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Following is the transcript of the English part of the media session given by the Chief Executive, Mr Tung Chee Hwa, at Kai Tak Airport this (Friday) evening after returning from his visits to Australia and New Zealand:-

Reporter: Mr Tung, what is your response to the Government Economist's comment? He said he was not at all positive that the growth in the next quarter won't be positive.

Mr Tung: You know we had a negative two percent growth in the first quarter and I don't think we are in a position to specifically define what the second quarter would be. But I have said many times that the economy will be in a rather difficult situation for the next few quarters. But let me once again emphasise. Let's not lose confidence in ourselves because we have some really good things going and least of all the most important is that if you look at the Financial Secretary's February 18 Budget, actually the total expenditure and investments and tax cut amounted to $53 billion, a full four percent of the GDP. So, let's give the Budget the time to work itself out. It will have an effect to stimulate the economy in due course.

Reporter: What is your feeling to become the Chief Executive after the first year anniversary of Hong Kong's handover? You said you were very tired. Why?

Mr Tung: I was joking in saying this but actually I am in good health, running around a lot. If you ask those reporters who were with me in Australia, see whether they are more tired or am I more tired.

Chief Executive's media session (chinese part)

End/Friday, June 19, 1998

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