Forbes Casts Vote of Confidence in HK Economy

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Last updated at: (Beijing Time) Friday, September 06, 2002

Forbes Casts Vote of Confidence in HK Economy

President and editor-in-chief of Forbes magazine Steve Forbes has said the Hong Kong economy, with its sound institutions and systems, would improve, the Standard newspaper reported Friday.

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President and editor-in-chief of Forbes magazine Steve Forbes has said the Hong Kong economy, with its sound institutions and systems, would improve, the Standard newspaper reported Friday.

Forbes made the remarks at a luncheon hosted by the American Chamber of Commerce in Hong Kong Thursday.

Forbes described as "rubbish" the belief by some that Hong Kong's "glorious days" were behind it.

"If you believe in the future, you have a future, and you have the institutions to do it," he said, advising the rest of the world to emulate many of Hong Kong institutions and systems such as taxation and free trade.

Forbes suggested that Hong Kong keep its dollar pegged to the US currency, continue its "difficult" economic restructuring program, focus on education and attract skilled migrants.

He also said now might be the time to buy Hong Kong stocks, because he thinks the worst of the deflation is over.

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