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WEDNESDAY, MARCH 25, 1981
+HAVING REGARD TO THE LEAD TAKEN BY NEIGHBOURING TERRITORIES, TO THE BENEFIT OF THEIR FINANCIAL MARKETS AND THEIR ECONOMY AS A WHOLE, I BELIEVE THIS TO BE A STEP IN THE RIGHT DIRECTION TOWARDS FURTHER GROWTH OF HONG KONG AS A LEADING FINANCIAL CENTRE.
+ IT IS, HOWEVER, UNFORTUNATE THAT THE FINANCIAL SECRETARY HAS STILL NOT SEEN FIT TO CONSIDER ABOLISHING INTEREST TAX ALTOGETHER, HE ADDED.
MR LI ALSO URGED THAT MORE GENEROUS ASSISTANCE BE PROVIDED FOR THOSE VOLUNTARY AGENCIES SUBVENTED ON A DISCRETIONARY GRANT BASIS.
MANY OF THESE ORGANISATIONS, HARD PRESSED BY ESCALATION IN COSTS, WERE BEGINNING TO REDUCE THE SCALE AND SCOPE OF THE
ROGRAMMES NOW OFFERED TO THE LESS PRIVILEGED PUBLIC.
*THIS IS AN ALARMING TREND WHICH MUST NOT BE ALLOWED TO CONTINUE,+ HE SAID.
+WITH THE LEVEL OF OUR RESERVES AT AN ALL-TIME HIGH, I WOULD RGE GOVERNMENT TO TAKE IMMEDIATE STEPS TO MAKE IT POSSIBLE FOR THESE AGENCIES TO CARRY ON WITH ALL THEIR SERVICES TO THOSE IN NEED.+
HOW TO TACKLE THE MYTHS OF MFA
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DR THE HON FRANCIS TIEN URGED THE GOVERNMENT TO SPEAK OUT REPEATEDLY AGAINST UNFAIR DEMANDS AND PRESSURES FROM MAJOR IMPORTING COUNTRIES. HONG KONG SHOULD ALSO ENCOURAGE OTHER DEVELOPING COUNTRIES TO DO THE SAME.
HE WAS COMMENTING ON THE FUTURE OF THE MULTI-FIBRE ARRANGEMENT WHICH HE SAID IS THE MOST CRITICAL ISSUE IN 1981 AFFECTING THE FUTURE PROSPECTS FOR OUR EXTERNAL TRADE.+
ALTHOUGH NO GOVERNMENT HAS YET COME FORWARD WITH A DEFINITIVE STATEMENT OF WHETHER THEY WANT A SUCCESSOR TO THE MEA OR WHAT THE NEW MFA SHOULD PROVIDE FOR, DR TIEN OBSERVED THAT IT HAS BECOME ABUNDANTLY CLEAR THAT THESE GOVERNMENTS HAVE TO CONTEND WITH A VARIETY OF ISSUES AND DEMANDS EXPRESSED BY THE IR LABOUR AND INDUSTRIAL CONSTITUENTS.
BY LOOKING AT A FEW CHOICE EXAMPLES SET OUT IN THE TEXTILE AND CLOTHING INDUSTRIES PAMPHLET +MYTHS, FACTS, APPLICATION+, HE SAID, ONE CAN SEE THAT SUCH DEMANDS AND PRESSURES FALL WITHIN TWO BROAD CATEGORIES.
THESE ARE:
.....