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Following is the transcript (English portion) of the remarks made by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, at a media stand-up today (April 20) on the latest unemployment statistics:
Reporter: ... economy to pick up soon ... medium measures ...?
Secretary for Labour & Welfare: The unemployment rate has increased by 0.2%. We expect the situation to continue to be challenging because the general overall economic environment and conditions remain tough and labour market remains relatively weak. So we expect in the near term, there will continue to be pressure on the unemployment in Hong Kong. What we are doing is: we have already announced a series of measures to ease the unemployment and stimulate the Hong Kong economy. We expect the measures to be implemented progressively and once they take effect, this will have general helpful effect on the economy, particularly on the unemployment.
Reporter: ... what are the sectors ... affected?
Secretary for Labour & Welfare: Generally, in fact the four sectors I mentioned earlier are the hardest hit. If you look at the whole picture in general, the increase in the unemployment rate, particularly the pace of increase, has slowed down somewhat. In November last year, if you go back to history, November, December, January and February, going up by 0.3%, 05%, and 04%. But this time, it's stablised a bit, 0.2%. We mustn't be complacent of course, there is no ground for optimism. We're still facing a very tough situation. But that slowing down implies that our measures to create jobs to stimulate economy are generally taking effect. But it will take time to filter through, particularly for construction workers, we will have a lead time.
Reporter: Could you predict ... the rate ...?
Secretary for Labour & Welfare: It'll be difficult for us to make any estimate at this stage, very much depends on the general economic environment, external and internal. We must do is to do what we can to stablise the economy, stablise the financial system, create jobs, preserve jobs and support enterprises. This is what we are doing now.
Reporter: ... slow down?
Secretary for Labour & Welfare: But it's too early to say. It remains to be seen whether it is sustainable. We mustn't be overly optimistic. We are very happy of course that we are relieved that the pace of increase has slowed down somewhat. But whether it will be sustainable remains to be seen.
Reporter: ... slow down ... factors?
Secretary for Labour & Welfare: It's the general economic situation, it's very difficult to pinpoint the reason. It's of course something that we are happy to see.
(Please also refer to the Chinese portion of the transcript.)
Ends/Monday, April 20, 2009
Issued at HKT 19:25
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