TNAG-0259-FCO40-295-Legislation-for-prevention-of-bribery-in-Hong-Kong-1970 — Page 123

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HONG KONG LEGISLATIVE COUNCIL — 2nd October 1969.

[DR CHUNG] Motion

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output in 1968, expressed in export value, was as much as 26% over that in 1967, and judging from the published statistics of the first eight months of the current year, this rate of growth is likely to continue in 1969. Resulting from this remarkable industrial growth, manufacturing industry is at present experiencing acute shortages of both skilled and unskilled labour. Consequently, industrial wages are rising even more rapidly than in the past. It is estimated that since January this year wages in manufacturing industry have gone up by 8 to 10%. In some industries, wage increases of up to 20% have been reported. The labour shortage is further accentuated by the commitment of industry to the five-year phased programme on the reduction of hours of work. The third phase reduction will commence in December this year and, coupled with the continual strong demand for Hong Kong products from overseas markets, it is more than probable that the trend of fast rising wages will continue for some time to come.

Rapidly rising real wages and fast reducing working hours are true indicators that labour in general is sharing the fruits of our economic success. There are few places in the world whose rate of economic and industrial development can match that of ours. This is not to say that we can afford to be complacent. Indeed, we must take heed of our very progress and prepare for the future. Most particularly, we must not lose sight of the fact that export-oriented manufacturing in- dustry directly provides employment for 40% of the working population and, as the then Acting Financial Secretary revealed recently in this Council, contributes over 40% of our national income. It is also the determinant for the rapid growth and sustained prosperity of our public utilities, commerce and services which are the other principal contribu- tors to national income. The ability of Government to improve the social services and welfare activities in order to meet the rising expecta- tions of our people depends almost wholly, therefore, on the continual growth of our export-oriented manufacturing industry.

Too many people have held for too long the mistaken notion that assistance and help for developing our manufacturing industry is tantamount to catering to sectional interest. It is time it was clearly understood by every man, woman and child in Hong Kong that, under the present circumstances, export-oriented manufacturing industry is the be-all and end-all of our existence as an economically independent com- munity. Any assistance given to manufacturing industry, no matter what the form or in which the direction, is a contribution to the overall well-being of Hong Kong and to the raising of standards of living of our people. It is, therefore, hoped that we hear no more loose talk of "sectional interest" in the context of assistance and encouragement to manufacturing industry.