Yet the recovery remains somewhat fragile and not yet sufficiently supported by private demand; therefore, it is not the time for complacency. I should add that the recovery should be measured in much broader terms than focusing on a resumption of GDP growth. A full recovery also implies a return to sustainable fiscal positions.
I am glad that international organisations and other central banks also acknowledge the mutually independent relationship between the PBOC and the HKMA. Both the PBOC and the HKMA were offered membership in the Bank for International Settlements in early September this year. This shows that the work done by the PBOC and the HKMA are widely accepted and appreciated by the central banking fraternity.