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Following is the transcript (English portion) of a media stand-up given by the Financial Secretary, Mr Anthony Leung, at the Central Government Offices this (January 20) afternoon on the latest unemployment rate:
Financial Secretary: The unemployment rate for the quarter ending December has increased slightly from 7.1 per cent to 7.2 per cent. The underemployment rate has also increased by 0.1 per cent from 3 per cent to 3.1 per cent. However, if you look at the unemployment number, the actual unemployed people has actually reduced by 100. The reason why the unemployment rate has increased is because the total labour force has reduced by 4,000, thereby the resultant ratio has increased slightly by 0.1 percent.
If you look at the entire year 2002, the unemployment rate peaked at 7.8 per cent, but then in the last six months of the year, it declined gradually down to 7.2 per cent. Looking ahead with the Lunar New Year coming, we expect that there will be further pressure on the unemployment rate. Traditionally around the Lunar New Year period, there may be people who got laid-off. We will work very hard along the blueprint announced by the Chief Executive on revival of the economy. We believe that with the measures that we are taking, with the improvement in the economy, there will be improvement in the employment situation.
Question: Are you concerned that the rate will continue rising?
Financial Secretary: As I said, usually around Chinese New Year there will be pressure on the employment front. But this number that we have just revealed even though the ratio has increased by 0.1 per cent, the actual number of unemployed people has actually reduced by 100. So there are some kind of statistical issues that are involved. We are concerned but we are watching the issue very carefully as we approach Chinese New Year.
(Please also refer to the Chinese portion of the transcript)
End/Monday, January 20, 2003
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