XN000022-1993-09-23 — Page 4

THURSDAY, SEPTEMBER 23, 1993

MR MACLEOD SAID HONG KONG'S STRONG ECONOMIC PERFORMANCE HAD CONTINUED DESPITE STEPS BEING TAKEN BY CHINA TO DAMPEN ITS ECONOMIC GROWTH AND TO TACKLE ITS INFLATION PROBLEM.

HE POINTED OUT THAT HONG KONG'S TOTAL EXPORTS ROSE CENT IN REAL TERMS IN THE FIRST HALF OF THIS YEAR.

BY 16 PER

RATE

"OUR GROSS DOMESTIC PRODUCT (GDP) GREW BY 5.3 PER CENT IN TERMS IN THE FIRST QUARTER OF 1993 AND THE ESTIMATED GROWTH THE WHOLE YEAR WAS MAINTAINED AT 5.5 PER CENT,' HE ADDED.

"

ON INFLATION, MR MACLEOD WELCOMED THE DOWNWARD CONCEDING THAT IT WAS STILL A PROBLEM.

REAL FOR

TREND WHILE

THE INFLATION RATE FOR THE FIRST HALF OF THIS YEAR WAS 8.5 PER CENT COMPARED WITH 9.4 PER CENT IN THE FOURTH QUARTER OF LAST YEAR.

"THE FORECAST RATE OF INCREASE FOR THE WHOLE YEAR HAS THEREFORE BEEN REVISED DOWNWARDS FROM 9.5 TO 9 PER CENT, HE SAID.

**

ALTHOUGH THIS WAS A PIECE OF GOOD NEWS, HE CAUTIONED THAT LABOUR AND THE LAND SITUATION WOULD CONTINUE TO BE VERY TIGHT.

HE ADDED THAT HE DID NOT SEE ANY CASE FOR BANKS TO RELAX THEIR RESIDENTIAL MORTGAGE LENDING GUIDELINE AT THIS STAGE.

OF

LIFE

IN CLOSING, HE SAID HE WAS CONFIDENT THAT THE QUALITY IN HONG KONG WOULD CONTINUE TO IMPROVE IN THE YEARS TO COMB AND HE WOULD DO ALL HE COULD TO ENSURE THIS WOULD HAPPEN.

0

SIGNING OF SENT LANDFILL CONTRACT

THE SOUTH-EAST NEW TERRITORIES (SENT) LANDFILL CONTRACT WAS SIGNED TODAY (THURSDAY) BETWEEN THE ENVIRONMENTAL PROTECTION DEPARTMENT (EPD) AND GREEN VALLEY LANDFILL LIMITED, A CONSORTIUM COMPRISING WASTE MANAGEMENT INTERNATIONAL PLC, CITIC PACIFIC LTD AND SUN HUNG KAI PROPERTIES LTD.

THE LANDFILL IS

THREE STRATEGIC UNDER THE LONG-TERM WASTE

THE SECOND OF THE LARGE-CAPACITY LANDFILLS TO BE DEVELOPED MANAGEMENT STRATEGY IN HONG KONG.

SPEAKING AT THE CONTRACT SIGNING CEREMONY, EPD'S ASSISTANT DIRECTOR, MR MIKE STOKOE, SAID THE $3.5 BILLION CONTRACT WOULD PROVIDE A NEW REGIONAL LANDFILL SERVING THE MAJOR URBAN AREAS OF HONG KONG ISLAND AND KOWLOON AND WOULD REPLACE THE EXISTING LANDFILL AT TSEUNG KWAN O.

THE LANDFILL WILL BE ABLE TO RECEIVE A TOTAL OF 39 MILLION TONNES OF WASTE FROM BOTH PUBLIC AND PRIVATE WASTE COLLECTORS AND IS EXPECTED TO START OPERATION IN AUGUST 1994.

/MR STOKOE