TNAG-1167-FCO40-1447-Future-of-Hong-Kong-1982 — Page 61

اماد

SPEECH BY HE THE GOVERNOR AT THE

HONG KONG GENERAL CHAMBER OF COMMERCE ANNUAL COMMITTEE MEMBERS DINNER AT THE MANDARIN HOTEL ON THURSDAY 21ST JANUARY 1982

1981 turned out rather better than expected.

F

Domestic exports over the year as a whole grew by 7% in

real terms. This may have been lower than the 11% of 1980 but given the trading conditions it was a great tribute to the efficiency of our businessmen, and a record of which most countries last year would have been envious.

2.

It was also encouraging that the trend of the

1980's fell in the growth rate of exports from 18% in the first half to 5% in the second, was reversed in 1981 with about 6% growth in the first half accelerating to 8% in

the second.

3.

With this performance in our domestic exports, and rapid growth in domestic demand, the growth rate of our gross domestic product in 1981 should be in line with the Financial Secretary's mid year forecast of 10% in real terms. This is now the 6th consecutive year when our economy has grown in real terms by 10% or more. In other words it has almost doubled in 6 years.

4.

For the same period the average annual growth rate of GDP per capita has been 9% in real terms and that for 1981, at 7.4% was not much below this remarkably high average, though I would be the first to agree that the wide

distribution of the benefits of this growth rate, so apparent between 1976 and 1979 has been distorted by

/ a combination