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HONG KONG : Singapore and Hong Kong have agreed on a more coordinated effort to deal with the current global credit crunch, following a meeting between Singapore's Senior Minister Goh Chok Tong and Hong Kong Chief Executive Donald Tsang.
The global financial crisis topped the agenda during their meeting on Wednesday.
Mr Goh was briefed about the current situation in Hong Kong, and how the Tsang administration is bracing the city against an economic slowdown this year, with a more severe downturn next year.
SM Goh said: "We share similar views on the impact of the global financial crisis on us. On Hong Kong, he was very concerned about the slowdown and how long it would (last).
"Likewise, I was concerned about the impact on Singapore. Both of us believed that this financial crisis, or tsunami as we call it, would have far-reaching impact."
To help mitigate the impact, Singapore is drawing up an expansionary budget that promises to stimulate growth and create jobs.
In Hong Kong, a high-level economic taskforce chaired by the chief executive is also monitoring the situation closely and coming up with its own set of economic measures.
SM Goh described Mr Tsang as a personal friend, and added that both were able to discuss economic and other matters in a frank manner.
In fact, both men also saw eye to eye on a number of issues. One such issue is the coordinated lifting of the government guarantee on bank deposits, with the earliest possible date being the end of 2010.
Mr Goh said: "We have come to an agreement that we should work together to decide when the bank guarantee (on non-bank deposits in commercial banks) would have to be lifted. If we do not coordinate, we'll be waiting for each other (to lift it) and the bank guarantee may be more prolonged than necessary."
Mr Goh also mooted the idea of closer economic cooperation between Singapore and Hong Kong on potential projects in the Pearl River Delta, particularly Guangzhou. - CNA /ls
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