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FS speaks on latest unemployment rate

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    Following is the transcript (English portion) of a media session by the Financial Secretary, Mr Henry Tang, on the latest unemployment rate this afternoon (February 21) at the ground floor lobby of West Wing, Central Government Offices:

Financial Secretary: The unemployment situation has steadily improved by a further 0.1 percent. The unemployment rate is now 6.4 percent. Under-employment remains at 3.1 percent. Further to the last quarter where we had an historical high of total employment, another 14,500 people have found a job. So the total employment now stands at 3.34 million people, that is another historical high. In the past 12 months 100,000 people have found jobs and this is a reflection of the improving economic situation we have in Hong Kong.

Since we are going through a structural change, this structural adjustment vis-a-vis employment will continue to be a challenge. We remain committed to working together with the private sector as well as the labour unions to ensure we can continue to develop our economy in order to create more job opportunities.

Reporter: Increase in rent, how do you see it may affect employment situation?

Financial secretary: I am very much a believer in market forces. There was a fairly drastic rent reduction during some of the low periods that we had. I am sure the market will find its right position. But I think that just as you're concerned what effect that would have on the total labour market situation, it is important that we adhere to the market principle. In the coming year we will have a number of tourism projects that will come on stream, so these again will create new job opportunities. I believe the market will adjust itself.

Reporter: positive about prospects?

Financial Secretary: I am positive about the general employment situation and the job opportunities may migrate from one sector to another. That's the nature of Hong Kong. I mean Hong Kong's labour market is very mobile and very flexible.

(Please also refer to the Chinese portion of the transcript.)

Ends/Monday, February 21, 2005

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