XN000022-1993-07-21 — Page 3

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WEDNESDAY, JULY 21, 1993

"SO IT WAS NOT MY FORECAST, I WAS ACTUALLY

PEOPLE'S FORECASTS.

11

SUMMARISING OTHER

"I AM NOT SAYING, NOR ARE THEY SAYING, A MINUS ONE PER CENT GDP DOWN ONE PER GROWTH. THEY ARE SAYING SIMPLY GDP GROWTH WILL COME CENT, SAY FROM ABOUT 5.5 TO 4.5," HE ADDED.

SAID

WHILE NO DRAMATIC EFFECTS ON OUR ECONOMY WAS BEING FORECAST. CLEARLY THERE WOULD BE SOME EFFECTS ON TRADE FLOWS SOME EFFECTS ON THE STOCK AND THE PROPERTY MARKETS.

HE

AND PERHAPS

AT THE MOMENT, HE SAID, IT WAS OF PARTICULAR INTEREST TO HIM TO WORK OUT WHAT TO PUT INTO THE BUDGET.

"I

HAVE TO MAKE SOME ASSUMPTIONS ABOUT THE TREND WHICH WE HAVE BEEN USING THE FIGURE OF FIVE PER CENT COUPLE OF BUDGETS.

GROWT:I RATE FOR THE LAST

PER CENT TREND A REASONABLY

"AT THE

I AM STICKING TO THAT FIVE MOMENT, GROWTH RATE,

HE SAID, NOTHING THAT THIS WAS BASICALLY REASSURING MESSAGE.

HE SAID IT WAS A GENERAL VIEW THAT AT PREVIOUS OCCASIONS CHINA TOOK AUSTERITY MEASURES, THE ECONOMIC RECOVERY IN HONG KONG CHINA HAD BEEN QUITE QUICK.

WHEN AND

HE SHARED THE JUDGEMENT THAT THE LONG-TERM PROSPECTS FOR WERE EXTREMELY GOOD, HE ADDED.

HKMA CHIEF VISITS CHINA

CHINA

JOSEPH (HKMA),

AUTHORITY

IN RESPONSE TO PRESS ENQUIRIES ABOUT A NEWSPAPER REPORT THAT MR

HONG EXECUTIVE

KONG MONETARY YAM, CHIEF IS GOING TO VISIT BEIJING, A SPOKESMAN FOR THE HKMA SAID:

OF THE

REGULAR CONTACTS "THE HONG KONG MONETARY AUTHORITY MAINTAINS

IT ALSO MAINTAINS REGULAR CONTACTS WITH THE PEOPLE'S BANK OF CHINA. WITH THE BANK OF ENGLAND AND OTHER CENTRAL BANKS.

"THESE CONTACTS ARE IMPORTANT FOR THE CONTINUING DEVELOPMENT OF VISITS BY OFFICIALS HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE. OF THE HONG KONG MONETARY AUTHORITY TO THE PEOPLE'S BANK OF CHINA PART OF THOSE REGULAR CONTACTS.

"MR

YAM, JOSEPH

CHIEF EXECUTIVE OF THE

HONG

KONG

ARE

MONETARY

AUTHORITY IS PLANNING A VISIT TO THE PEOPLE'S BANK OF CHINA IN BEIJING AND SHANGHAI FROM JULY 30 TO AUGUST 3 THIS YEAR.

..

EXECUTIVE DIRECTOR "HE WILL BE ACCOMPANIED BY MR NORMAN CHAN, (MONETARY MANAGEMENT). THE PROGRAMME OF THE VISIT IS BEING BY THE PEOPLE'S BANK OF CHINA.

ORGANISED

13.