CONFIDENTIAL
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RECORD OF MEETING BETWEEN THE PARLIAMENTARY UNDER-SECRETARY FOR FOREIGN AND COMMONWEALTH AFFAIRS AND HONG KONG GOVERNMENT OFFICIALS HELD AT GOVERNMENT HOUSE ON 13 JANUARY 1975 (ẤT 10, AM).
Present
Lord Goronwy-Roberts
Mr P JE Male (FCO) Mr AC Stuart (FCO)
1
17
Mr Wotton 2 Mr Hamada Mr Time
Mr Stuar
to see Then PA
Sir Murray MacLehose Mr DTE Roberts (Colonial Secretary) RD
Mr D C Bray (Secretary for Home Affairs)
23/1
Mr J Cater (Commissioner Against Corruption)
Mr DJ C Jones (Secretary for Economic
Services)
Mr D G Jeaffreson (Deputy Financial
Secretary)
Mr R T M Henry (Acting Commissioner of
Police)
Mr D R Ford (Director of Information
Services)
Mr JCC Chan (PS/Governor)
1.
Mr Jones said that world-wide inflation and a general
slowing down in international trade over the past year had resulted
in a slow-down in Hong Kong's economy, which was heavily dependent on exports, and a drop in real incomes. Hong kong's imports and
domestic exports in the first nine months of 1974 decreased by 4%
and 1.5% respectively in volume terms compared with the same period
in 1973. Internally, however, the economy had shown automatic
deflationary tendencies, and Hong Kong's competitive position had
been improving, even though Government expenditure on the Public
Works Programme had increased. Prospects for the future depended
largely on developments elsewhere but the Hong Kong Government was
doing what it could to encourage higher productivity, quality and
technology in industry, which would be necessary in the face of
increasing low-cost competition from Taiwan and South Korea. In
this connection, reinvestment in industry had continued to increase
over the past two years.
2.
In reply to Lord Goronwy-Roberts, Mr Jones said Hong Kong's
exports to the EEC accounted for about 30% of total exports and the
trend was a rising one. Trade with China was large but only in
CONFIDENTIAL
/one direction.
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