HK's economic growth predicted at 3.8 percent in 2004

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Last updated at: (Beijing Time) Thursday, December 11, 2003

HK's economic growth predicted at 3.8 percent in 2004

The Hong Kong Chamber of Commerce (HKGCC) estimated that Hong Kong's economy is to witness a 3.8 percent growth in 2004.

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The Hong Kong Chamber of Commerce (HKGCC) estimated that Hong Kong's economy is to witness a 3.8 percent growth in 2004.

The HKGCC also predicted a 3.0 percent growth for Hong Kong's economy this year.

HKGCC Chairman Anthony Nightingale said at the 10th annual HongKong business summit Wednesday that the recovery of economy in Hong Kong is encouraging.

He said the signing of CEPA has led to an increase in the amount of investment, and the allowing of individual visits to Hong Kong of citizens from a number of big cities in the mainland has enhanced the economy and helped improved the unemployment problem.

He also believed that deflation will be eased to 1 percent in year 2004.

In addition, the chamber estimated that in the year of 2003/04,the budget deficit will be 826 billion Hong Kong dollars (106.4 billion US dollars).

The chamber suggested the Hong Kong Special Administrative Region (HKSAR) government broaden the tax base such as to add in sales tax and balance the budget so as to help improve the economic situation.

HKSAR Chief Executive Tung Chee-hwa said at the meeting that CEPA plays an important role in Hong Kong's economic recovery as it expands its market in the mainland and brings along a lot of business opportunities.

He said the role of the government is to enable open markets, remove obstacles and at the same time introduce and promote CEPA to investors inside and outside Hong Kong.

Tung also said that Hong Kong in the future would mainly implement reform of different sectors such as productive, manufacturing and service sectors. He especially mentioned that the demand of service sector is growing in the mainland, and Hong Kong could provide good quality training for it.

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