WEDNESDAY, FEBRUARY 28, 1979
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UNIFICATION OF HK'S STOCK EXCHANGES
*****
A BILL TO BRING ABOUT UNIFICATION OF HONG KONG'S STOCK EXCHANGES WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL LATER THIS SESSION.
SPEAKING IN THE LEGISLATIVE COUNCIL THIS AFTERNOON, THE FINANCIAL SECRETARY SAID HONG KONG WAS UNUSUAL IN HAVING AS MANY AS FOUR EXCHANGES.
*THE FACT THAT HONG KONG HAS FOUR HAS NOT HAD A REASSURING EFFECT ON INVESTORS GENERALLY AND HAS HAMPERED THE DEVELOPMENT OF INTERNATIONAL CONFIDENCE IN THE STOCK MARKET HERE,+ HE SAID,
SO, FOR SOME TIME NOW, GOVERNMENT POLICY HAD FAVOURED UNIFICATION, PREFERRABLY ARRANGED BY THE EXCHANGES THEMSELVES,
HOWEVER, MR. HADDON-CAVE SAID, NO TANGIBLE EVIDENCE+ OF PROGRESS TOWARDS THIS END HAD BEEN FORTHCOMING.
IN THE CIRCUMSTANCES, THE SECURITIES COMMISSION HAD ADVISED THAT LEGISLATION ON UNIFICATION SHOULD BE INTRODUCED AND THE EXECUTIVE COUNCIL HAD AGREED.
ECONOMIC RELATIONS WITH CHINA ****
HONG KONG'S ROLE AS AN ENTREPOT MUST TEND TO EXPAND AS CHINA'S INTERNATIONAL TRADE EXPANDS, THE FINANCIAL SECRETARY SAID TODAY (WEDNESDAY).
COMMENTING ON THE CHANGE IN THE RELATIONSHIP OF CHINA'S ECONOMY WITH THE REST OF THE WORLD, MR. HADDON-CAVE SAID HONG KONG IS
IDEALLY SITUATED AS A PORT FOR CHINA AND AS A BASE FOR THOSE DOING BUSINESS WITH CHINA.
HE ADDED. THUS THE SHIFT IN THE RELATIVE IMPORTANCE OF THE TERTIARY SERVICES SECTOR IN OUR G.D.P. THAT HAS BEEN SUCH A FEATURE OF OUR DIVERSIFYING ECONOMY IN THE 1970'S CAN BE EXPECTED TO CONTINUE AND, EVEN, ACCELERATE.+
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