James McCormack Quotes
I don't think we will change our rating on Hong Kong in the foreseeable future because we have not seen any commitment from the government to introduce a goods services tax that will address volatility in its public finance and revenue sources. 
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Change | Rating | Hong | Kong | Foreseeable |
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We would like public finance and development issues to be addressed by authorities, including an improvement in per capita income, before we can consider China for a ratings review and a possible upgrade.
- James McCormack
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.
- James McCormack