TNAG-1736-FCO40-2449-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 87

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TO IMMEDIATE HONG KONG GOVERNMENT OFFICE LONDON

TELNO 527

OF 120925Z OCTOBER 88

011211

MDHIAN 7243

AND TO IMMEDIATE HKGO BRUSSELS, HKGO GENEVA HKGO WASHINGTON AND TO IMMEDIATE HKGO NEW YORK, HKGO SAN FRANCISCO, HKETO TOKYO INFO IMMEDIATE FCO, PEKING

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MIPT : MY ADDRESS TO THE LEGISLATIVE COUNCIL : HIGHLIGHTS

ECONOMY

IN 1988, DOMESTIC EXPORTS +6 PERCENT, RE-EXPORTS +35 PERCENT (+ 250 PERCENT IN 5 YEARS)

GDP + 6 PERCENT (AVERAGE OF 10 PERCENT OVER PAST 3 YEARS)

CURRENT INFLATION 7 PERCENT+.

CHINA

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HONG KONG AND CHINA EACH OTHER'S LARGEST TRADING PARTNERS. CHINA THE SECOND LARGEST MARKET FOR HK EXPORTS, LARGEST SUPPLIER AND MARKET FOR RE-EXPORTS, SECOND LARGEST SOURCE OF

RETAINED IMPORTS.

HONG KONG ACCOUNTS FOR TWO-THIRDS OF ALL EXTERNAL INVESTMENT

IN CHINA.

1.5-2 MILLION PEOPLE IN GUANGDONG ESTIMATED TO WORK FOR HONG KONG

BUSINESSES (MORE THAN TOTAL IN MANUFACTURING SECTOR IN HK).

TRADE

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ACTIVE PARTICIPANTS IN URUGUAY ROUND OF MULTI-LATERAL TRADE

NEGOTIATIONS.

NEW ECONOMIC AND TRADE OFFICE IN TOKYO.

INDUSTRY

3RD. INDUSTRIAL ESTATE BEING PLANNED (JUNK BAY) LAND AVAILABLE

1993.

FEASIBILITY STUDY INTO ESTABLISHMENT OF TECHNOLOGY CENTRE.

IMPOROVEMENT OF INDUSTRIAL PROMOTION OFFICES OVERSEAS.

LABOUR SHORTAGE

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