VI:
Į
SECURITY CLASSIFICATION
Top Secret
Secret
Confidential
Restricted
Unclassified
PRIVACY MARKING
In Confidence
DSR 11C (Revised 5/87)
Hong Kong since the signing of the Joint
Declaration:
the Economy
15. As indicated earlier, while the question of Hong
Kong's future remained unresolved, Hong Kong faced the
prospect of a steady erosion of confidence and a decline
in its prosperity. By the early 1980s, and in particular
in the initial phase of the negotiations in 1983, Hong
Kong's economic prospects looked uncertain. Fears which
surfaced during the negotiations added to the
uncertainty, and exacerbated a situation 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.
The nadir was reached in September 1983, when an imminent
breakdown of the talks was feared.
16. Since the signing of the Joint Declaration, Hong
Kong has again enjoyed rapid economic growth. In the
past three years the average rate of growth has been over
10 per cent per annum. Growth of about 6 to 7 per cent
is expected this year. The link between the Hong Kong
dollar and the US dollar which was established in
September 1983, has helped to provide a framework of
stability and certainty in which Hong Kong's external
trade has been able to flourish.
The traditional
entrepot trade with China and the rest of East Asia has
to revived in recent years and the container port is now
the busiest in the world in terms of throughput.
No comments yet.
Private notes are available after approval.