TNAG-2460-FCO40-3581-Hong-Kong-annual-report-for-1992-1992 — Page 65

CONFIDENTIAL

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MDHIA 3316

GROWTH RATES OF DOMESTIC EXPORTS AND RE-EXPORTS FOR 1991 ARE 0.4 PERCENT AND QUOTE ABOUT 26 PERCENT UNQUOTE RESPECTIVELY.

10. PARA 30: PLEASE REPLACE THE WHOLE PARAGRAPH WITH : QUOTE AFTER A TEMPORARY EASING IN THE FIRST HALF OF 1991, THE LABOUR MARKET TIGHTENED UP AGAIN IN THE SECOND HALF AS THE ECONOMY CONTINUED TO GROW STEADILY. PARTLY AS A RESULT OF THIS TIGHTENING AND IN ORDER TO REDUCE BOTTLENECKS TO ECONOMIC TRENDS, THE GOVERNMENT DECIDED TO CONTINUE WITH THE GENERAL LABOUR IMPORTATION SCHEME IN A CONTROLLED MANNER, AND TARGETED AT AREAS MOST IN NEED OF WORKERS. THE CEILING ON THE NUMBER OF IMPORTED WORKERS WAS SET AT 25,000 WHICH IN EFFECT WOULD ALLOW AN ADDITIONAL 13,000 WORKERS TO BE IMPORTED IN THE NEXT SIX MONTHS.

THE APPLICATIONS FOR SUCH IMPORTATION ARE BEING PROCESSED UNQUOTE.

11. PARA 31, PENULTIMATE SENTENCE: THE CONFIRMED INFLATION RATE OF 1991 IS 12 PERCENT.

12. PARA 32: PLEASE REPLACE THE SECOND SENTENCE WITH THE CONTRIBUTION OF THE SERVICE SECTORS AS A WHOLE TO GROSS DOMESTIC PRODUCE ROSE FROM 64 PERCENT IN 1985 TO 69 PERCENT IN 1990: AND THEIR RELATIVE SHARE IN EMPLOYMENT INCREASED FROM 54 PERCENT IN

1991. THIRD SENTENCE: PLEASE AMEND QUOTE

1985 TO 63 PERCENT IN BROUGHT ABOUT UNQUOTE TO READ QUOTE REINFORCED UNQUOTE..

13. PARA 33: IN THE FIRST SENTENCE, THE WORDS QUOTE SERVICES SECTOR UNQUOTE SHOULD READ QUOTE SERVICE SECTORS UNQUOTE. PLEASE REPLACE THE SECOND AND THIRD SENTENCES WITH : QUOTE THERE ARE NOW AROUND 500 BANKS (INCLUDING REPRESENTATIVE OFFICES) AND DEPOSIT- TAKING COMPANIES IN HONG KONG FROM 44 COUNTRIES. OF THE WORLD'S TOP 100 BANKS. 83 HAVE ESTABLISHED A PRESENCE IN HONG KONG, 73 OF WHICH OPERATE WITH A FULL BANKING LICENCE. UNQUOTE. IN THE PENULTIMATE SENTENCE, THE CAPITALISATION OF THE LOCAL STOCK MARKET BY THE END OF 1991 IS HK DOLLARS 949 BILLION AND RANKED THIRD IN ASIA. IN THE LAST SENTENCE, THE WORD QUOTE MARKETS UNQUOTE SHOULD BE QUOTE MARKET UNQUOTE.

14. PARA 36: PLEASE REPLACE THE THIRD SENTENCE WITH: QUOTE THE AIRPORT MASTER PLAN WAS SUBSTANTIALLY COMPLETED AT THE END OF 1991 AND WILL BE PUBLISHED IN EARLY 1992 UNQUOTE. CONCERNING THE LAST SENTENCE, OUR ORIGINAL FORMULATION IS PREFERRED BECAUSE TENDERS WERE RECEIVED IN DECEMBER 1991 IN RESPECT OF THE TSING MA BRIDGE ONLY WHILE THE KAP SHUI MUN BRIDGE TENDERS WILL NOT BE