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continue to be just as good, as we would be reaping the benefits of the tax revenue from the present year. Our active property market, our negligible unemployment rate, and our modest inflation rate are to be envied by many other countries. Despite all these, the people of Hong Kong are not unaware of the uncertainty of the future and the many external and internal factors that may dramatically affect the economy of Hong Kong. Their inate pragmaticism means that they do not expect the Government to indulge in uncontrolled increases in expenditure, even in these appar- ently prosperous times. As the Financial Secretary mentioned in his speech, there is undoubtedly a prevailing climate of uncertainty in the world economy, and as I said, this climate of uncertainty prevails also in Hong
W
Kong. [On
On the other hand, with the character-
istic determination resilience and industrious- ness of the Hong Kong people, I am optimistic that we will weather the possible cyclical
nature of our economy.
Sir, as you stated in your policy speech last October, Government is embarking on the study of some very major and significant infrastruct- ural development projects in Hong Kong, notably, decisions on the replacement airport, the ex- pansion of our port facilities and the vast road and rail network linking these facilities to the metropolitan area, itself the subject of a major strategic study, will be made in late 1989 or early 1990. In addition to being a
tremendous boost to our confidence in the
future during the transition period, these pro- jects are vital to Hong Kong if it is to
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