CHINA'S economic plans for 1994 do not seem to bode well for Hong Kong's economy. After digesting reports by Premier Li Peng, Finance Minister Liu Zhongli and State Planning Minister Chen Jinhua delivered this past week at the National People's Congress, Hong Kong businessmen probably have found that there are no excuses to celebrate. Some cannot help but walk away with the impression that this territory's economy may be in for a rough ride. Beijing aims at slowing the growth of its economy to nine per cent this year from last year's 13.4 per cent. With the first quarter almost gone and the intrinsic momentum of the economy, Chinese leaders may have to slap on the brakes real hard to achievethe targeted growth rate for the whole year. People should not be surprised to see another austerity programme imposed in the second half of 1994. Should that happen, Hong Kong would be the first to be hit because of its intricate economic relationship with the mainland. Retrenchment or not, there is no room for joy for Hong Kong's traders. China's economic blueprint calls for a reduction in imports to preserve much-cherished foreign exchange reserves at a time when foreign debts are ballooning. (Imports surged 29 per cent in 1993 from a year earlier.) Beijing also exhorts enterprises and institutions to cut back capital investments, which ostensibly is not music to Hong Kong businessmen's ears. A swelling budget deficit also is worrying. At 67 billion yuan (HK$60 billion), the projected gap is substantially higher than last year. And the state plans to sell domestic bonds totalling about 100 billion yuan to help cover the shortfall. That will undoubtedly sap Chinese people's consumption appetite because by hook or by crook the monetary authorities will achieve the stated bond-sale goals. A cut in consumption will hurt Hong Kong companies. A slowdown in economic reforms also disheartens many Hong Kong companies contemplating setting up shop across the border. Beijing plans to curb the establishment of investment zones, postpone transforming inefficient state firms into shareholding companies and roll back other reforms. Previous plans to auction off state enterprises to foreign companies will be curtailed. Chinese leaders obviously are striving for a soft-landing of the economy after heady growth in 1993. Were they not successful, the impact on Hong Kong would be deeply felt.