TNAG-1136-FCO40-1416-Address-by-Sir-Edward-Youde--Governor-of-Hong-Kong--to-the-L-1982 — Page 93

15,

The downward. Kovision of the forecast growth rate of the gross domestic product to.40, compared with the previoucly forecast rate of 80, coupled with jhoronged public expenditure, means that

that the public sector will command a proportionately

sclzand greater share' of the economy's recouroos, this is a cause for

concern.

16.

In Buch circumstancep it la doubly important that public funds should be spent in the post efficient manner. In recent ` years¡-several important steps have boon taken towards improving efficiency audito, Tho dopiga. of a computer-basod Financial information syotem da' also woll advanced and from next year will provide the data nggespary to establish tho true of servicos, thereby aegipting, management decisions and providing a façility. for, kooping fees and charges up-to-date, subject to the advico..of Bzooutive Council., tho Public Finance Bill will be introduced into this Council this year,, aitor nearly three years of difficult drafting, and will provide a statutory backing, to our ayetem of Elqarçięl administration which; ›wijl Teppble financial:,authoritipp to be more clearly defined.

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17.

(c)

Diversification

(1) Tertiary services

No one should

་

world

doubt the coverity ΟΙ the world recession, not -can we be complacent about its effect on Hong Kong, But it should be remembered that our economy does adjust efficiently to changes in the

trading situation. Furthermore, it is now less narrowly baged than in the past. In particular, we have soon a rapid growth in the financial and other services sectors as well as a degree of diversification within the manufacturing sector,

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/18.

Indeed

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