THERE is little doubt that 1993 was a momentous year for the Hong Kong economy, with international investors rediscovering the share market in a big way and beginning to view Hong Kong as an economic entity of China.
With the Hang Seng Index bursting through the 10,000 barrier, it would be all too easy to get carried away with the euphoria that has gripped the equity markets.
A realistic assessment of the territory's economic performance during the year must be a more sober one.
At just over five per cent - perhaps 5.3 per cent - the territory had good growth in gross domestic product, but all this means is the economy performed up to the expectations of 12 months ago.
Not only did the Hong Kong economy perform adequately during the year, it did so in the face of continuing political uncertainly about its democratic future and a mid-year attempt to put the economic brakes on in China.
What the share market's performance, with its emphasis on the ''China play'' aspect, did show is that the Hong Kong economy's future is irrevocably tied to China, even though the handover of sovereignty is still 31/2 years away.
