She worked as a lawyer at Wall Street firm Skadden, Arps and then as a venture capitalist at GE Equity in Hong Kong, leaving in 1999 to run a small responsible-investment private equity fund, Maven International, in the city.

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However, Francis Lun, chief economist of GE Oriental Financial Group in Hong Kong, said the actual figure was probably closer to 2 to 3 percent but was inflated by exporters seeking government rebates.

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