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The following is the transcript of the question-and-answer session (English part) of the press conference given by the Chief Executive, Mr Tung Chee Hwa, this (Wednesday) afternoon:
Question: Mr Tung, your critics will always want to see what tangible results are going to come from this meeting. What is going to come from this meeting and when are we likely to see some outcome?
Mr Tung: First of all, I would like to emphasise that as far as the economy is concerned, there are no quick fixes, that we need to plan for the long term, we need to make sure that the various plans are in place so that when the environment is right we get a very quick lift. And my colleagues in the government and I myself spend a lot of time looking at how we can make sure that when the right environment comes around we will have a very quick lift. There are no quick fixes.
But let me tell you that these people are really the barons of the industries and they really know what needs to be done in each different sector of our economy. So their advice has been useful, very useful, particularly taking a longer term view as to where Hong Kong is going, how Hong Kong is going to be in the 21st century. It has been very, very helpful to us.
On the other hand they were also able to give us their views and analysis as to the economy in the United States, in Japan, in Europe, the impact of the Euro, what it will have on the economy in Europe. And as you know, all these countries and these entities, what they do has a major impact on Hong Kong. So it has been very, very helpful to us.
Question: ... the recovery ... for the fourth quarter of this year. And also, did any of the advisers mention their own investment intentions as regards to this region, Hong Kong and China, particularly did Mr Murdoch mention anything about his own investment intentions in the region?
Mr Tung: Well, we certainly did not discuss individual company's investment intentions. This obviously was not the purpose of the meeting. As I said earlier on, they were very cautious of their own economies in 1999. And as I said earlier on, also, I have also been very cautious about the 1999 economy. And after the meeting I have not changed my mind on this and that we will continue to go through a very difficult adjustment period.
Insofar as investments are concerned, I think the important thing is that we need to complete the adjustment process. People have to feel confident that, yes, we are competitive, we have gone through the adjustment process, and then you will see the fund flow coming back again. So I think I have no doubt of our prospects in the near future, but we have to go through this difficult period.
Insofar as China is concerned, I just want you to know last year China's foreign direct investment was US$45 billion, one of the highest anywhere actually, so there continued to be a lot of confidence.
Question: Mr Tung, just now you provided us with many useful advices ..., but in short, how many advices were put forward and the advice from which company you feel most impressed?
Mr Tung: Well, there was a lot of discussion back and forth, it took six and a half hours, so I can't tell you specifically which advice. But generally, most of them, they have similar views as to what Hong Kong needs to do in order to achieve our long-term objectives. So they were all very good. They were all very helpful, they were all very good.
Question: Mr Tung, my question is: I am interested in knowing exactly how today's talks have shaped how you will formulate policy in the future? I mean can we have some specifics on exactly what you are going to take out of today and what policies will be implemented because of today?
Mr Tung: Well, we have articulated very specifically long-term policies for the future in my policy address and these are long-term policy objectives. Making Hong Kong a premier international city in Asia, for instance, was discussed at length with the international advisers. What measures we need to take in order to get there? These are the things we are thinking about doing. Is it the right way to go forward? And we had a very full and useful discussion and we are very happy that some of the thoughts we had were confirmed. Others, they made some very good suggestions which we will move on to very quickly in order to achieve the objectives we set out in the policy speech.
Question: Mr Tung, you mentioned earlier that the advisers talked about how they see Hong Kong's place in the 21st century. Could you elaborate on where they see Hong Kong in the 21st century and also what they said our specific strengths and weaknesses were, and which of that advice that you will be taking in implementing concrete policy objectives?
Mr Tung: As I said earlier on, we have very clearly defined where Hong Kong needs to be - where Hong Kong will be in the 21st century. And one of the points of discussion, as I said earlier on, is Hong Kong becoming the premier international city in Asia. And how to get there, we had some specific ideas. The advisers were very good in providing a whole lot of suggestions, and we will base on these suggestions plus what we had originally to get on with it so that we can, in the 21st century, become a premier international city in Asia.
Question: Sir, you spent more than a million Hong Kong dollars getting this conference together. How do you justify that expense to the taxpayer who has just lost his job and is going to lose his apartment?
Mr Tung: Well, let me tell you this. I personally feel very sorry for those who are jobless, who find the difficulties in making a living in this very difficult environment, and as a government we will always be trying to do as much as we can for everybody, particularly those who are unfortunate. And the very purpose of getting all these people together is to make sure what we are trying to do in the longer term is right for Hong Kong, and what we are trying to do today is also good for Hong Kong. And I think certainly we got our values worth today in getting this group of people together.
Chief Executive's transcript (Chinese part)
END/Wednesday, January 20, 1999
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