XN000022-1992-11-03 — Page 2

TUESDAY, NOVEMBER 3, 1992

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GOVT GIVES HIGH PRIORITY TO PORT DEVELOPMENT: GOVERNOR

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THE GOVERNMENT IS GIVING

VERY HIGH PRIORITY TO PORT DEVELOPMENT, THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID TODAY

(TUESDAY).

"WE WILL BUILD ON NATURE'S GIFT, TO DEVELOP THE FACILITIES WHICH HONG KONG, CHINA AND THE REGION NEED TO FUEL THEIR ECONOMIC REVOLUTIONS, MR PATTEN SAID, WHEN OPENING THE "PORTS 2000" CONFERENCE AND EXHIBITION AT THE HONG KONG CONVENTION AND EXHIBITION CENTRE.

HE SAID HONG KONG WOULD BE DOING IT BY USING ITS OWN SPECIAL BRAND OF PUBLIC-PRIVATE PARTNERSHIP.

"THAT IS, BY JOINTLY PLANNING WHAT IS NEEDED AND THEN LETTING THE PRIVATE SECTOR GET ON WITH IT," HE SAID.

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THE GOVERNOR IS ALSO DETERMINED THAT HONG KONG SHOULD REMAIN FREE PORT, A PORT THROUGH WHICH THE WORLD'S COMMERCE CAN FLOW UNIMPEDED BY TARIFFS AND UNIMPEDED BY RED TAPE.

HE SAID THE PORT WAS AN ENORMOUS ASSET FOR HONG KONG AND AN ENORMOUS ASSET FOR CHINA.

"THAT'S CERTAINLY TRUE TODAY AND IT WILL CONTINUE TO BE TRUE UP TO 1997, IN 1997 AND BEYOND 1997 WELL INTO THE 21ST CENTURY, HE SAID.

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PROVISIONAL RESULTS OF RETAIL SALES SURVEY FOR AUGUST RELEASED

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THE VALUE OF TOTAL RETAIL SALES IN AUGUST, ESTIMATED AT $14.5 BILLION, INCREASED BY 19% WHEN COMPARED WITH THE SAME MONTH LAST YEAR, ACCORDING TO THE STATISTICS RELEASED TODAY (TUESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

THE INCREASE IN RETAIL SALES REFLECTED A CONTINUED GROWTH IN SPENDING BY BOTH LOCAL CONSUMERS AND TOURISTS.

AFTER DISCOUNTING THE EFFECT OF PRICE CHANGES OVER THE TOTAL RETAIL SALES INCREASED BY 13% IN VOLUME TERMS.

PERIOD,

THE INCREASE WAS MAINLY ATTRIBUTABLE TO THE GROWTH IN CONSUMER SPENDING ON MOTOR VEHICLES, CLOTHING AND FOOTWEAR.

SALES OF MOTOR VEHICLES IN AUGUST CONTINUED TO REGISTER A LARGE YEAR-ON-YEAR INCREASE, BY 35% IN VALUE AND 28% IN VOLUME, WHILE SALES OF CONSUMER DURABLE GOODS OTHER THAN MOTOR VEHICLES WENT UP BY 15% IN VALUE AND 14% IN VOLUME.

SALES OF CLOTHING, FOOTWEAR AND ALLIED PRODUCTS ROSE BY 26% IN VALUE AND 14% IN VOLUME AS COMPARED WITH THE SAME MONTH LAST YEAR.

/CONSIDERABLE INCREASES