TNAG-1887-FCO40-2679-Overseas-visits-by-Sir-David-Wilson--Governor-of-Hong-Kong---1990 — Page 17

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Despite the unease produced by events of this

year, our economy continues to forge ahead. Indeed, we are

suffering from some overheating, with unemployment at 1.3%

and inflation just in double digits. These are the fruits

of very rapid economic growth an average annual growth in

Gross Domestic Product of 11% in real terms from 1986 to

1989. Last year our per capita GDP reached US$9,600,

second only to Japan in East Asia. We expect some slowing

as the adjustment process takes effect. But we still

anticipate healthy growth into the next decade.

Both our cities are part of the new phenomenon of

Pacific Rim growth. The US now does more trade across the

Pacific than across the Atlantic. This is as clearly

reflected in our own trade figures as it is in the volume

of cargo that passes through Long Beach. Hong Kong's

container port has taken Rotterdam's position. We are now

No. 1 in the world. Our container terminals, like the rest

of our port and most of our utilities, are owned and

managed by private companies. One of them is the American

company Sealand.

Much has been made of the growth of our entrepot

trade with China following the re-opening of China's

relations with the West. The figures are extraordinary.

But the regional figures, excluding China, are remarkable

too. Last year they grew by 45%. The figures highlight