XN000022-1994-10-05 — Page 42

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WEDNESDAY, OCTOBER 5, 1994

BUT BACK IN 1984, THE MAINTENANCE OF HONG KONG'S PROSPERITY AND STABILITY LOOKED TO SOME LIKE A PRETTY TALL ORDER, MR PATTEN SAID.

"THERE WERE MANY WHO DOUBTED OUR ABILITY ΤΟ DISCHARGE THIS RESPONSIBILITY. THERE WERE DIRE PREDICTIONS OF ECONOMIC DISRUPTION AND EVEN OF SOCIAL DISORDER. THERE WAS NO SHORTAGE OF COMMENTATORS WHO LOOKED ON THE JOINT DECLARATION AS A DEAD-END, WHO REFUSED ΤΟ RECOGNISE THE RESILIENCE OF THE PEOPLE OF HONG KONG AND THEIR DETERMINATION TO SEIZE THE OPPORTUNITIES CREATED BY THE JOINT DECLARATION.

"WELL, THOSE WHO PROPHESIED NOTHING BUT TROUBLE AHEAD, AND THOSE WHO PREDICTED THE PAINFUL DECLINE OF HONG KONG'S WAY OF LIFE, HAVE BEEN PROVED WRONG.

ON THE ECONOMY, MR PATTEN SAID THAT SINCE 1984:

*

HAVE

LIVING STANDARDS FOR THE WHOLE COMMUNITY DRAMATICALLY. TOTAL GDP HAS GROWN BY 79 PER CENT TERMS, AND IN TERMS OF GDP PER PERSON, WE NOW RANK THE WORLD INSTEAD OF 28TH, AS WE WERE IN 1984;

IMPROVED IN REAL 17TH IN

BY ABOUT 350

THE VALUE OF OUR FOREIGN TRADE HAS INCREASED PER CENT IN REAL TERMS. IN 1984, HONG KONG WAS THE 13TH LARGEST TRADING ECONOMY IN THE WORLD; WE ARE NOW EIGHTH AND RISING;

* WE HAVE MADE THE TRANSITION FROM A MANUFACTURING BASE TO AN INTERNATIONAL BUSINESS CENTRE, WITH LABOUR PRODUCTIVITY RISING 54 PER CENT IN THE PROCESS. THE SERVICE SECTOR NOW GENERATES ABOUT 75 PER CENT OF OUR GDP AND PROVIDES 70 PER CENT OF TOTAL EMPLOYMENT.

MR PATTEN SAID THE INDICES OF SOCIAL STABILITY WERE JUST AS IMPRESSIVE AS THE ECONOMIC STATISTICS. SINCE 1984:

ONLY

* REAL EARNINGS HAVE RISEN BY 66 PER CENT, WHILE UNEMPLOYMENT

HAS FALLEN FROM ALMOST FOUR PER CENT TO UNDER TWO PER CENT ;

*

"I

THE

OVERALL CRIME RATE HAS FALLEN BY 10 PER CENT AND THE RATE OF VIOLENT CRIME BY SEVEN PER CENT;

THE PROPORTION OF FLATS WHICH ARE OWNER-OCCUPIED HAS INCREASED FROM 31 PER CENT TO 48 PER CENT;

THE PROPORTION OF YOUNG PEOPLE IN THE RELEVANT AGE GROUP ABLE TO STUDY FOR A DEGREE HAS INCREASED FROM 3 PER CENT ΤΟ 18 PER CENT.

COULD REEL OFF A GREAT MANY MORE STATISTICS, BUT I WOULD BE TELLING HONOURABLE MEMBERS WHAT THEY KNOW ALREADY. THE PAST DECADE HAS BEEN ONE OF ASTONISHING ECONOMIC AND SOCIAL ACHIEVEMENT FOR HONG KONG. HONG KONG IS A WINNER, HE SAID.

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