Goldman Sachs sees the policy address positive, but impact limited

Goldman Sachs said the anticipated stimulus from the Chief Executive Tung Chee-hwa's policy address would be incrementally positive, to the extent that it could bolster public confidence, but the ultimate impact on GDP growth and the property sector would likely be limited. "We believe the chance for a new fiscal stimulus has increased, but we believe it would likely be moderate, constrained by the Basic Law," said economist Dick Li in a note to clients today. Tung will deliver his annual policy address this Wednesday (Oct. 10).

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