TNAG-2467-FCO40-3591-Economic-situation-in-Hong-Kong-1992 — Page 40

Visitor ärrivals jump 17.8%

The number of tourists visiting Hong Kong increased by 17.8 per cent to 5.06 million in the first nine months this year. Visitors from the Asian region, which made up some 65 per cent of the arrivals, accounted for much of the increase. The two major markets in the region remain Taiwan (24%) and Japan (20%).

Restaurant business up 21%

The estimated value of total receipts for the restaurant sector in the second quarter this year increased by 21 per cent to HK$11.1 billion (US$1.44 billion) over the same quarter last year. After discounting the effect of price changes, total receipts increased by 9 per cent in volume. Significant increases were recorded in the total receipts of bars and fast food shops. Bars saw a 55 per cent increase while that for fast food shops was up 33 per cent.

The estimated value of total purchases by restaurants was HK$4.2 billion (US$545 million), which was 22 per cent higher than in the same period last year.

ECIC business up 11%

The Hong Kong Export Credit Insurance Corporation (ECIC) has posted an 11 per cent increase in export insurance and other business to HK$15.29 billion (US$1.98 billion) for the year ended March 31. The US, UK and Germany were the largest markets accounting for 62 per cent of total insured business. Clothing and textiles, toys, radios and electronic components continued to be the major insured products, making up 53 per cent of the total.

China's GNP grows 10.6%

China's economy grew 10.6 per cent in the first three quarters of 1992, posting a slight slowdown from rates of as high as 12 per cent recorded earlier this year, according to the State Statistical Bureau. China's gross national product to September was 17 trillion yuan (HK$23.8 trillion) (US$3.09 trillion).

Joseph Yam to head Monetary Authority

The government has appointed Joseph Yam Chi-Kwong as chief executive (designate) of the Hong Kong Monetary Authority with immediate effect. Mr. Yam will undertake the preparation and planning work for the establishment of the authority, pending Legislative Council approval of the Exchange Fund (Amendment) Bill and the formal establishment of the authority. As part of his duties as the Chief Executive designate, he will also oversee the office of the Exchange Fund and the Office of the Commissioner of Banking.

HK and UK sign securities agreement

Securities regulators in the UK and Hong Kong have signed an agreement on international co-operation to enhance the protection of investors and promote the integrity of the securities, futures and options markets.

Steering groups to monitor company inspections

Steering groups have been set up to monitor the two on-going investigations conducted under section 142 and 143 of the Companies Ordinance into Allied Group Limited and related companies, and into the World Trade Centre Group Limited and Tomson Pacific Limited.

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