2 - 2 - 4 - 4 - 6 - 6 - 8 - 8 cpi cpiefe cpiefe goods cpiefe services sources : central bank of chile and national statistics institute ( ine ). figure 2 gross domestic product ( annual change, percentage ) 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 dec. 11 mar. 12 ees gdp 2012 jun. 12 range mp report sep. 12 dec. 12 dec. mp report forecast source : central bank of chile. bis central bankers ’ speeches table 1 economic growth and current account ( annual change, percentage ) 2012 ( f ) 2013 ( f ) mp report mp report mp report mp report sep. 12 dec. 12 sep. 12 dec. 12 gdp 6. 0 4. 75 - 5. 25 5. 5 4. 0 - 5. 0 4. 25 - 5. 25 domestic demand domestic demand ( w / o inventory change ) gross fixed capital formation total consumption exports of goods and services imports of goods and services 9. 4 10. 2 17. 6 7. 9 4. 6 14. 4 5. 6 5. 5 7. 0 5. 1 3. 5 4. 0 6. 6 6. 8 11. 3 5. 3 2. 7 5. 5 5. 5 5. 8 7. 1 5. 4 3. 6 5. 8 5. 7 6. 0 7. 6 5. 5 3. 0 5. 9 current account ( % of gdp ) - 1. 3 - 3. 2 - 3. 8 - 4. 4 - 4. 6 ( f ) forecast. source : central bank of chile. table 2 international baseline scenario assumptions growth trading partners world at ppp 2012 ( f ) 2013 ( f ) 2014 ( f ) mp mp mp mp mp mp report report report report report report sep. 12 dec. 12 sep. 12 dec. 12 sep. 12 dec. 12 ( annual change, percentage ) 4. 2 3. 5 3. 3 3. 8 3. 5 4. 3 4. 0 3. 8 3. 1 3. 0 3. 6 3. 3 4. 1 3. 8 united states eurozone japan china india rest of asia ( excl. japan, china & india ) latin america ( excl. chile ) 1. 8 1. 5 - 0. 7 9. 3 6. 5 4. 2 4. 4 external prices (

norman t l chan : the power of 3cs address by mr norman t l chan, chief executive of the hong kong monetary authority, at the treasury markets summit 2012, hong kong, 12 october 2012. * * * good morning, ladies and gentlemen, i welcome you all to this fifth treasury markets summit co - organised by the treasury markets association and the hong kong monetary authority. in the past four summits, discussions focused mainly on business opportunities available to financial market participants. this year, i am glad to note that, the summit will also devote a session to analysing some of the fundamental elements of a first - class financial centre. being an ardent believer of these fundamental elements, i would like to take this opportunity to share with you some of my thoughts on them. from time to time visitors from overseas come to see me and, during our conversations, the question of how hong kong has turned itself into a thriving and dynamic financial centre in asia is often raised. it is not surprising that hong kong ’ s transformation from a trading port into an ifc within several decades has drawn a great deal of admiration as well as envy from neighbours within the region and beyond. this is because of the fact that an ifc will bring about much - desired economic growth, employment and prestige. so it is also not surprising that many cities in the region harbour ambitions of becoming international financial centres. while such ambitions are quite legitimate, most of them would find achieving this goal very challenging. why? because an ifc, by definition, serves not only domestic customers on its own turf, it also captures financial businesses and money - flows either from a large hinterland or the neighbouring areas or both. this is a big challenge because it entails serving customers from the other jurisdictions or cross border transactions. it also entails the need to deliver consistent and efficient financial services in order to be competitive in international financial business. the truth of the matter is that only a small number of cities can successfully become international financial centres because ifcs need a critical mass and market depth. it should be noted that international financial transactions and money tend to migrate towards those centres that provide the most efficient and competitive services to customers. in other words, domestic financial centres will need to go through very fierce competition before a few of them can emerge as successful ifcs. given hong kong ’ s accomplishment as one of the region ’ s premier ifcs, there are many study groups from abroad coming here to learn the tricks that have helped achieve what