XN000022-1994-11-07 — Page 6

5

MONDAY, NOVEMBER 7, 1994

MATURITY

MATURITY DATE

INTEREST RATE

: TWO YEARS

: NOVEMBER 15, 1996

:

6.90%

PER

ANNUM

PAYABLE

INTEREST PAYMENT DATES

SEMI-ANNUALLY IN ARREARS

: MAY 15, 1995, NOVEMBER 15, 1995 MAY 15, 1996, NOVEMBER 15, 1996

TENDER AMOUNT

AN AMOUNT : EACH TENDER MUST BE FOR

OR INTEGRAL MULTIPLES OF $50,000 THEREOF. MEMBERS OF THE PUBLIC WISH TO TENDER FOR

WHO

THE NOTES

MAY

+

APPROACH

MARKET

MAKERS

OR

RECOGNISED

DEALERS

ON

THE

PUBLISHED LIST

OTHER DETAILS

: PLEASE SEE INFORMATION

MEMORANDUM

PUBLISHED OH APPROACH MARKET MAKERS OR RECOGNISED DEALERS

GROSS DOMESTIC PRODUCT FOR THE SECOND QUARTER OF 1994

IN

KONG'S GROSS DOMESTIC SAME QUARTER IN THE CENSUS

THE SECOND QUARTER OF 1994, HONG (GDP) GREW BY 5.4% IN REAL TERMS OVER THE ACCORDING TO THE PRELIMINARY ESTIMATES RELEASED BY AND STATISTICS DEPARTMENT TODAY (MONDAY).

PRODUCT

1993,

CONSUMPTION

THE

ESTIMATES, GDP OF AMONG THE

COMPONENTS MAIN

BY 5.4% IN REAL TERMS GREW EXPENDITURE QUARTER OF 1994 OVER THE SAME QUARTER IN 1993.

PRIVATE IN THE SECOND

GOVERNMENT CONSUMPTION THE ON

SAME

OF COMPARISON, BASIS EXPENDITURE (DEFINED IN NATIONAL ACCOUNTS TERMS) INCREASED BY 4.2% REAL TERMS.

IN

DOMESTIC GROSS

FIXED

ΤΟ GROW

OF 1994

CAPITAL FORMATION CONTINUED SIGNIFICANTLY BY 11.3% IN REAL TERMS IN THE SECOND QUARTER OVER THE SAME QUARTER IN 1993.

SHOWED A WITHIN THIS COMPONENT, EXPENDITURE ON CONSTRUCTION

IN MAINLY BECAUSE OF A FURTHER PICK-UP SIGNIFICANT INCREASE OF 15.1%,

EXPENDITURE ON MACHINERY THE PRIVATE SECTOR CONSTRUCTION ACTIVITY. AND EQUIPMENT ALSO RECORDED A SUBSTANTIAL GROWTH OF 10.5%.

11.3% REGARDING EXTERNAL TRADE IN GOODS, TOTAL EXPORTS GREW BY

WITHIN THESE, RE- IN THE SECOND QUARTER OF 1994 OVER A YEAR EARLIER.

IMPETUS THE MAIN

TO

AND GROWTH, EXPORTS

TO PROVIDE CONTINUED

TERMS. REGISTERED A YEAR-ON-YEAR GROWTH RATE OF 15.0% IN REAL

THE DECLINE IN DOMESTIC EXPORTS ALSO NARROWED TO -2.3% IN

IMPORTS ROSE BY 15.1% IN TERMS FROM -9.5% IN THE FIRST QUARTER. SECOND QUARTER OF 1994 OVER THE SAME QUARTER IN 1993.

REAL

THE

/AS REGARDS