Donald Tsang: no plans to step down after serving the private sector

People October 21, according to Hong Kong’s Wen Wei Po, a Hong Kong Chief Executive Donald Tsang “Wall Street Journal” interview that U.S. investors in Europe and a lack of confidence, consumption fall, the economic signals are negative, European and American markets and is expected to decline very risky, the risk of global recession also is on the rise, it may slow down the pace of RMB appreciation. Visiting Beijing’s Financial Secretary John Tsang said Hong Kong’s economic growth last quarter may be less than 5%, the lowest level in nearly two years. Inflation, Mr Tsang said that the rate of inflation down the mainland, will help reduce inflation pressures.

Mr Tsang said, as the external economic weakness, joint appreciation of the renminbi may also slow down the speed. He pointed out that the yuan against the dollar this year has risen by 3.2%, according to the current economic climate, should be to a reasonable level. He believed that the central government will not harm the Mainland economy, will allow an orderly appreciation of the yuan.

He said the initial period after reunification in 1997, Asian financial crisis, Hong Kong has also been implicated in the investment markets pushed lower. Government was unusually large-scale purchase Hong Kong stocks prop up the market, fend off speculators.

asked if the future recurrence of similar crises, the Government will not be shot, Mr Tsang stressed that Hong Kong’s economic and corporate strength are enhanced, I believe I need and then take a similar “do not extraordinary action. ” But he stressed that, if indeed there is a need, the government will not hesitate to hand, to restore market order. He also said that when the term expires the end of June next year “has been old,” really want to retire after leaving office, has no plans in the private sector.

Kong Financial Secretary John Tsang yesterday morning in Beijing and Beijing Party Secretary Liu Qi said the meeting, the SAR Government will continue to monitor the future development of European and American markets, and the impact on Hong Kong.

He explained that Hong Kong’s GDP last quarter may only be more than 4%, if true, would be the lowest since the fourth quarter the previous year’s growth, and the year is expected to increase only about 5%, that is, the expected lower level of the Government: “This is very obvious is the demand in Europe and America has been reduced, so Hong Kong’s exports by a considerable impact, the impact of exports, because exports are times our GDP. Therefore, the growth of our economy slightly affected. “

economic slowdown, the only effect is to help alleviate a good pass pressure. Mr Tsang said that, mainland inflation rate fell for two consecutive months, although still higher than 6%, but has helped to ease inflationary pressures in Hong Kong: “Speaking of food prices in the Mainland, I believe that prices have peaked, so Hong Kong can be expected to lower the price down. rent, we see that turnover is also reduced in recent months, prices have begun to decrease a little direction, slow down a bit, so I believe this also has a slow phenomenon, the inflation is also a very good impact. “

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