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Strategies & Market Trends : HONG KONG

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To: Julius Wong who wrote (973)	1/14/1998 7:38:00 AM
From: Julius Wong	Read Replies (1) of 2951

[The Wall Street Journal Interactive Edition][Personal Journal News] Dow Jones Newswires -- January 14, 1998 U.S. Business Grp:HK Taking Right Steps To Stay Competitive AP-Dow Jones News Service HONG KONG -- The new chairman of the American Chamber of Commerce in Hong Kong said Wednesday the territory's government is taking the right steps to promote its cost competitiveness. Jeffery Muir praised the government's plan to increase land supply, despite criticism from some camps. 'Hong Kong government's plan of expanding land supply is viewed by some people as intervening in the market.' said Muir. 'But I see its efforts as bringing back a balance to the property market.' He said high property prices need to come down if Hong Kong is to maintain its competitive edge over Southeast Asian markets. Muir also praised the government for its effective management of the Hong Kong dollar peg. 'Interest rates go up and property prices go down as Hong Kong dollar remains pegged to the U.S. dollar. This will increase Hong Kong's cost competitiveness.' said Muir. He said overseas investors have problems distinguishing between different countries in Asia. 'They do not realize that Hong Kong does not share the same problems with other Southeast Asian countries,' Muir said. He said Amcham's mission is to educate overseas investors about the effective management of the Hong Kong government and the sound economy of Hong Kong. 'Hong Kong owes no external debt and is a safe place to invest. Overseas investors can be well-assured they can get their money back,' Muir said. Muir said he will soon tour Washington to promote Hong Kong. Referring to the possible downgrading of credit ratings of several large Hong Kong companies by Moody's Investors Services Inc., Muir said Hong Kong has a good reputation of maintaining financial stability. A downgrade would only be a response to regional concerns, rather than a comment on the state of Hong Kong's financial markets, he said. -By Anna Yue; (852) 2802-7002; ayue@ap.org Return to top of page [Toolbar] Copyright c 1998 Dow Jones & Company, Inc. All Rights Reserved.

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