XN000022-1991-11-06 — Page 13

11

WEDNESDAY, NOVEMBER 6, 1991

HAD

SPEAKING AT THE RESUMED DEBATE ON THE GOVERNOR'S POLICY ADDRESS, MR MACLEOD SAID FOLLOWING TWO YEARS OF MODEST GROWTH, THE ECONOMY STARTED TO GATHER STRENGTH.

BEEN THE GROWTH IN RE-EXPORTS HAD

PARTICULARLY ROBUST WHILE INVESTMENT IN PLANT AND EQUIPMENT HAD BEEN GROWING STRONGLY, HE SAID.

"THIS TREND IS ENCOURAGING," HE SAID, "IT REFLECTS IMPROVED GROWTH CONFIDENCE AMONG INVESTORS AND IT ALSO RAISES OUR CAPACITY FOR IN THE FUTURE.

IN AUGUST, THE GOVERNMENT RAISED THE ESTIMATE FOR GDP GROWTH THIS YEAR TO FOUR PER CENT.

"WE EXPECT THIS UPWARD TREND TO CONTINUE. THIS SHOULD GIVE FOR PLANNING PURPOSES, A GROWTH RATE OF FIVE PER CENT UP TO MR MACLEOD SAID.

US,

1995-96,

THE AGREEMENT WITH CHINA ON THE AIRPORT RELATED BEEN A

IN KEY ELEMENT IN THE GENERALLY MORE UPBEAT ATMOSPHERE KONG, HE CONTINUED.

PROJECTS

HAD HONG

THE THAN UP.

HE SAID HONG KONG HAD ALSO CONTINUED TO BENEFIT INCREASINGLY INTEGRATED AND SUCCESSFUL ECONOMIC HINTERLAND

MORE PEARL RIVER DELTA, WHOSE PROGRESS HAD BEEN FAR

COULD HAVE BEEN IMAGINED BACK IN 1979 WHEN CHINA

BEGAN

FROM INCLUDING SPECTACULAR OPENING

THE

HE

ABOUT

HOME SAID HONG KONG INVESTORS WERE NOW VERY MUCH AT OPERATING IN GUANGDONG PROVINCE.

FLOURISHING OF THE

"THEY HAVE CONTRIBUTED ΤΟ THE CREATION OF A MANUFACTURING BASF THERE AND ΤΟ THE MODERNISATION

POINTER OF WHICH IS A VERY ENCOURAGING INFRASTRUCTURE. FUTURE, THE FINANCIAL SECRETARY SAID.

ALL

TO THE

DESPITE THIS GENERALLY MORE POSITIVE PICTURE, HE SAID HONG KONG HAD A MAJOR PROBLEM OF INFLATION.

T

COUNCIL

GOVERNMENT

SHARES

"CONCERN OVER INFLATION IN THE COMMUNITY AND IN THIS IS ENTIRELY UNDERSTANDABLE AND APPROPRIATE. THE THIS ANXIETY," MR MACLEOD SAID.

-

TRUE, HE POINTED OUT, RECENTLY INFLATION HAD

EASED,

TRENDING

APRIL HESITANTLY DOWN FROM THE PEAK OF 13.9 PER CENT IN SOMEWHAT 11.5 PER CENT IN SEPTEMBER.

то

"HOWEVER, INFLATION UNDOUBTEDLY REMAINS A SERIOUS PROBLEM,

ין

HE

SAID.

NOT WERE

MERE

HE SAID ECONOMIC GROWTH AND INFLATION ABSTRACTIONS. THEY BOTH HAD A CONCRETE EFFECT ON PEOPLE'S WELL-BEING.

/IN GENERAL,