GF 323
CONFIDENTIAL
28
機密
36.
The
precise
impact
the form, duration and intensity of
on the
Hong Kong
economy
the
Nevertheless, as the
drastic than those
be
period, any of the
An an
severe.
depends on
respective restraint measures.
measures adopted SO far are less
implemented in the last retrenchment
adverse impacts seems unlikely to illustration, the findings of а sample survey conducted recently by the Hong Kong Monetary Authority indicate that China's restraint measures have not resulted in any marked
outflow of funds from Hong Kong so far. Certain aspects of
Hong Kong's trade and investment with China could however
be
affected in due course. In particular, exports to China
for meeting its Own demand could show slower growth.
Investment in real estate projects could be less. But
outward processing activities, which are of primary importance to Hong Kong's export sector, are unlikely to be
dampened.
37.
For the time being, China's inflation has not produced much upward pressure on Hong Kong's consumer price inflation. This is largely due to the offsetting effect of the weak Renminbi and, to a lesser extent, also because of
the declining importance of China as a supplier of Hong Kong's retained imports (its share was only 8% in 1992). The retail prices in Hong Kong of consumer goods imported
from China rose by only 4.1% in the first half of 1993, considerably slower than the corresponding increase of 8.5%
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