WEDNESDAY, NOVEMBER 2, 1994
PACIFIC BASIN CENTRAL BANK CONFERENCE HELD IN HK
PARTICIPANTS FROM 15 CENTRAL BANKS AND MONETARY AUTHORITIES AROUND THE PACIFIC BASIN MET IN HONG KONG FROM OCTOBER 31 TO NOVEMBER 2 TO DISCUSS "MONETARY AND EXCHANGE RATE MANAGEMENT WITH INTERNATIONAL CAPITAL MOBILITY".
CHINA, HONG
THE
THE ECONOMIES REPRESENTED ARE AUSTRALIA, CANADA, KONG, INDONESIA, JAPAN, KOREA, MALAYSIA, MEXICO, NEW ZEALAND, PHILIPPINES, SINGAPORE, SRI LANKA, THAILAND AND THE USA.
MOST OF THESE ECONOMIES HAVE EXPERIENCED INFLOWS IN RECENT YEARS.
SUBSTANTIAL
CAPITAL
IN HIS OPENING ADDRESS, THE CHIEF EXECUTIVE OF THE HONG KONG MONETARY AUTHORITY, MR JOSEPH YAM, POINTED OUT THAT OF AROUND 180 NON- ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD) ECONOMIES IN THE WORLD, THE 10 REPRESENTED AT THE CONFERENCE ATTRACTED MORE THAN 80 PER CENT OF THE US$100 BILLION IN NET CAPITAL FLOW FROM THE OECD COUNTRIES IN 1993,
THE GENERAL VIEW OF THE CONFERENCE WAS THAT CAPITAL FLOWS ARE BASICALLY DESIRABLE IN ALLOWING A BETTER GLOBAL ALLOCATION OF RESOURCES. HOWEVER, SHORT-TERM FLOWS COULD QUICKLY BE REVERSED AND HENCE BE POTENTIALLY DESTABILISING.
CONFERENCE PARTICIPANTS DISCUSSED THEIR OWN COUNTRY'S EXPERIENCE WITH AND POLICY RESPONSES TO STRONG CAPITAL FLOWS THAT HAVE POSED NEW CHALLENGES TO MONETARY AND EXCHANGE RATE MANAGEMENT.
PROFESSOR MICHAEL DOOLEY OF THE UNIVERSITY OF CALIFORNIA, SANTA CRUZ, PRESENTED THE KEYNOTE ADDRESS AND PROFESSOR PETER GARBER OF BROWN UNIVERSITY WAS THE RESOURCE PERSON AND RAPPORTEUR.
THE PACIFIC BASIN CENTRAL BANK CONFERENCE IS HELD ONCE EVERY TWO YEARS. THE PREVIOUS CONFERENCE TOOK PLACE IN BEIJING IN 1992.
0
SES CALLS ON JAPAN TRANSPORT MINISTER
*
MR GORDON SIU, WHO
IS
OF
THE SECRETARY FOR ECONOMIC SERVICES, VISITING JAPAN, PAID A COURTESY CALL ON THE MINISTER FOR TRANSPORT JAPAN, THE HON SHIZUKA KAMEI, YESTERDAY (TUESDAY).
MR SIU WAS ACCOMPANIED BY MR DAVID LAN, PRINCIPAL HONG KONG ECONOMIC AND TRADE REPRESENTATIVE (TOKYO).
ON
MR SIU AND MINISTER KAMEI HAD A FRUITFUL AND FRANK EXCHANGE ISSUES OF COMMON CONCERN. ON THE ONGOING TALKS ON AIR SERVICES, MR SIU AND MINISTER KAMEI REITERATED THEIR DETERMINATION TO PROVIDE FURTHER IMPETUS TO THE NEGOTIATION PROCESS.
/MR SIU