HK General Chamber of Commerce Improves Economic Forecast

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Thursday, April 20, 2000, updated at 16:38(GMT+8)

Business

HK General Chamber of Commerce Improves Economic Forecast

Tung Chee Chung, chairman of HK General Chamber of Commerce, indicated on April 18 that the recorded statistics of the economic growth in the first few months of this year have shown that HK's economic recovery has witnessed a stronger momentum than expected, Given this, the Hong Kong General Chamber of Commerce has raised the estimated figure of Hong Kong's economic growth this year to 5.3 percent. Furthermore, the possibility of further raising related estimated figures will not be ruled out.

Tung Chee Chung pointed out in his speech at the annual meeting of said chamber that the drastic growth of Hong Kong's foreign trade, exports and retail sales this year has brought about a dramatic rise in Hong Kong's economy. Accordingly, the General Chamber of Commerce adjusted its estimated figure for Hong Kong's economic development from 4 percent published at the chamber's business summit last December to 5.3 percent.

"We should have raised the figure even higher if we were not worried about a further interest rise, deflation and the recent global stock market fluctuation", said Tung. He indicated that the chamber will closely watch the economic data in the coming months to decide whether it will further raise the figure.

Tung Chee Chung emphasized that last year Hong Kong lost no time in launching a campaign for self-renovation and taking part in the revolution of global business operation, thus laying a solid foundation for further development.

He added that the world is marching toward globalization and regionalization, China will soon join the WTO and will further open its market-all these will create new opportunities for Hong Kong's development. But it appears to be more important for Hong Kong to strengthen its own equipment.


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	Tung Chee Chung, chairman of HK General Chamber of Commerce, indicated on April 18 that the recorded statistics of the economic growth in the first few months of this year have shown that HK's economic recovery has witnessed a stronger momentum than expected, Given this, the Hong Kong General Chamber of Commerce has raised the estimated figure of Hong Kong's economic growth this year to 5.3 percent. Furthermore, the possibility of further raising related estimated figures will not be ruled out.




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