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| High growth, low inflation underpin regional edge ( 01/12/2005 ) | |||||||||
The economy grew for the ninth successive quarter, the longest growth cycle since the early 1990s. "The stronger-than-expected expansion was characterised by a continued surge in exports of goods and services, re-acceleration in consumer spending growth, and sustained growth in machinery and equipment investment," explained the Government economist K.C Kwok. Total exports of goods recorded 12.8 per cent, marked by distinct growth in the mainland and European Union markets, steady growth in the US and pick-up growth in Japan, Taiwan, South Korea and Malaysia. External trade strong Despite external uncertainties such as high oil prices, rising US interest rates and exchange rate movements, Hong Kong's external trade continued to be good. "We have a situation of high growth and low inflation. Barring unforeseen adverse developments, Hong Kong's external trade is likely to attain solid growth through to the end of the year," added Mr Kwok. Positive figures were also recorded at the Hong Kong International Airport (HKIA). Boosted by strong inter/intra-region traffics, cargo throughput rose nearly 7 per cent year-on-year in October. Passenger numbers and aircraft movements grew 6.5 per cent and 12.2 per cent respectively over corresponding months of last year. The commercial director of Airport Authority Hong Kong, Hans Bakker, attributed the strong performance to "Asia's buoyant economy and the continued strong demand for exports from the Chinese mainland". Trade fair advantage Ending the year on a high note is the December 21 opening of the AsiaWorld-Expo (AWE), which will further enhance the trade fair industry in Hong Kong. The HK$2.35 billion (US$302 million), 70,000 square metre exhibition centre is expected to complement the existing Hong Kong Convention and Exhibition Centre (HKCEC) in Wanchai. Both AWE and HKCEC have agreed to co-operate to maintain the edge in a highly competitive business, where buyers would only go for the biggest and best shows for a particular sector. Most would agree that despite regional competition, Hong Kong can still leverage its brand and infrastructure. Already, the Asiaworld-Expo calendar over the next year is packed with 32 events starting in January. Nasdaq-listed trade facilitator Global Sources is relocating two of its biggest fairs from Shanghai to AWE Hong Kong next year due to space constraints. Related links | |||||||||
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