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The Hong Kong Committee for Pacific Economic Co- operation (HKCPEC), established in March 1990 to co-ordinate the territory's participation and input to PECC, has increased in membership over the years to keep in pace with the greater diversity of activities of PECC.
Appointments to HKCPEC are approved by the Financial Secretary in Hong Kong. The current term of membership, comprising a total of 22 members, is made up of nine from the business sector, eight from the government and five from the academia. Ten members took part in the PECC XI General Meeting.
Besides the PECC XI, Hong Kong has been an active participant in the task force/project activities of the PECC, including the following:
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Pacific Economic Outlook (PEO) Hong Kong has been an active participant in the PEO. On the part of Forecast, a Hong Kong Forecaster contributes the economic forecast of the local economy which forms a separate chapter as in the case of the major economies, in the annual PEO publication containing the economic forecasts of economies in the region. Representatives from the tripartite sectors rotate to be the Hong Kong Forecaster on a two year basis. Mr Kwok Kwok-chuen, Chief Economist (NE Asia), Standard Chartered Bank, is the Hong Kong Forecaster for 1995-96 and 1996-97. Professor Liu Pak-wai, Chairman, Economies Department, Chinese University of Hong Kong, the immediate former forecaster, was just announced at PECC Plenary to have made the most accurate forecast of GDP for 1994-95.
As regards the other part of the PEO, the Structural Project, Mr Lee Jark-pui, Director, Lippo Limited, is Hong Kong's representative in the International Advisory Group which Mr Tang Kwong-yiu, Government Economist and his colleagues in the Financial Services Branch have worked on collecting data and analysis to prepare for the economy's paper on each topic developed under the Project.
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Financial Markets Development Project A local Financial Markets Development Project Committee has been set up, chaired by Professor Richard Ho and comprises tripartite membership. Hong Kong has undertaken to work on a research on the topic 'The Role of Fund Management Industry in Boosting Economic Growth'. In the last project meeting held in May 1995 in Chicago, Professor Richard Ho, Mrs Lessie Wei, Deputy Secretary for Financial Services and a representative from the Hong Kong Monetary Authority attended the meeting.