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Pastimes : John Dessauer's Investors World
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To: Pete Bilden who wrote (1491)8/11/1998 1:43:00 AM
From: ROY SENDELE   of 2346
 
From The CEO of the Bank Of East Asia:

Commenting on the recent economic turmoil in Asia, Dr. Li reiterated his belief that Hong Kong was
undergoing an important economic transition. "Hong Kong is becoming a mature economy," he said.

"Economic growth in the future is likely to be slower than in the past 10 or 15 years. From now on,
Hong Kong should expect positive, rather than negative, real interest rates. We should expect
salaries to track the value of output, not constantly rising asset prices. We should all expect slower,
steadier returns, instead of sudden windfalls driven by asset price bubbles. As a result, I believe we
can expect lower inflation, greater competitiveness, and ultimately a more secure foundation for
future gains in prosperity for Hong Kong," said Dr. Li.

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