TNAG-1136-FCO40-1416-Address-by-Sir-Edward-Youde--Governor-of-Hong-Kong--to-the-L-1982 — Page 26

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THE GOVERNOR'S LEGCO SPEECH

I have now managed to look through the speech given by Sir Edward Youde on 6 October. Apart from the final section on the future (aragraphs 144-8) of which you are already aware the following points are of interest:

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Paragraphs 3 - 5 A timely appreciation of the work done (mostly behind the scenes) by the Unofficials;

Paragraph 6 A proposal for an early review of the 320 advisory boards and committees. Exercises of this type have been carried out before, without great efført;

Paragraph 10 A reminder that the Urban Council elections in March 1983 will be the first on a constituency basis and with the new wider electorate;

Paragraphs 11 15 Economy A reference to the current recession and its effects on Hong Kong eg, lower growth rates, probably no budget surplus. But inflation down to 11% (although it will rise again if the Hong Kong dollar continues to decline) and unemployment only 3.5%:

Paragraph 16

Public Finance Bill to be introduced this year, to give a statutory backing to the system of financial administration;

Paragraph 18 - 21 References to various legislative changes and proposals designed to preserve Hong Kong's new status an international financial centre;

Paragraph 23 Establishment of 4 overseas industrial offices in UK, Japan, FRG and the US;

Paragraphs 25 - 27 Trade Links with China, now Hong Kong's largest source of imports and fourth largest market. References to Shenzhen, Tin Shui Wei, the new Bank of China Head Office and the proposed Guangdong Nuclear Power Plant, concerning which the Hong Kong Government would keep the issue of safety "under close and careful review";

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