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The following is a transcript (English portion) of the Secretary for Economic Development and Labour, Mr Stephen Ip, speaking to the press after the "We Love Hong Kong" Campaign press conference today (June 28):

Reporter: It'll take some time for the economy to pick up; do you expect the unemployment rate to remain high?

Mr Ip: I think the unemployment rate will remain high in the next few months because there will be many graduates leaving school. And that is why we will be seeking over $700 million to create short-term jobs and training opportunities. We are talking about 32,000 jobs and training opportunities. These will be for the youth, the young ones and for the middle-aged.

We hope that this would help equip and upgrade our youths and graduates to help them find jobs.

Reporter: Do you think there is other ways to help the small and medium enterprises (SMEs), the retail trade and the catering sector?

Mr Ip: Well, of course, apart from the $3.5 billion loan fund, we have the SME funds, for example, which are available for the SMEs to apply. Thank you very much.

(Please also refer to the Chinese portion)

End/Saturday, June 28, 2003

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