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FRIDAY, NOVEMBER 22, 1991
FS WELCOMES PROVISIONAL AGREEMENT ON BCCHK
* *
THE ACTING FINANCIAL SECRETARY, MR. DAVID NENDICK, TODAY (FRIDAY) WELCOMED THE NEWS THAT THE HIGH COURT HAD GIVEN APPROVAL TO A PROVISIONAL AGREEMENT FOR THE HONG KONG CHINESE BANK TO TAKE OVER THE BUSINESS OF THE BANK OF CREDIT AND COMMERCE IN HONG KONG,
tr
"I AM GLAD THAT WE ARE IN SIGHT OF A SOLUTION, HE SAID.
"THERE ARE A NUMBER OF TECHNICAL AND OTHER ISSUES STILL TO BE RESOLVED BUT TODAY'S DEVELOPMENTS ARE A MAJOR STEP FORWARD."
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"WE
APPRECIATE THE EFFORTS OF ALL THOSE WHO HAVE WORKED LONG AND HARD TO TRY TO FIND A SOLUTION TO THIS PROBLEM.
THE ADMINISTRATION WILL ALSO DO ITS BEST TO ASSIST, BUT IN THE END THIS IS A MATTER FOR THE DEPOSITORS, THE EXECUTIVE COUNCIL AND LEGISLATURE," MR. NENDICK SAID,
THE
THIRD QUARTER ECONOMIC REPORT RELEASED
1991,
OF
THE ECONOMY CONTINUED TO GROW STEADILY IN THE THIRD QUARTER WITH THE MAIN IMPETUS COMING FROM RE-EXPORTS. LOCAL INVESTMENT SPENDING ALSO SHOWED A MARKED INCREASE, WHILE CONSUMER SPENDING PICKED UP FURTHER.
THE TERMS
IN
EARLIER,
RATE
GROSS DOMESTIC PRODUCT (GDP) GREW BY AN ESTIMATED 3.6% REAL
IN
A THE SECOND QUARTER OF 1991 OVER
YEAR FOLLOWING AN INCREASE OF 4.3% IN THE FIRST QUARTER. THE GROWTH IN THE THIRD QUARTER WAS PROBABLY IN THE REGION OF 3.5-4%.
CONSUMER PRICE INFLATION REMAINED HIGH, NOTWITHSTANDING SOME MEASURE OF SINCE APRIL. THE GDP DEFLATOR, AS AN OVERALL MODERATION INFLATION IN THE ECONOMY, CONTINUED TO RISE LESS CONSUMER PRICE INDICES.
RAPIDLY
THAN
THE
THESE DEVELOPMENTS ARE DESCRIBED IN THE THIRD QUARTER ECONOMIC REPORT 1991 RELEASED TODAY (FRIDAY).
AND
THE GOVERNMENT ECONOMIST SAID THAT, ON THE BASIS OF THIS REPORT
THE OTHER LATEST
OF AVAILABLE INFORMATION, A REVIEW
ECONOMIC FORECASTS FOR 1991 HAD BEEN MADE.
IN REAL RATES OF
ARE
AS A RESULT OF THIS REVIEW, THE FORECAST GROWTH RATE TERMS OF
THE GDP REMAINS UNCHANGED AT 4%. THE FORECAST INCREASE IN THE CONSUMER PRICE INDEX (A) AND IN THE GDP DEFLATOR ALSO KEPT UNCHANGED AT 12% AND 9% RESPECTIVELY.
/IN THE