HK posts highest growth in 4 years

cctv.com 03-17-2005 10:35

The HK SAR.'s economic growth rate for 2004 reached 8.1 percent, the highest rate in four years. This is well above the average annual growth rate of 4.8 percent achieved over the past 20 years.

Hong Kong's Financial Secretary Henry Tang delivered the 2005-2006 government budget to the Legislative Council Wednesday. Tang said that Hong Kong's economy was on the road to recovery. He also said Hong Kong's economy is expected to achieve solid growth in 2005, with GDP forecasted to grow by 4.5 to 5.5 percent. Tang also forecast the operating deficit for 2004-2005 to be just over 14 billion Hong Kong dollars, much lower than the 46.6 billion Hong Kong dollars originally estimated. In addition, Tang said the SAR is to enhance its position as an international financial center by improving the financial regulatory system, promoting the bond market and reinforcing Renminbi business.

Editor:Chen Zhuo  Source:CCTV.com