULAR IN THE UNITED STATES, HE SAID.

AND INSOFAR AS THE HONG KONG CURRENCY WAS CONCERNED THERE HAD BEEN OCCASIONS WHEN THE LINK WITH THE U.S. DOLLAR HAD COME UNDER PRESSURE, BUT THE SYSTEM HAD HELD UP WELL.

+THERE ARE NO PLANS TO CHANGE IT, THE GOVERNOR SAID.

REVIEWING THE STATE OF THE ECONOMY AND PROSPECTS, SIR EDWARD SAID THAT THOUGH DOMESTIC EXPORTS TO THE TRADITIONAL MARKETS HAD DECLINED, EXPORTS TO CHINA HAD CONTINUED TO RECORD SUBSTANTIAL GROWTH.

+CHINA HAS BECOME THE SECOND LARGEST MARKET FOR OUR DOMESTIC EXPORTS. RE-EXPORTS HAVE SHOWN STRONG GROWTH. AS A RESULT, TOTAL EXPORTS FOR 1985 ARE EXPECTED TO GROW BY 11 PER CENT, HE SAID.

AND SIGNS OF REVIVAL IN THE PROPERTY MARKET REFLECTED THE RETURN OF CONFIDENCE IN HONG KONG AND THE FACT THAT RENTALS AND PRICES WERE NOW AT MORE REALISTIC LEVELS.

UNEMPLOYMENT AND UNDEREMPLOYMENT FIGURES HAD REMAINED STABLE. IN THE THREE MONTHS FROM JUNE TO AUGUST, THE UNEMPLOYMENT RATE WAS 3.3 PER CENT AND THE UNDEREMPLOYMENT RATE WAS 1.4 PER CENT.

INDICATING THAT THE LABOUR FORCE WAS EFFECTIVELY FULLY EMPLOYED.

/THE INFLATION