in its prosperity.
By the early 1980s, and in particular
in e initial phase of the negotiations in 1983, Hong
Kong's economic prospects looked uncertain. The
situation was characterised by a serious weakening in the
international position of the Hong Kong dollar,
volatility in the Hong Kong stock market, and a slump in
property prices and investment.
16. Since the signing of the Joint Declaration, Hong
Kong has enjoyed a period of exceptionally rapid economic
growth and development. In the past three years the rate
of growth has been over 10 per cent per annum. Growth of
about 7 to 8 per cent is expected this year. Since
September 1983 the Hong Kong dollar has been linked to
the US dollar, providing a framework of stability and
certainty in which Hong Kong's external trade has been
able to flourish. The traditional entrepot trade has
revived and the container port is now the busiest in the
world in terms of throughput.
Investment in Hong Kong,
particularly investment from China, has grown
substantially.
The economic inter relationship between
Hong Kong and China has developed at a very rapid rate:
Hong Kong is now China's foremost trading partner and
there is extensive co-operation between Hong Kong and the
southern provinces of China in particular. The property
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market is buoyant; there has been a rapid growth in hotel construction in response to growing tourist demand.
new Exhibition and Convention Centre, one of the most
advanced in the world, has been recently completed and
should enhance Hong Kong's role as a regional business
:
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