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Financial Secretary's transcript

Following is the transcript of the Financial Secretary, Mr Donald Tsang, who spoke to the media this (Friday) afternoon before attending the Asia-Pacific Economic Co-operation (APEC) Economic Leaders Meeting:

Question: Mr Tsang, this will be the last meeting before the handover, will there be any special issues to raise and also can you comment on China's entry into WTO ...?

Financial Secretary: No, the main purpose of the meeting of this occasion is to discuss the individual action plan for trade liberalisation, that will be my main focus and I am sure there will be further discussion on new membership as well and layout the plan for the next Leaders Meeting in Canada, we'll push this Meeting forward. China's accession to the WTO is not on the agenda at the moment. This is certain not something which will be discussed by the leaders at large. But if this matter comes up in any conversation between myself and President Jiang, of course, my point of view we are wholly supportive of China's application to accede to the WTO, which is important in that China is a very large trading entity and it would be quite wrong for it not to be included in the trade treaty.

Question: ... Hong Kong is slow in the deregulation ...?

Financial Secretary: Deregulation in telecommunication ... in Hong Kong ...?

Question: Yes, in Hong Kong...

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Financial Secretary: Well, Hong Kong telecom market is one of the freest in the world. You are talking about one little franchise which is now in the hands of the Hong Kong Telecom which we all know we are bound until 2006. Before that, it is not a matter for Hong Kong government to override that contract or that franchise. But of course, if the franchisee wishes to discuss with us ways in which we are able to make it more liberal we will certainly be interested.

Qustion: What else are in your agenda?

Financial Secretary: My agenda is quite clearly to focus on what we are going to do and what others are going to do in the comprehensive action plan for trade liberalisation. That will be my main mission. I want to make sure that our trading environment will be free, both of trading goods and trading services and our investment. That was important to us.

End