XN000022-1990-11-30 — Page 12

11

THE

SERVICE

SECTORS

IN

HONG

IN

KONG'S TOTAL SHARE OF THE EMPLOYMENT ROSE FROM 47 PER CENT IN 1980 TO 62 PER CENT IN 1990. CONTRAST, THE CORRESPONDING SHARE OF THE MANUFACTURING FROM 41 PER CENT TO 28 PER CENT.

SECTOR FELL

IN TERMS OF CONTRIBUTION TO THE GROSS DOMESTIC PRODUCT, THAT OF CENT IN THE SERVICE SECTORS ROSE FROM 64 PER CENT IN 1980 TO 67 PER

ΤΟ 1988, WHILE THAT OF THE MANUFACTURING SECTOR FELL FROM 24 PER CENT 20 PER CENT.

HONG KONG

"So

IS DEVELOPING MANUFACTURING AND MARKETING AND FINANCING.

"I DEVELOPMENT

THINK

FAR

MORE

AS

A

CENTRE OF

EXCITING

AND

IMPORTANT

YEARS

AHEAD THE

THIS ACTUALLY

IS A VERY IT SUGGESTS TO ME THAT IN THE BECAUSE STANDARD OF LIVING OF PEOPLE IN HONG KONG WILL CONTINUE TO IMPROVE.

**A LOT OF THE VALUE-ADDED WILL BE COMING INTO HONG THAT IS GOING TO SERVE US VERY WELL IN THE YEARS AHEAD,

"

KONG AND

HE SAID.

ON THE FINANCIAL SERVICES SIDE, SIR PIERS SAID HONG DONE A GREAT DEAL TO IMPROVE ITS BANKING-SECTOR.

KONG HAD

YEARS.

ON

"REGULATION OF OUR BANKING SECTOR HAS EVOLVED OVER THE

DEAL WE ARE NOW DOING A GREAT FEEL VERY COMFORTABLE WITH IT. THE SECURITIES SIDE.

WE

TO

I THINK HONG KONG HAS NOW DEVELOPED CONSIDERABLY MORE MATURITY

GOING AGAIN THAT IS AND MORE DEPTH THAN IT HAD MANY YEARS AGO. SERVE US WELL IN THE FUTURE, HE SAID.

TURNING TO THE LABOUR SHORTAGE AND THE BRAIN DRAIN, SAID THESE WERE OF COURSE MATTERS OF CONCERN.

"WE

SIR PIERS

FELT THAT THE LABOUR SHORTAGE WOULD, OVER NOT TOO PERIOD OF TIME, ABATE.

LONG A

—

"BUT I MUST CONFESS THAT IT NOW SEEMS TO BE ALMOST STRUCTURAL

AND 1.7 PER THE UNEMPLOYMENT RATE HAS HOVERED BETWEEN 1.3 PER CENT CENT FOR MANY MANY MONTHS, AND I DON'T SEE ANY RELIEF THERE.

"WE HAVE AS YOU KNOW RECENTLY MODIFIED OUR POLICIES IN RELATION TO THE IMPORTATION OF LABOUR, SO WE DO TAKE MORE PEOPLE IN NOW.

"I THINK THAT IS SOMETHING THAT WE HAVE TO WATCH CAREFULLY. BELIEVE MYSELF THAT WE MAY NEED SOME MORE PEOPLE IN THE FUTURE IF ARE GOING TO TAKE SOME OF THE PRESSURE OFF THE LABOUR MARKET.

WE

"BUT OBVIOUSLY WE MUST NOT GO TOO FAR. WE DON'T WISH TO DAMAGE NEITHER DO WE WISH TO PUT THE EARNINGS OF OUR OWN LABOUR FORCE HERE.

AND OUR HOUSING UNDUE

STRAIN ON OUR PROGRAMMES," HE SAID.

HAS

VARIOUS SOCIAL SERVICES

THE IN

BUT CERTAINLY "ONE

STRIKE THE RIGHT BALANCE. TO SHORTAGE OF LABOUR IS REALLY AT THE ROOT OF OUR INFLATION PROBLEM HONG KONG. I THINK THE TWO CANNOT BE VIEWED IN ISOLATION," HE ADDED.

/"IF I