TNAG-0735-FCO40-939-Policy-objective-for-the-developing-of-Hong-Kong-in-the-1980-1978 — Page 68

Debate on the Governor's Annual Address

Speech by the Honourable the Financial Secretary

in Legislative Council on Thursday, 16th November 1978

Summary

Introduction

I

PARAGRAPHS

1

Inflation

2

(2)

(1) Unofficial Members' worries

Measurement of "inflation":

(a)

General price level

(b)

Consumer prices

5

34

6

(c) Prices of investment goods

(a)

Prices of imported raw materials and semi-manufactures

(e) Wage rates, profit margins and

export prices

Absence so far of imported inflation Incipient threat of inflation:

(3)

(4)

(a)

(b) Pressure of domestic demand

J

7

8

9

11

12

13

Depreciation of the Hong Kong dollar

14

15

G

18

(c) Adverse trade balance and tourism

19

20

(5)

Growth of the money supply:

21

(a)

Determinants

22

-

24

(b)

Statistics

(M2)

25

26

(a)

(6)

(c) Changes in interest rates

Control of the money supply Management of the public finances

27

29

30

J

31

32

35

i