HKSAR rated stable by Japan Credit Rating Agency

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Last updated at: (Beijing Time) Tuesday, September 03, 2002

HKSAR rated stable by Japan Credit Rating Agency

Hong Kong's outlook was rated stable by Japan Credit Rating Agency (JCRA) Monday, according to the government of the Hong Kong Special Administrative Region (HKSAR).

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Hong Kong's outlook was rated stable by Japan Credit Rating Agency (JCRA) Monday, according to the government of the Hong Kong Special Administrative Region (HKSAR).

The rating was "AA" for foreign currency and "AA+" for domestic currency, both equivalent to "stable."

"We note JCRA's recognition that Hong Kong enjoys strong external position, high level of fiscal flexibility, a resilient financial sector and a high level of autonomy in many aspects, including the financial and legal systems, and that HK's role as an international financial center has remained intact," a government spokesman said.

In response to JCRA's comments on fiscal pressures in the medium term, the spokesman said, "We have already set out clear targets and fiscal measures to restore balances in both Operating and Consolidated Accounts, and to reduce the share of public expenditure to within 20 percent of GDP by 2006-07."

The measures include containing growth in expenditure, simplifying organization structures, process re-engineering, reviewing service priorities and strengthening the cooperation with the private sector to provide better and more efficient services to the public, the spokesman said.

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