XN000022-1994-03-02 — Page 16

WEDNESDAY, MARCH 2, 1994

LAST YEAR'S SUCCESS WILL PERSIST

THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, SAID TODAY (WEDNESDAY) THAT HONG KONG'S ROLE IN THE ASIAN ECONOMIC MIRACLE WAS TO PROVIDE THE EXPERTISE WHICH COUNTRIES IN THE REGION NEEDED IN ORDER TO RAISE THEIR OWN STANDARDS OF LIVING.

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"WE ARE NOW A SERVICE-BASED ECONOMY, AND WHAT WE HAVE TO OFFER IS OUR EXPERTISE, NOT LOW-WAGE FACTORY LABOUR, SIR HAMISH SAID IN HIS THIRD BUDGET SPEECH AT THE LEGISLATIVE COUNCIL.

HE SAID 1993, IN SHORT, WAS A VERY GOOD YEAR.

"AND WE HAVE NO REASON TO BE ANY LESS

PROSPECTS FOR 1994, HE SAID.

FOR 1994, SIR HAMISH FORECASTS:

CONFIDENT

ABOUT OUR

*

GDP GROWTH IN REAL TERMS WILL AGAIN REACH 5.5%,

*

GDP PER HEAD WILL REACH SOME US$20,600,

*

TOTAL TRADE WILL INCREASE BY AROUND 17% IN REAL TERMS, AND

* INFLATION WILL KEEP TO AN AVERAGE OF AROUND 8.5%.

1993, HONG KONG'S ECONOMY ONCE AGAIN PERFORMED HANDSOMELY. A SATISFACTORY GDP GROWTH RATE OF 5.5% IN REAL TERMS WAS ACHIEVED, FASTEST INCREASE SINCE 1988.

THE

THE FINANCIAL SECRETARY ALSO OUTLINED SOME MORE BASIC FACTS HOW WELL HONG KONG DID LAST YEAR:

OF

*

GDP PER HEAD IN 1993 REACHED US $18,500,

*

*

TOTAL EXPORTS GREW BY 13% IN REAL TERMS, LED BY RE-EXPORTS.

EXPORTS OF SERVICES GREW BY 8% IN REAL TERMS.

INFLATION RETREATED STILL FURTHER, TO 8.5% FOR THE YEAR (COMPARED WITH 9.4% IN 1992).

MEDIAN HOUSEHOLD INCOME GREW IN REAL TERMS BY 3.8%.

UNEMPLOYMENT REMAINED AT AROUND 2%, A VERY LOW LEVEL BY ANY INTERNATIONAL STANDARD.

HE SAID IN PRODUCING THIS PERFORMANCE, HE HAD NO DOUBT THAT THE BUSINESS COMMUNITY HAD BEEN LOOKING BEYOND CURRENT POLITICAL CONTROVERSIES TO THE LONG-TERM GROWTH POTENTIAL OF BOTH HONG KONG AND CHINA, AND INDEED TO THE PROMISING ECONOMIC OUTLOOK FOR THE ASIA- PACIFIC REGION AS A WHOLE.

/THIS BULLISH

ETE