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Following is the transcript (English portion) of the media stand-up session by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, after the luncheon hosted by the Hong Kong General Chamber of Commerce today (March 12):

Reporter: On concern that the First Registration Tax increase will affect car business and Hong Kong's image?

SFST: We appreciate the difficulties faced by the trade but we hope that this is only a short-term phenomenon and consumers will return to buying the cars.

Secondly, we don't think that this is going to affect Hong Kong's image as an international business and financial centre.

Reporter: How can you revive the economy by adding this tax?

SFST: Well, the economy is going to be on a revival track. Once the economy is on a revival track, this is only a very small item.

(Please also refer to the Chinese portion)

End/Wednesday, March 12, 2003

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