TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 148

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increasing affluence of the community, a decline in the

age of retirement and an increase in the proportion of the

population of working age represented by those continuing

their studies and training beyond the minimum school

leaving age. For the fact is that the age structure

(8) of the population over the next decade will be such that

the proportion of the population of working age in relation

to the population as a whole is expected to increase at a

much higher rate than during the last few years.

(9)

22.

But, of course, in a maturing economy, the

productivity of labour should increase at a faster rate

over time as a result of increased inputs of capital and

improvements in production techniques. Consumption

expenditure in Hong Kong has shown some tendency to fall

in relation to the gross domestic product and, bearing in

mind that the population as a whole will not be growing

any more rapidly over the coming years than in the last

decade, it is conceivable that the ratio of household

savings to incomes will increase in the future and this,

together with Hong Kong's well organised capital market,

should enable investment expenditure to increase even more

rapidly in the future than in the past. As far as

technical inputs are concerned, the rate of growth of output

will undoubtedly be influenced by the significant

developments which have already occurred in the fields of

education and manpower and management training, and which

are being complemented by the continuous arrival in Hong

Kong of overseas companies and the diffusion in Hong Kong

of foreign technology.

/23.....