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Hong Kong Business Summit '99
"Hong Kong, China: Into the Next Millennium"

December 2, 1999

"The Role of the Financial Services Industry
in the Future Hong Kong Economy"

Speech By Andrew Sheng
- Chairman Securities and Futures Commission

Signs of Recovery in Hong Kong

• 99Q2 at 0.7% and 99Q3 at 4.5%

• Property prices stabilizing

• Tourist arrivals rebounding + Walt Disney theme
  park

• Overall trade surplus in 1998 and 1999H1

• Between end-1998 and end-Nov 1999, HSI up
  53.0%, signalling economic recovery

• Clear policies to improve competitiveness through privatization and reform

• GDP forecast for 2000 - OECD at 4.0% and IMF
  at 3.6%

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