| 1. | Externally oriented economy
以外贸为主的经济 |
| 2. | For a small and highly externally oriented economy with no external debt servicing requirements like hong kong , output should be less sensitive to interest rates than external demand
对于香港这种细小及高度外向型无外债负担的经济体系来说，本地生产对利率的敏感度其实应较对外需为低。 |
| 3. | First , as an externally oriented economy , hong kong is vulnerable to external influences including surging oil prices and economic volatilities among our major trading partners , such as the united states
第一，香港是一个外向型的经济体系。我们难免受到国际油价上涨美国经济波动等外围因素的影响。 |
| 4. | The multiplier effect , as economists call it , is low in view of the high import leakage , so that an expansionary fiscal policy would be less effective here than in less externally oriented economies
用经济学者的术语，便是乘数效应即公营或私人消费增加对经济所产生的刺激作用偏低，因此与非外向型的经济体系比较，香港推行扩张性财政政策的成效会较低。 |
| 5. | This is particularly so for a currency board system operating in a highly externally oriented economy that is also an international financial centre where there are often huge inflows and outflows of funds
对于一个国际金融中心来说，经常有大资金进出，而且经济又属于高度外向型，货币发行局制度的运作便更加复杂。有见及此，我们对货币发行局制度的运作实施 |
| 6. | But for externally oriented economies , where domestic prices are strongly influenced by the prices of their trading partners , a stable external value for the currency , i . e . a fixed exchange rate , is often more suitable
不过，对于以外贸为主的经济体系来说，由于本地价格主要取决于贸易伴的价格，所以货币的外在价值保持稳定，即固定汇率，通常是更为适合的定义。 |
| 7. | Being highly externally oriented , the very mixed external environment will likely affect the hong kong economy more significantly than it will for other less externally oriented economies , with similar implications on financial market performance
香港是高度外向型的经济体系，与其他对外贸的倚赖程度比较低的经济体系相比，外围环境动荡不安对香港经济的影响会比较巨大，对金融市场的影响亦如是。 |
| 8. | Consumption may be encouraged , but the leakage arising from hong kong s being a very externally oriented economy , and lately the convenience and price competitiveness of shenzhen and other places will work to reduce the multiplier effect on domestic economic activities
市民消费或会受到低息刺激，但基于本港经济属高度外向型，加上来自深圳及其他地区带来方便及价格方面的竞争，本港内部经济活动的乘数效应将会减少。 |
| 9. | Additionally for hong kong , a highly externally oriented economy on the doorstep of the vast economy of the mainland of china , globalisation also means the need for structural changes , and possible involvement of government in facilitating it
香港是高度外向型的经济体系，又是通往中国内地这个大经济体系的门槛，对香港来说，全球化有更深层的意义，要好好掌握机会，便需要作出结构性转变。为了促进这个过程，我们可能需要政府的参与。 |
| 10. | When this happens in hong kong , it would put tremendous strains on many sectors of our externally oriented economy , risking systemic crises and an intensification of the overshooting , which would require almost certainly the raising of interest rates , possibly to beyond those of us interest rate levels
出现这种情况时，香港这个外向型经济体系的多个环节都会备受重大压力，可能引发系统性危机，令已反应过激的汇率波幅深化，届时为了顾全大局，唯有大大提高利率，大有可能要提高至远超美元利率的水平。 |
