XN000022-1992-12-03 — Page 3

THURSDAY, DECEMBER 3, 1992

THE

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HK'S ECONOMIC BASE IS VERY STRONG: GOVERNOR

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ECONOMIC FUNDAMENTALS IN HONG KONG ARE PROBABLY IN ANY OTHER COMMUNITY IN THE WORLD, THE GOVERNOR, THE CHRISTOPHER PATTEN, SAID TODAY (THURSDAY).

THAN

SOUNDER

RT HON

SPEAKING TO REPORTERS BEFORE PRESIDING AT THE HONG KONG BAPTIST COLLEGE GRADUATION CEREMONY, MR PATTEN SAID HONG KONG HAD A STRONG ECONOMY AND A STRONG COMMUNITY.

COMMENTING ON THE STOCK MARKET SLIP, MR PATTEN SAID: "I HAVEN'T DONE ANYTHING TO AFFECT WHAT'S HAPPENING IN THE MARKET THIS WEEK. I HAVE SAID NOTHING WHICH HAS HAD ANY EFFECTS ON THE MARKET.

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HE SAID HE DID NOT THINK IT WAS SENSIBLE TO COMMENT ON DAY-TO- DAY MOVEMENTS IN THE STOCK MARKET.

**WHAT I DO THINK IT'S SENSIBLE FOR ME TO SAY IS THAT THE UNDERLYING STRENGTH OF THE HONG KONG ECONOMY AND THE UNDERLYING STRENGTH OF FIRMS IN HONG KONG ARE THERE FOR EVERYONE TO SEE."

PROVISIONAL FIGURES ON RETAIL SALES FOR SEPTEMBER

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THE VALUE OF TOTAL RETAIL SALES IN SEPTEMBER, ESTIMATED AT $13.9 BILLION, INCREASED BY 18% WHEN COMPARED WITH THE SAME MONTH LAST YEAR. ACCORDING TO THE STATISTICS RELEASED TODAY (THURSDAY} 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 11% IN VOLUME TERMS.

PERIOD,

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

SALES OF MOTOR VEHICLES IN SEPTEMBER CONTINUED TO REGISTER A LARGE YEAR-ON-YEAR INCREASE, BY 50% IN VALUE AND 42% IN VOLUME.

SALES OF CLOTHING, FOOTWEAR AND ALLIED SUBSTANTIALLY, BY 33% IN VALUE AND 20% IN VOLUME.

PRODUCTS ALSO ROSE

RELATIVELY MORE MODERATE INCREASES WERE RECORDED FOR SALES OF FUELS (

(BY 19% IN VALUE AND 11% IN VOLUME); SALES IN DEPARTMENT STORES (14% AND 4%); SUPERMARKETS (11% AND 3%); JEWELLERY, WATCHES, CLOCKS AND VALUABLE GIFTS (8% AND 10% ); AND CONSUMER DURABLES OTHER THAN MOTOR CARS (8% AND 7%).

/THE LARGER