XN000022-1990-02-24 — Page 5

SATURDAY, FEBRUARY 24, 1990

REVIEWING THE PERFORMANCE OF THE ECONOMY,

MR MACLEOD POINTED OUT THAT HONG KONG HAD ENJOYED HIGH GROWTH IN RECENT YEARS AVERAGING NINE PER CENT PER ANNUM IN REAL TERMS OVER THE FOUR YEARS TO

1989.

"THIS HAS RESULTED IN A PER CAPITA GROSS DOMESTIC PRODUCT OF AROUND US$11,000 IN 1989, THIRD AFTER JAPAN AND BRUNEI IN THIS REGION. AND IN TERMS OF EUROPE, ABOVE IRELAND AND SPAIN, AND MORE THAN DOUBLE GREECE AND PORTUGAL.

"OF COURSE IT IS TRUE THAT IN COMMON WITH OTHER ECONOMIES WE ARE EXPERIENCING A SLOWING DOWN IN GROWTH.

"WE ARE ALSO SUFFERING FROM A VERY INFLATION AT AROUND 10 PER CENT," HE SAID.

TIGHT LABOUR

MARKET, AND

HE POINTED OUT THAT EVEN AFTER THE EVENTS OF JUNE LAST YEAR, HONG KONG REMAINED A DYNAMIC ECONOMY WITH POSITIVE IF LOWER GROWTH IN PROSPECT, AND NUMEROUS OPPORTUNITIES TO MAKE A PROFIT.

"THIS IS NOT JUST OUR OWN PERSPECTIVE. THERE HAVE BEEN MAJOR NEW INVESTMENTS IN HONG KONG IN THE LAST NINE MONTHS, INCLUDING US$350 MILLION FOR A CENTRAL DISTRICT DEVELOPMENT SITE, US$700 MILLION FOR A CABLE TV NETWORK, NEW FACTORIES FROM USA AND JAPAN, NEW OVERSEAS BANKS, AND US$1.35 BILLION RAISED FOR NEW CONTAINER TERMINALS, ADDED.

HE

IN CONCLUSION, MR MACLEOD SAID HONG KONG WAS VERY AWARE OF THE NEED ΤΟ REMAIN A WELCOMING AND PROFITABLE PLACE FOR OVERSEAS BUSINESSMEN.

SKILLS AND

SUCCESSFUL

IT WAS THE COMBINATION OF OUR OWN ENTREPRENEURIAL SKILLS AND A WELL EDUCATED AND HARD WORKING POPULATION WITH CONNECTIONS THAT MADE HONG KONG SUCH A INTERNATIONAL ECONOMY, HE NOTED.

OVERSEAS UNIQUELY

GOVERNOR TO VISIT TSUEN WAN

THE GOVERNOR, SIR DAVID WILSON, WILL VISIT TSUEN WAN ON MONDAY (FEBRUARY 26) TO SEE THE LATEST DEVELOPMENTS IN THE DISTRICT.

SIR DAVID WILL FIRST TOUR MA WAN BEFORE VISITING THE MA WAN RURAL COMMITTEE. HE WILL LEAVE THE ISLAND BY HELICOPTER.

IN TSUEN WAN, HE WILL PROCEED TO A ROOFTOP IN RIVIERA GARDENS WHERE HE WILL BE UPDATED ON THE DEVELOPMENTS OF TSUEN WAN.

/THE NEXT