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Transcript of the Financial Secretary's media session
The following is the English transcript of the media session by the Financial Secretary, Mr Donald Tsang, at the airport on his return from a duty visit to Indonesia and New Zealand tonight (Saturday):
Reporter: Mr Tsang, you mentioned that just now that there have been some doubts among those foreign governments towards Hong Kong's future.
FS: No, I did not say that, I did not say that. There was no doubt. There was no misunderstanding. I said there was greater understanding within the Indonesian government and the New Zealand government about Hong Kong than the other contacts I made. That's what I said just now.
Reporter: Can you also comment on ...there are sayings that the Government's forecast of the 4.7 per cent GDP growth has been too optimistic. Do you think there is a need to adjust it down?
FS: Well we do it professionally. You know that we do it twice a year. We forecast it during the Budget speech and also we do a mid-year forecast. We do it professionally. The Hong Kong Government, may I remind you, is the best forecaster of Hong Kong economic growth in town. Whoever said this, whoever say that we have not been doing a correct job, I think they have to come up with evidence. It is not a question of guessing or notion, it is a question of very vigorous mathematical calculation and forecasting based on trend growth rate and based on facts and data.
Reporter: Mr Tsang, when you are saying that the Government is adjusting the GDP growth rate down to 4.7 per cent, does it mean that the Government is forecasting the economy to go, to slow down a little bit more in the long term?
FS: No, I am sorry. Have you read my press statement yesterday? The answer is there. Of course it is not. The 4.7 (per cent) is a readjustment of the calculation according to economic data that we have received so far. As we have explained very clearly, I expect the rest of the year would be better than the first half of the year. I expect also that trade figures would improve. As you know that both of the figures on unemployment rate and on inflation have been much better than I have earlier forecast. All the indication is better months ahead.
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