The counterparts of these deficits were deficits in the saving-investment behavior of either the public sector or the private sector. The contribution of the ECB to resolving the crisis Exceptional times call for exceptional measures. The ECB responded to the crisis in a bold, broad and, frequently, unconventional manner.
In addition, the increased number of visitors from the mainland to Hong Kong, supported by deregulation in the mainland, gave renewed vigor to the tourism industry, severely hit by SARS, thereby strengthening ties between Hong Kong and the mainland. Last but not least, let me highlight once again Hong Kong's current rapid growth, with closer economic ties with the mainland.