HK FS cautious optimistic about HK's economy in 2004

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Last updated at: (Beijing Time) Sunday, January 04, 2004

HK FS cautious optimistic about HK's economy in 2004

HONG KONG Financial Secretary Henry Tang expressed on January 3 cautious optimistic about Hong Kong's economic development this year and predicted an over 3.5 percentgross domestic growth for 2004.

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Hong Kong Financial Secretary Henry Tang expressed on January 3 cautious optimistic about Hong Kong's economic development this year and predicted an over 3.5 percent gross domestic growth for 2004.

Henry Tang made the remarks while attending a radio program Saturday morning.

He said recovery signs have been witnessed in a number of sectors, including tourism, restaurants and retail sectors and the government revenue also improved recently.

He said though the deficit reached more than 70 billion HK dollars (9.02 billion US dollars) by the end of November 2003, the figure is less than expected.

The financial secretary expressed his belief that with steady economic development of the Chinese mainland and further improvement of the US economy, Hong Kong's economy is expected to be pushed ahead.

Tang said he has not ruled out any options as yet regarding newtaxes. In view of Hong Kong's fiscal situation, some of these choices may be inevitable.

"I always say that one should hope for the best but plan for the worst," he said.

Tang will announce the government's budget for the next fiscal year on March 10. To collect Hong Kong residents' suggestions, the Hong Kong Special Administrative Region government has opened a website.

Although unemployment rate has declined, it remains at a high level and is still a challenging problem, he noted.

Source: Xinhua

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