United Kingdom, through a combination of common law, legislation and administrative rules. The continued application of the two Covenants after 1997 is provided for in the Sino-British Joint Declaration.
29. Preparatory work on a justiciable Bill of Rights to give effect in local law to the relevant provisions of the ICCPR progressed satisfactorily in 1990. A draft Bill for public consultation was published in March. A total of 800 submissions were received during the three month consultation period. A Hong Kong Bill of Rights 1990, which took into account the views expressed during the public consultation period, was introduced into the Legislative Council in July. The legislation is expected to be enacted in the course of 1991. To complement the protection afforded by the Bill of Rights, the Letters Patent for Hong Kong will be amended so as to ensure that no law of Hong Kong can be made that restricts the rights and freedoms enjoyed in Hong Kong in a manner which is inconsistent with the ICCPR as applied to Hong Kong.
VIII.
General Economic Situation
30. The rate of economic growth' in Hong Kong remained modest in 1990, continuing the cyclical slow-down started in 1989. GDP growth in real terms was 2.4 per cent, following increases of 7.9 per cent in 1988 and 2.3 per cent in 1989. The slow-down in economic activity was attributable partly to more moderate demand from overseas for Hong Kong's products, and partly to the supply constraints caused by several years of very rapid growth from 1986 to 1988. While there was some improvement in economic performance in the latter part of 1990, the Gulf crisis gave rise to some uncertainty in the short term.
31. Domestic exports remained weak with signs of recovery in the fourth quarter. Re- exports continued to be robust and provided the main impetus for the growth in total exports. Domestic demand, including both consumption and investment demand improved in the latter part of 1990, following a sluggish performance earlier in the year.
32. Notwithstanding the moderate activity, the economy was still operating close to its capacity, and the labour market remained generally tight in 1990. The unemployment and underemployment rates stayed low even towards the end of the year, while earnings of the local workforce continued to rise rapidly even after discounting for inflation. The local inflation rate remained high. Although there was a slight easing in the earlier months, the short-lived oil price rises in August, coupled with a pick-up in economic activity in the latter part of the year, gave rise to additional inflationary pressures. As a result, the inflation rate for 1990 is 9.9 per cent, compared with 10.1 per cent in 1989.
33. Economic links between Hong Kong and China are mutually beneficial and fast increasing. The relationship is particularly intimate in terms of trade and investment. Hong Kong and China are now each other's largest trading partner and largest source of external investment. Hong Kong's total exports to China in 1990 amounted to HK$158.4 bn, an increase of nearly 8 per cent over 1989. Of this re-exports accounted for HK$111 bn. Imports from China valued at HK$236.1 bn, increased by 20 per cent. Hong Kong investment accounted for about two-thirds of the total foreign investment in China and are particularly significant in Guangdong, where around 1.5 to 2 million job opportunities are being provided by Hong Kong companies. Additionally, Hong Kong has become an important regional centre providing financial, professional and other business services to China, and serving as a convenient venue for China to make business contacts with the rest of the world.
IX. Port and Airport Development Strategy
34. The Hong Kong Government have continued to implement the Port and Airport Strategy. Port development is mostly financed by the private sector, while it is intended that the airport, with its considerable associated infrastructure, will be financed by both the Government and the private sector.
'Detailed facts and figures on the economy as a whole and on individual sectors are given in the Annual Report "Hong Kong 1991" which is available in the library of the House.
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