The following is the transcript (English portion)of the media session given by the Chief Secretary for Administration, Mr Donald Tsang, in London today (November 20, 2001, London time):

Reporter: In your speech today, I just want to know if you are expecting growth in the third quarter (figures) coming out later this month?

Chief Secretary: I cannot add much to what the Financial Secretary has already said. We have earlier adjusted our economic forecast for this year's growth downward, to one per cent. The Financial Secretary said that further adjustment would be made and I cannot add further to that. But the situation is quite clear for all to see. We are preparing for a very rough patch, not only in Hong Kong, the whole of East Asia and the rest of the world for that matter. As a consequence of what has happened to a slowdown of the US economy and what has happened on September 11, we can expect a pretty rough time in the year ahead. And Hong Kong is well-prepared for this.

(Please also refer to the Chinese portion of the transcript)

End/Wednesday, November 21, 2001

NNNN