WEDNESDAY, OCTOBER 11, 1978
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ADVISORY COMMITTEE ON DIVERS IF ICATION COMPLETES STUDY ON ECONOMY
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THE ADVISORY COMMITTEE ON DIVERSIFICATION HAS COMPLETED A STUDY OF THE GROWTH AND DEVELOPMENT OF HONG KONG'S ECONOMY OVER THE PAST 15 YEARS AND MADE CERTAIN FORECASTS OF THE LIKELY GROWTH OF EXPORTS OF BOTH GOODS AND SERVICES OVER THE FIVE YEARS TO 1982.
THIS WAS REVEALED BY THE GOVERNOR, SIR MURRAY MACLE HOSE, IN HIS OPENING ADDRESS TO THE LEGISLATIVE COUNCIL TODAY.
SIR MURRAY SAID THE COMMITTEE IN ITS STUDY OF HONG KONG'S ECONOMY HAS TENTATIVELY IDENTIFIED THE LIKELY FUTURE DETERMINANTS OF GROWTH OF VARIOUS INDUSTRIES THAT MAKE UP OUR ECONOMY, INCLUDING SOCIO-POLITICAL AND GEO-POLITICAL FACTORS AND THE RESTRICTIVE IMPACT OF THE NEW GENERATION OF TEXTILE RESTRAINT AGREEMENTS.
HE ALSO NOTED THAT SIX SUB-COMMITTEES ARE STUDYING THE FACTORS WHICH HAVE ATTRACTED OR DETERRED THE ESTABLISHMENT OF NEW ACTIVITIES
IN THE MANUFACTURING AND OTHER SECTORS OF THE ECONOMY IN HONG KONG AND THE MEASURES TAKEN IN COMPETITOR COUNTRIES AND THE IR COMPARATIVE SUCCESS.
+THESE SUB-COMMITTEES WILL REPORT BEFORE THE END OF THE YEAR, AND ON THE BASIS OF ALL THE MATERIALS BY THEN ASSEMBLED, THE COMMITTEE WILL MOVE ON TO THE FINAL STAGE OF CONSIDERING WHETHER THERE IS A CASE FOR MODIFYING EXISTING GOVERNMENT POLICIES AND/OR EXTENDING THEM TO FACILITATE DIVERSIFICATION OF OUR ECONOMY.
HE SAID THIS STAGE IS PLANNED TO COMMENCE AFTER THE PREPARATION OF THE BUDGET AND WILL LEAD ON TO THE COMPILATION OF THE ADVISORY COMMITTEE'S INEVITABLY LENGTHY REPORT WHICH HE HOPED THE ADVISORY COMMITTEE WILL HAVE COMPLETED BY THE MIDDLE OF NEXT YEAR.
ON OTHER FINANCIAL DEVELOPMENTS, SIR MURRAY SAID THE PUBL İÇ ACCOUNTS COMMITTEE WILL HAVE ITS FIRST MEETING IN A FEW WEEKS' TIME TO CONSIDER THE DIRECTOR OF AUDIT'S REPORT ON THE ACCOUNTS FÖR 1977-78.
HE ALSO SAID THAT THE WORKING PARTY SET UP TO CONSIDER A METHOD OF STATUTORY BACKING FOR OUR SYSTEM OF FINANCIAL CONTROL HAS MADE GOOD PROGRESS AND A PUBLIC FINANCE BILL WILL BE INTRODUCED DURING THIS SESSION OF THE LEGISLATIVE COUNCIL,
IN ADDITION, A BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL VERY SHORTLY TO AMEND THE DEPOSIT-TAKING COMPANIES ORDINANCE TO PROVIDE A SYSTEM OF PRUDENTIAL SUPERVISION OF SUCH COMPANIES OF WHICH THERE ARE 234 IN HONG KONG, ON SOMEWHAT SIMILAR LINES TO THAT PRESENTLY EXERCISED BY THE COMMISSIONER OF BANKING IN RESPECT OF LICENSED BANKS.
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