XN000022-1994-10-26 — Page 24

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AIRPORT AND CONTAINER PORT DEVELOPMENT

WEDNESDAY, OCTOBER 26, 1994

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IN. PARTICULAR. MONTHS. WHILE A AND 11 WILL VITAL

A FEW WORDS ON THE AIRPORT AND CONTAINER PORT IT IS A SAD FACT THAT CT 9 HAS BEEN DELAYED FOR MORE THAN 18 THIS DELAY WILL CAUSE A SIGNIFICANT LOSS IN OUR ECONOMY. SOLUTION HAS YET TO BE FOUND, PLANNING WORK FOR CT 10 CONTINUE, AND WE SHALL DO ALL WE CAN TO RECOVER MOMENTUM IN THE TASK OF CONTAINER PORT EXPANSION.

I AM

THERE HAS BEEN PROGRESS ON THE AIRPORT FINANCING TALKS. SURE THAT WE ALL HOPE THAT AN AGREEMENT WILL BE REACHED SOON, TO AVOID AS FAR AS POSSIBLE ANY DELAYS OR COST INCREASES.

THE ECONOMY AND INFLATION

THAN

THAT

INFLATION,

TO RIGHTLY DEVOTED CONSIDERABLE ATTENTION MEMBERS WHICH LIKE INVESTMENT IN INFRASTRUCTURE IS RELEVANT TO THE QUESTION OF OUR ECONOMY IS GROWING MAINTAINING HONG KONG'S COMPETITIVE EDGE.

SO. SOME MEMBERS STEADILY AT A RESPECTABLE RATE OF AROUND 5% OR

GROWTH THAN IN A LOWER

NUMBER OF OUR THIS WAS LAMENTED

RATES COMPETITORS. BUT SURELY IT MUST BE CLEAR THAT HIGHER GROWTH

AT PRESENT WOULD RUN UP EVEN HARDER AGAINST OUR CAPACITY CONSTRAINTS, STRAIN OUR RESOURCES, AND CONTRIBUTE TO HIGHER INFLATION. WE

CAN'T HAVE IT BOTH WAYS. IT DOES NOT MAKE A LOT OF SENSE TO URGE ΤΟ ME IN ONE BREATH TO GO FOR HIGHER GROWTH, AND WITH THE NEXT BREATH

THE PARTICULARLY WHEN

ONE BERATE ME FOR NOT REDUCING INFLATION. MEASURE THAT MIGHT MAKE SUCH AN APPARENTLY IMPOSSIBLE COMBINATION WORK

SCALE

IS VERY MUCH ON A LARGER NAMELY LABOUR IMPORTATION

IS RULED OUT, CONSTRAINED.NAMELY LARGE SCALE LABOUR IMPORTATION THE SECRETARY FOR EDUCATION AND MANPOWER HAS EXPLAINED.

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AS

LOWER

MORE IMPORTANTLY,

BUT NOR MUST WE EXAGGERATE THE PROBLEM OF OUR RELATIVELY GROWTH RATE. BY MOST STANDARDS IT IS PRETTY GOOD. AT THE CURRENT RATE OF GROWTH, AND DESPITE THE INFLATION, WE ARE ABLE TO MEET THE ASPIRATIONS FOR HIGHER STANDARD OF LIVING, AND AT THE SAME TIME, TO CHANNEL TO HELP THE NEEDY AND INVEST IN OUR FUTURE.

UNCOMFORTABLY HIGH A PROGRESSIVELY RESOURCES

BEFORE, ARISES COPE WITH

OUR INFLATION PROBLEM, AS I HAVE POINTED OUT BASICALLY FROM THE SHORTAGE OF LABOUR AND LAND SUPPLY TO DEMAND. RECENTLY, OUR LABOUR SUPPLY HAS BEEN HELPED CONSIDERABLY BY A THIS IS A GREATER NUMBER OF FORMER EMIGRANTS RETURNING TO HONG KONG. WELCOME DEVELOPMENT. TO HELP COPE WITH OUR TIGHT LABOUR MARKET, I SEE

IMPORTATION OF FLEXIBLE IN OUR THE NEED TO BE

LABOUR, ADMITTING FOREIGNERS TO WORKER IN HONG KONG, PARTICULARLY IN AREAS WHERE WE FACE AN ACUTE LABOUR SHORTAGE AND WHERE THE EXPERTISE IS DEMONSTRATED TO BE BE LACKING. HOWEVER, THE INTEREST OF OUR OWN WORK FORCE WILL NOT IGNORED. PROMOTING PRODUCTIVITY IS ANOTHER TASK ON WHICH CONSIDERABLE EFFORT IS EXPENDED, AND I AM GRATEFUL FOR THE EFFORTS OF THE HONG KONG THIS IMPORTANT PRODUCTIVITY COUNCIL AND MANY OTHER ORGANISATIONS IN

AREA.

/LAND AND