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Home >> China
UPDATED: 18:26, December 07, 2004
HK media hail macro-control policy
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The curtain for the Central Conference on Economic Work dropped on 5 December according to the news from of December 6 and the Hong Kong media set a great importance on this conference for this conference proclaimed the trend of China's macro-economic policy to lay the emphasis on the practice of a stable and smooth financial and currency policies. And this will exert a profound influence on the global development of economy and will also benefit the economy in Hong Kong.

An article by Hong Kong "Wen Wai Po " says on Monday, the Chinese economy is offering an increasingly greater contribution to the world economy with the GDP of China to take up 15 percent of that of the world. The total value of imports and exports this year is going to break through one trillion US dollars, marching to the 3rd place in the global trade. China has now become a vast profit center for quite a few transnational corporations of the world and the Chinese market a more important one in the world market. The Chinese macro-economic trend as announced at the Central Conference on Economic Work will exert a deep and prolonged influence on the sustainable and stable development of the world economy in future.

The article also said, as the economy in Hong Kong became closer and closer with the economy in the Chinese inland and so the Central Conference on Economic Work would also exert a great importance and shed light on the economy of Hong Kong. For the macro-control measures in the Chinese inland to tend to soft-landing and shift over to the implementation of "double stable" policy it is to mean that a series of policies and measures adopted by the Central government for supporting Hong Kong will play a more effective role. It is stressed at the Central Conference on Economic Work that efforts must be exercised to make a better use of the strategic opportunity. This has also shed light on Hong Kong, i.e. Hong Kong must, in coordination with the central policies for supporting Hong Kong strengthen its own competitiveness before China's inland is fully opened to the outside world.

A commentary by "Ta Kung Pao" entitled "macro-control adjustment for a smooth and stable development should be actively carried out" says, at the present moment the Chinese economy is facing an unexpectedly favorable environment both domestically and in the world. Under such a favorable situation it's better for China to maintain a proper balance between development and stability. The macro-control is a sort of measure taken for a short-term management of economy while the motivation for economic development depends on the long-term management and there is a division of work and mutual cooperation between the two. The proper trend is to make a stable and smooth macro-control accompanied by an active development. The short-term macro-control adjustment has not only to provide a better environment for the development but also to prevent from the misuse of certain measures and thus become obstacles in the process of development.

The editorial entitled "A fine development of the country provides Hong Kong with more chances" by "Hong Kong Commercial Daily" points out that the information from the Central Conference on Economic Work is of extreme importance to Hong Kong. Along with the implementation and deepening of the CEPA, the carrying out of the economic cooperation in the "Nine Plus Two" Pan-Pearl River Delta area the economic and trade relations between Hong Kong and the Chinese inland will become closer and closer with the process for economic merger to witness an obvious step-up. The development of the country has provided Hong Kong with inexhaustible opportunities and Hong Kong must follow closely the mega-trend of the world economy to make an earnest study on the changes of the state macro-control policy, pay attention to the key points, industries and regional development strategies for development and reform in each and every different period and by displaying Hong Kong's own superiority to seek for a most opportune point for development. As regards the important information from the Central Conference on Economic Work Hong Kong should in no way pay little attention to it.

The article says, if the country is fine the Hong Kong will be fine too. This is a truth, which has no need to be expounded. The soaring of the Chinese economy has become a historic event that influences the reorganization of the economic domains of the world. Hong Kong must have a farsightedness, give the matter a further thought and discuss it later in order to grasp the opportunity for creating a new realm for future development.

By People's Daily Online

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