GF 323
CONFIDENTIAL
- 5
機密
(14)
drastic and more selective than those implemented in
the last retrenchment period in 1989-91, any of the
adverse impacts seems unlikely to be severe. Certain aspects of Hong Kong's trade and investment with China
could however be affected in due course.
China for
to
In
meeting its Own
particular, exports
demand could show slower growth. Investment in real
estate projects could be less. But outward processing activities, which are of primary importance to Hong
Kong's export sector, are unlikely
be dampened
(paragraph 36).
inflation.
This is
to
For the time being, China's inflation has not produced
much upward pressure on Hong Kong's consumer price largely due to the offsetting
effect of the weak Renminbi and, to a lesser extent,
also because of the declining importance of China as a retained imports
Hong
Kong's
supplier of
(paragraph 37).
(15)
A more sustainable, albeit
less relatively
rapid,
to
its
So long as China
economic growth in China is beneficial
development and well-being. continues with its open door policy and its economic reform and modernisation programmes, the longer term prospects for China's economy, as well as for the Hong Kong economy given their very close economic links,
should remain bright (paragraph 38).
CONFIDENTIAL
機密
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