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As a matter of fact, the existing labour benefits in Hong Kong are lower than those in some Asian countries. The unit labour cost in Singapore and Taiwan is higher than that in Hong Kong by 50% and 31% respectively, while that in South Korea is similar to Hong Kong's. Hence we should not merely think of reducing labour expenses; what is more important is to find out how to increase production with the same input, i.e. how to enhance Hong Kong's labour productivity. This would be beneficial
to employers and workers alike.
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According to statistics of the Asian Productivity Organisation, the annual growth rate of the added value of Hong Kong's manufacturing industry between 1970 and 1982 was but 5.6%, not only is this lower than South Korea's 14.1%, Taiwan's 10.9% and Singapore's 9.3%, but it is even lower than Thailand's 9.2% and Philippines' 6.1%. This shows that the growth rate of the added value of Hong Kong's industrial products is slower than that in other Asian countries and regions. It also shows that the growth rate of Hong Kong's labour productivity is slower than that in other Asian countries and regions. The causes include insufficient industrial investments, the shortage of training and research facilities, the development and application of technolog is not quick enough, the design and quality of products still require improvement and the lack of positive promotion of industry by the Government, etc. All these factors should not be overlooked. Since my colleagues in this Council have already maue in-depth analyses on them, I am not going to repeat here.
According to experience in many developing countries, there is no alternative but to improve labour productivity if a country wants to continually satisfy the expectation of its people toward themselves and their children for a better living standard. Since Hong Kong is short of natural resources and its economy is based on exports, the importance of improving labour
Moreover, the productivity is all the more significant.
improvement of labour productivity is the best way to raise the
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