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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Ron Bower who wrote (2600)	12/23/1998 10:06:00 PM
From: Tony van Werkhooven	Respond to of 2951

Makes one wonder exactly how many suits are in the warehouses <g> Thursday December 24 1998 Economy Stockpiles grow, taxes altered in desperate race to GDP goal AGENCIES in Beijing Beijing's obsession with reaching its 8 per cent growth target has prompted banks to offer loans without conducting proper client investigations and enterprises to churn out surplus products. In addition, tax bureaus across the country have been cooking the books in their zeal to reach the target this year, the China Daily reported yesterday. "Some tax-collecting departments have been found falsifying or boosting statistics to deceive their superiors," a year-end editorial said. "Some financial agencies, in order to fulfil their investment schedule, are offering loans without serious deliberation. Some enterprises are running blindly, despite a large stockpile of products, to realise their production targets," it added. The editorial blamed officials' "understandable" eagerness to meet quotas on the rewards regularly bestowed upon those "with favourable performance assessments based on untrue figures" which have "cultivated the tendency to mislead". Following the economic slowdown caused by this year's Asian financial crisis, many observers expressed scepticism when the mainland insisted it would meet its annual target for 8 per cent gross domestic product growth. However, Beijing later announced it would lower its growth target for next year to 7 per cent, stressing "quality" growth that will boost efficiency, not just production.

To: Ron Bower who wrote (2600)	12/29/1998 5:38:00 PM
From: Tom	Respond to of 2951

Hi, Ron. Just returned from an unplanned visit. Haven't read or heard much for over a week. Some catching-up to do. Re: Jiang, the Party, PLA The situation is definitely not good. I suppose they'll do what they feel they must. Difficult knowing exactly what to expect, yet we do know what the CCP is capable of. I did see where news last night encouraged some investors to boost the index a bit just prior to the close. It does not bode well, however, Li Ka Shing stating a few days ago that he has no new investments planned for Hong Kong due to the "political situation."