************************************************************
Following is the transcript of the Secretary for Commerce and Economic Development, Mr Frederick Ma, speaking to the media about Ministry of Commerce's new decision on standing book deposit in Sydney today (September 5):(English portion)
Reporter: How do you think the newly announced policy would affect Hong Kong businesses? Do you think there will be long term effect?
SCED: I think it would have a short term relief effect for the Hong Kong enterprises operating in the Mainland because they donˇ¦t have to put up cash deposits. Instead they can provide bank guarantees and this is something that they had been asking for the Hong Kong SAR Government to help. Therefore, Hong Kong SAR Government lobbied the Central Peopleˇ¦s Government for such a policy. Of course, longer term under the new state policy on processing trade, what they will have to do is to move to central and western parts of China and also to upgrade themselves.
(Please also refer to the Chinese portion of the transcript)
Ends/Wednesday, September 5, 2007
Issued at HKT 21:18
NNNN