Nearly two-thirds of the public feel overall conditions in the SAR have worsened since July 1, says a survey.
The figure has soared by about seven times since surveys between July and October in which it ranged between 8.1 and 9.8 per cent.
This time only four per cent of the 523 respondents thought Hong Kong was better than before the handover, according to the poll by the Social Sciences Research Centre of the University of Hong Kong. Just over 62 per cent said it was worse.
Chief Executive Tung Chee-hwa said yesterday that the Government was sensitive to the fact that plunges in the stock and property markets would be painful in the short-run. But the drops would bring the territory back to realistic levels and make it more competitive in the region in the long term.
According to a government statement, Mr Tung told a US Congressional delegation led by Representative Jim Leach: 'I believe that the 21st century will still be the Asia-Pacific Century.
'Asian economies possess the strengths for economic recovery: we have a high saving rate; our labour force is flexible and hardworking; and we are receptive to technology transfer and free trade. These strengths remain and I see no reason why we should suddenly lose confidence.' The Chief Executive underlined the importance of upholding the dollar peg.
