Vincent Cheng: China, momentum of Hong Kong economic development

HSBC downgraded Hong Kong economic growth forecast from 3.34% to 2.2% last week.  Cheng Hoi Chuen Vincent ,Vice-Chairman of Hang Seng Bank, said in an interview of TV program that the slower-than-expected Hong Kong economic development mainly due to inferior performance of Europe ,US, Japan and Southeast Asia, while China became the only momentum of Hong Kong economy.He said despite of stimulation of US rate cut, what Hong Kong should grasp is the investment opportunities brought by the entry of WTO and Hong Kong would face challenges as an agency.But he did not comment on whether Heng Seng Bank would follow HSBC to downgrade Hong Kong economic growth forecast.In retrospection of new economic development, He said frankly it was hard to make money in new economy and key point of project depended on the stability of making money. But banks should apply new technology to weigh down the load of employees at least and cut down overlong working time.

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