TNAG-1413-FCO40-1889-Future-of-Hong-Kong-annual-report-to-Parliament-on-Hong-Kong-1985 — Page 136

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the senior ranks had

a steering group of

to be at a faster pace than hitherto achieved;

senior government

officials was charged with

recommending to the Governor how this objective was best to be

attained without jeopardising either the Force's efficiency

morale.

or its

of

territories a t the

Initial consideration was given to the possibility

introducing a limited compensation scheme on lines similar to

schemes introduced into former British dependent

time of constitutional change, which am ong

enable pensionable overseas officers who were

retire, or superseded for promotion to make way for local officers,

to be compensated for loss of career.

other things, would

either required to

IV.

STATE OF THE ECONOMY

27.

The Sino-British Joint Declaration on the question of Hong

Kong removed much of the shadow of uncertainty which had hung over

the Hong

Hong Kong economy in 1983 and most of 1984. But the economy

remained dependent on trade and hence vulnerable to external forces

outside Hong Kong's control.

28.

After a year of strong

economy showed signs of slowing

other economies. For 1985 as a

export-led growth, the Hong Kong

down in 1985, in line with many

whole the estimated grow th rate of Hong Kong's GDP was 41/2% to 5%, compared with 9.4% for 1984. The

future performance of domestic exports added an extra element of uncertainty to this forecast. Exports were increasingly affected by

the growing threat of protectionism in Hong Kong's export markets.

29.

domestic

exports,

The performance of the Hong Kong economy as a whole over the

period of review was characterised by a fall in

counterbalanced by a substantial growth in re-exports,

unemployment, and a low rate of inflation.

a low rate of

weak demand in

the United States

re-exports to China,

30. The fall in domestic exports was largely due to

Hong Kong's traditional export markets, notably

and the EEC. Hong Kong's domestic exports and

continued to show substantial growth. In addition to being

however,

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