dlo
%
7
5
3
2
1
0
VAT:
Gross Domestic Product
Growth rate in real terms
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1989
1990
1991
Year
14.
The encouraging trend began to emerge in the latter part of 1990
The pick-up in the tempo of our economic activity reflected a number of factors. The most significant was the positive impact of the Memorandum of Understanding with China on the Airport Core Programme. This led to a surge in optimism throughout the business community.
15. The new, more confident atmosphere shows up most strongly in the investment figures. Investment spending grew by 10% in real terms in 1991. Particularly notable last year was the 18% rise in investment in plant and machinery. This sharp growth made a major contribution to upgrading our productive capacity and quality.
1992 Prospects
16. The healthy growth predicted for this year reflects, first and foremost, our promising trade prospects. Hong Kong is especially fortunate in the new markets it has built up in the Asian region. China, in particular, is expected to maintain strong growth, with excellent opportunities for Hong Kong firms. Japan's growth will be slower than in the past, but should still be satisfactory. Major Western markets are less encouraging. The United States and the United Kingdom appear to be emerging only slowly from recession, though Germany is doing somewhat better.
17. Much of our success in recent years must be attributed to Hong Kong's growing access to trade and investment opportunities in China, and the emergence of the Pearl River Delta as Asia's "fifth dragon". As Hong Kong's manufacturing ventures in Guangdong expand in scope and increase in sophistication, more and more of the output
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