***********
Following is the transcript (English portion) of the media stand-up session by the Financial Secretary, Mr Antony Leung, at West Wing of the Central Government Offices this (August 19) afternoon:
Reporter: ...about the unemployment rate?
Mr Leung: As I've just said, the unemployment rate in the last period from May to July has increased over the previous months by 0.1 per cent, from 7.7 per cent to 7.8 per cent. But I think it is important to note that the total employment number has actually increased by 24,000. Unfortunately the labour force has grown by a larger amount. The number is about 36,000 and that accounts for the rise in unemployment. But the important point to note is that the employment number is actually on the rise and obviously this is the collective effort of the Government as well as the private sector.
The Government is working on many measures to ensure that we have a better business environment. As I reported earlier, a number of industries, particularly in the logistic industry as well as in the tourism industry, the throughput and the number of tourist arrivals have increased, and these are all efforts that the Government is doing to provide more employment opportunities. I think Stephen will brief you on the specific measures to relief unemployment as well as providing more training opportunities.
Reporter: When can you expect the unemployment rate to come to the peak and then come down?
Mr Leung: I have been in the forecaster business before for a very long time, and recognized that either the Government or the private sector is not really a very good forecaster of such numbers. I, therefore, will not venture to predict when will be the peak. However, one can be assured that the Government is working extremely hard to address the unemployment situation. After all, as I said, this situation is not quite a cyclical environment. It is also a result of the economic restructuring in Hong Kong, and economic restructuring in Hong Kong, as to how long it will take, is rather difficult to predict. But to be fair to say, it will not be a very short term phenomenon. I think the situation may actually endure for a few more quarters.
(Please also refer to the Chinese portion of the transcript)
End/Monday, August 19, 2002
NNNN
