9.
PROGRESS ON AIRPORT AUTHORITY BILL
Line to Take
Drafting of the Airport Authority Bill is continuing.
take it to LegCo as soon as
We want
to
possible, but this is
legislation and drafting.
complicated piece of it is taking some time to complete the
Τη due course we will be consulting the Chinese side, in line with the Memorandum of
Understanding.
10. S&P'S ANNOUNCEMENT TO PLACE HONG KONG ON CREDIT WATCH
Line to Take
Hong Kong's · economic fundamentals are strong and are not in any way undermined by Standard & Poor's decision to place Hong Kong's long term debt ratings on credit-watch. The decision only applies to long term debt, not short term debt, and it does not involve any immediate downgrading of Hong Kong's rating.
This is an "implied" rating in that it has been prepared at S&P's initiative; not at the request of the
Hong Kong Government. No decision will be taken on
down-grading until after S&P's annual review, due early next year, when the Government hopes that the agency will reaffirm its confidence in the long-term stability of the territory. Even if S&P were to downgrade the rating, Hong Kong would remain within the premier investment grade categories favoured by international institutional investors.
لا
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Hong Kong's economic fundamentals are firmly based with annual GDP growth running at approximately 5%. This is closely linked to the economy of South China which has
double digit growth rate. Hong Kong also has the world's 12th largest foreign currency reserves and a strong and stable currency.
short-term volatility in the stock
Seng Index is standing approximately level at the beginning of this year.
Despite recent market, the Hang
22% above its
TOTAL P.05
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