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THURSDAY, OCTOBER 4, 1984
+AS PART OF THIS DEVELOPMENT, LEGISLATION WILL BE INTRODUCED THIS SESSION REGARDING MEMBERSHIP CRITERIA FOR THE UNIFIED EXCHANGE. LISTING AND COMPENSATION FUND RULES ARE ALSO BEING PREPARED, SIR EDWARD SAID.
HE ALSO POINTED TO RECENT EVENTS UNDERLINING THE NEED TO GUARD HONG KONG'S REPUTATION AS THE LEADING FINANCIAL CENTRE IN THE FAR EAST.
THIS, HE ADDED, WAS BEING DONE THROUGH A PROCESS OF CAREFUL RÉGULATION.
THE COMPANIES (AMENDMENT) ORDINANCE, ENACTED IN JANUARY, HAD COME INTO FORCE AT THE END OF AUGUST AND A STANDING COMMITTEE ON COMPANY LAW REFORM HAD BEEN ESTABLISHED TO ENSURE THAT LEGISLATION KEPT PACE WITH DEVELOPMENTS.
IN CONNECTION WITH THE SECURITIES COMMISSION, IT WOULD ALSO ADVISE ON THE REFORM OF THE SECURITIES ORDINANCE AND THE PROTECTION OF INVESTORS ORDINANCE.
DURING THE YEAR, THE PROVISIONS OF THE INSURANCE COMPANIES ORDINANCE HAD COME FULLY INTO EFFECT, AND THE INSURANCE ADVISORY COMMITTEE HAD BEEN SET UP TO ASSIST IN IMPLEMENTATION AND TO KEEP THE LAW UNDER REVIEW.
ONE OF THIS COMMITTEE'S MAJOR TASKS WOULD BE CONSIDERATION OF THE LAW REFORM COMMISSION'S REPORT ON INSURANCE WHICH COULD BE PUBLISHED NEXT YEAR.
ON THE ECONOMY IN GENERAL, SIR EDWARD ESTIMATED THAT DOMESTIC EXPORTS WOULD GROW BY 18 PER CENT SO THAT HONG KONG'S GROSS DOMESTIC PRODUCT WAS EXPECTED TO GROW BY EIGHT PER CENT THIS YEAR.
HE SAID THAT THE RESILIENCE OF HONG KONG'S ECONOMY AND THE EXTERNAL COMPETITIVENESS OF ITS PRODUCTS HAD ENABLED THE TERRITORY TO BENEFIT FROM A REVIVAL IN DEMAND IN ITS MAJOR EXPORT MARKETS, PARTICULARLY THE UNITED STATES.
+DOMESTIC EXPORTS TO CHINA HAVE ALSO INCREASED RAPIDLY, SO THAT CHINA HAS BECOME HONG KONG'S THIRD LARGEST MARKET. THIS IS VERY MUCH TO OUR MUTUAL BENEFIT BOTH ECONOMICALLY AND IN THE WIDER SENSE, HE SAID.
+
THIS EXPORT PERFORMANCE HAD LED TO A MAJOR IMPROVEMENT IN THE EMPLOYMENT SITUATION SO THAT IN THE THREE MONTHS TO JULY, THE UNEMPLOYMENT RATE WAS 3.4 PER CENT AND THE UNDEREMPLOYMENT WAS 0.9 PER CENT, INDICATING THAT THE LABOUR FORCE WAS NOW FULLY EMPLOYED, SIR EDWARD POINTED OUT.
THE RATE OF INFLATION HAD SLOWED DOWN SO FAR THIS YEAR TO ABOUT NINE PER CENT, AND THERE SEEMED TO BE GOOD PROSPECTS THAT IT WOULD EASE FURTHER IN THE COMING MONTHS.
/+THIS IS