China's Economic Restructuring -- New Challenges and Opportunities
With the implementation of a series of measures to sustain growth, the Chinese economy has successfully
met the challenges posed by the global financial crisis in 2009. Economic growth began to reaccelerate in
the second quarter and reached a high level of 10.7% in the fourth quarter. Nevertheless, economic
complexities and risks seem to have remained. Concerning the economic environment, risks in two areas
have been mounting this year. Firstly, some overheating pressures have grown, as reflected in overinvestment,
excess capacity, and heightened risks for property market bubble and inflation. Owing to the
extraordinary stimulating measures launched in the face of the financial crisis, in particular the extremely
loose monetary policy and unprecedented expansion of credit, risks at the current stage would even be
larger in comparison to previous overheating periods.
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The Chamber welcomes Financial Secretary John Tsang Chun-wah's cautiously optimistic approach to this year's Budget.
The Chamber has been calling for proactive measures to leverage the competitive advantages of Hong Kong's financial services industry and complement the developments in the Mainland. The Chamber regards the measures announced in the Budget today will help Hong Kong along the road towards achieving these goals.
"The proposed measures to deepen and broaden Hong Kong's roles as an offshore RMB centre, a base to internationalize the RMB and the premier asset management centre of the region are in line with the views advocated in the Chamber's submission to the Financial Secretary," said Andrew Brandler, Chairman of the Chamber. "Working closely with the Mainland to develop into an offshore RMB centre is a key component of Hong Kong's strategy, and we hope this can move forward smoothly."
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The Chinese have a saying that out of chaos comes opportunity, which might explain why Xia Ruifang set up a small printing company in Shanghai at a time when China was being torn apart by internal strife and external aggression.
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Diaward Moving with the Times
Diaward mixes centuries of tradition with the latest technology
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