CONFIDENTIAL
29
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in
the CPI (A)
(24).
However, if China's inflation stays
at a high level while the Renminbi exchange rate is kept
stable, the effect on Hong Kong's import prices and hence consumer prices could become more apparent in the coming
months.
38.
A more
economic growth
and well-being.
door policy and
sustainable, albeit relatively less rapid,
in China is beneficial to its development
So long as China continues with its open.
its economic reform and modernisation
the longer term prospects for China's economy,
well as for the Hong Kong economy given their very close
economic links, should remain bright.
programmes,
as
(24) Year-on-year rates of increase (%) in:
Retail price index
of goods
imported from China
CPI (A)
All consumer
goods
All
Foodstuffs
consumer
goods
Foodstuffs
1992 Annual
6.0
6.9
9.4
8.8
Q1
8.5
10.5
10.1
11.1
Q2
7.5
8.9
9.0
9.5
Q3
4.5
4.9
9.0
7.6
Q4
3.8
3.6
9.4
7.2
1993 H1
4. 1
4.5
8.5
6.8
Q1
3.9
4.6
8.8
6.8
Q2
4.2
4.3
8.2
6.7
Economic Analysis Division Financial Services Branch Government Secretariat 20 September 1993
GF 323
CONFIDENTIAL
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