Unemployment

Unemployment estimates today range between 12% and 25% of the workforce (there are no official statistics). Over and above this, most people have experienced some cut in wages during the recent economic crisis which has hit the colony particularly badly Hardship has not produced radicalism, however. Indeed. The Far Eastern Economic Review' quoted in its March 28 edition of 1975 the words of one official:

"Hong Kong is the only place in the world, surely, where workers would accept an actual drop in their standard of living (about 15%). They are now back to where they were in 1970 in terms of real purchasing power."

Business interests have certainly not accepted a similar cut. Earlier this year, for example, the Hong Kong Telephone Company applied to put up charges by 7% and then declared profits of $63 million.

"What are they complaining about... We haven't worked a day in our lives..."