XN000022-1991-09-24 — Page 2

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TUESDAY, SEPTEMBER 24, 1991

MIXTURE OF FORCES POWER HONG KONG'S ECONOMIC GROWTH

HONG KONG IS AN INTEGRATED COMMUNITY OF INCREASINGLY WELL- EDUCATED, HARD-WORKING AND SOCIALLY SOPHISTICATED PEOPLE, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, TOLD A LUNCHEON MEETING IN SYDNEY, AUSTRALIA THIS (TUESDAY) AFTERNOON.

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SPEAKING AT THE HONG KONG-AUSTRALIAN BUSINESS ASSOCIATION LUNCHEON, MRS CHAN SAID HONG KONG'S STABILITY IS DUE TO A MIXTURE FACTORS: THE BEDROCK STRENGTH OF THE CHINESE FAMILY; JUDICIOUS AND FORWARD-LOOKING GOVERNMENT AND, OF COURSE, ECONOMIC GROWTH.

HONG KONG'S EMERGING STATUS AS A LEADING CENTRE OF TRADE AND FINANCIAL SERVICES IN THE ASIA PACIFIC REGION, ITS RAPIDLY GROWING ECONOMIC RELATIONSHIP WITH SOUTH CHINA, AND ITS INCREASING PROMINENCE AS A CENTRE FOR CIVIL AVIATION, SHIPPING, TELECOMMUNICATIONS AND TOURISM ARE ALL FORCES WHICH HAVE HELPED TO POWER ITS PHENOMENAL ECONOMIC GROWTH OF RECENT YEARS.

"A PROSPERING ECONOMY BRINGS WITH IT AN ENHANCED STANDARD OF LIVING. OUR PER CAPITA GROSS DOMESTIC PRODUCT IN 1990 IS ABOUT US$ 12,200, WHICH IS THE THIRD HIGHEST IN EAST ASIA BEHIND JAPAN AND BRUNEI, SHE SAID.

"THE LOCAL WORKFORCE CONTINUES то ENJOY VIRTUALLY FULL EMPLOYMENT WITH RISING WAGES, MRS CHAN ADDED.

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"THE HONG KONG GOVERNMENT HAS DONE MUCH TO CEMENT STABILITY MASSIVE INVESTMENT OVER THE YEARS IN SUBSIDISED HOUSING, EDUCATION, MEDICAL CARE AND SOCIAL WELFARE SERVICES.

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THE SAME TIME, IT HAS MAINTAINED A POLICY OF LOW TAXATION AND MINIMUM INTERFERENCE IN THE BUSINESS ENVIRONMENT ALTHOUGH MAKE NO MISTAKE, WE HAVE NOT HESITATED TO STEP IN TO REGULATE WHEREVER THIS HAS BEEN NECESSARY.

"AS A RESULT WE HAVE CREATED IN HONG KONG A SOCIETY AND AN ETHOS WHICH ENCOURAGES ENTERPRISE AND REWARDS HARD WORK, WHILE STILL ENSURING THAT THOSE WHO CANNOT COPE BY THEMSELVES RECEIVE THE GOVERNMENT ASSISTANCE THEY NEED, SHE SAID.

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TURNING TO THE NEW AIRPORT PROJECT, MRS CHAN SAID FOLLOWING THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE BRITISH AND CHINESE GOVERNMENTS, HONG KONG COULD PROCEED AT FULL SPEED TOWARDS THE TARGET OF OPENING THE FIRST RUNWAY IN 1997.

"PENDING THE ESTABLISHMENT OF THE (AIRPORT) AUTHORITY PROPER, WHICH IS EXPECTED TO TAKE PLACE IN THE MIDDLE OF NEXT YEAR, A PROVISIONAL AUTHORITY UNDER THE CHAIRMANSHIP OF OUR FINANCIAL SECRETARY IS TAKING FORWARD EARLY PLANNING AND IMPLEMENTATION WORK.

"A GREAT DEAL OF PROGRESS HAS ALREADY BEEN MADE. THE AIRPORT MASTERPLAN STUDY WILL BE COMPLETED BY THE END OF THIS YEAR. ADVANCE WORKS

IN TO PREPARE A 30 HECTARE WORK SITE ON CHEK LAP KOK COMMENCED FEBRUARY AND TENDERS FOR THE FORMATION OF THE MAIN 1,270 HECTARE SITE WILL BE CALLED IN NOVEMBER.

/"IN SEPTEMBER