IMF supports HK to enhance competitiveness
Updated: 2007-11-20 19:07
HONG KONG - An assessment made by the International Monetary Fund (IMF) in their concluding statement published here Tuesday said that it welcomes Hong Kong government's policies to enhance competitiveness and the linked exchange rate system.
The IMF mission visited Hong Kong from October 29 to November 7 for the 2007 Article IV Consultation discussions with the Hong Kong Special Administrative Region. It held discussions with government officials and private sector representatives.
In its statement, published on Tuesday following the completion of the consultation, which involves an annual review of Hong Kong's exchange rate, fiscal and structural policies, the IMF expects the Hong Kong economy to grow by 5.5 to 6 percent this year.
Skillful macroeconomic management, the underlying flexibility of Hong Kong's markets, and the continued integration with the Chinese Mainland have contributed significantly to this overall robust economic situation.
Growth is expected to turn moderate below 5 percent in 2008 and average around 5 percent over the medium term.
The mission expects that the outturn for this fiscal year will be stronger than the original estimates. The fiscal stance appears appropriate, and the new initiatives in the Policy Address, including a refocusing on infrastructure spending, are important to enhance competitiveness and support medium-term growth.
The mission welcomes the initiatives taken by Hong Kong and the Chinese Mainland authorities to deepen financial integration, and considers that they will clearly benefit both economies.
It recognizes that the competitiveness of Hong Kong as a financial center also depends on continued enhancement of its strong reputation for supervision and governance.
"We welcome the mission's positive assessment of the Hong Kong economy and the Government's policy framework in enhancing the competitiveness of Hong Kong. We will continue our efforts to further strengthen our status as an international financial center," said John C. Tsang, financial secretary of Hong Kong.
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