REVIEW
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trade. Just as Hong Kong benefits in a period of strong expansion of international trade, it is vulnerable if there is any contraction. But it is encouraging that the economy has come tolerably well through a year which witnessed a realignment of the world's major currencies, the floating of the pound sterling and the imposition of additional textile restrictions in some of Hong Kong's most important markets.
The fact that Hong Kong was able to weather two monetary crises in the course of a year with its exchange value more or less unimpaired is a sign of the strength and stability of the economy which sustains it.
One thing is certain. The days of easy expansion are over. Advances must be along the more difficult route of manufacturing more high quality, better designed goods using the same work force, but at a higher rate of productivity. The major hope for the future lies in Hong Kong-industry's proven flexibility and ability to grasp new opportunities and adapt to changing conditions. That is not a vain hope.
In planning for Hong Kong's development over the next decade, the government is determined to set targets which can be achieved, while maintaining financial flexibility. In the final analysis, Hong Kong's competitive position in export markets must have priority.
Despite an awareness of possible problems ahead, there is a mood of excitement and optimism in Hong Kong. This is spurred on to a great extent by reduced tensions in the Western Pacific and China's increasingly friendly international relationships. It is bolstered by past experience in accepting and facing great challenges.
The prospects of a 'better tomorrow' for Hong Kong are bright.
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