THURSDAY, MARCH 28, 1985
23
CIVIL SERVANTS SHOULD HAVE FEEL OF FINANCE MARKET
***
GOVERNMENT SHOULD PLACE PUBLIC EMPLOYEES AT MIDDLE MANAGEMENT LEVEL WITH PORTFOLIOS IN FINANCE AND ECONOMIC MATTERS ON SECONDMENT TO THE PRIVATE SECTOR TO GAIN PRACTICAL EXPERIENCE IN THE ACTUAL ARENA OF FINANCIAL ACTIVITIES.
THIS WAS SUGGESTED TODAY BY DR THE HON KIM CHAM AT THE LEGISLATIVE COUNCIL BUDGET DEBATE.
HE SAID THAT IN THE AREA OF FINANCE, DEVELOPMENTS WERE MOVING FORWARD AT SUCH A RAPID PACE THAT EVERYONE ENGAGED IN THE FIELD HAD TO MAKE CONSTANT EFFORTS TO KEEP ABREAST WITH NEWLY CREATED OR MODIFIED FINANCIAL INSTRUMENTS.
+ IN THIS RESPECT, MIDDLE MANAGEMENT OF GOVERNMENT OPERATING DEPARTMENTS IS NO EXCEPTION, HE SAID.
DR CHAM BELIEVED THAT UPON COMPLETION OF THE SECONDMENT, THE SECONDED OFFICER SHOULD BECOME FULLY AWARE OF AND ACQUIRE THE FEEL OF THE REAL-LIFE FINANCE MARKET WHICH WAS ASSUMING GROWING IMPORTANCE AND VITALITY AS ONE OF THE PILLARS BEHIND HONG KONG'S FREE ENTERPRISE ECONOMY.
HE POINTED OUT THAT WITH A GOOD UNDERSTANDING OF THE MARKET, A CONCERTED EFFORT COULD BE MADE BETWEEN GOVERNMENT DEPARTMENTS AND THE PRIVATE SECTOR FOR THE FURTHER DEVELOPMENT OF THE MARKET MECHANISM IN HONG KONG.
+THE WARNING SIGNAL IS WRITTEN ON THE WALL. UNLESS WE ARE PREPARED TO ADVANCE, AND TO ADVANCE IN A WELL-CO-ORDINATED PACE GEARED TO THE MARKET ACTIVITIES, THE PERFORMANCE AND
ATTRACTIVENESS OF OUR FINANCE ECONOMY TO INTERNATIONAL PARTICIPANTS WILL BE OUTSTRIPPED BY OUR NEIGHBOURING COMPETITOR, AS THEY STEP UP THEIR EFFORTS TO CHALLENGE OUR POSITION, HE SAID.
EARLIER IN HIS SPEECH, DR CHAM COMMENDED THE FINANCIAL SECRETARY FOR DISPLAYING WELL-BALANCED DISCRETION IN EXPLORING SOURCES FOR ADDITIONAL REVENUE IN A POSITIVE ATTEMPT TO BROADEN THE EXISTING TAX BASE.
HE NOTED THAT MOST OF THE COMMODITIES RECEIVING THE BRUNT DID NOT BELONG TO THE CATEGORY OF BASIC NECESSITIES+ AND FOR THIS REASON, POSED LESS A THREAT IN INFLATING COST OF LIVING.
+HOWEVER, THE PROLIFERATION OF ITEMS NOW ON THE LEDGER OF DUTIABLE COMMODITIES INEVITABLY RAISES THE TECHNICAL ISSUE OF DEVISING AN EFFECTIVE AND ENFORCEABLE MACHINERY FOR COLLECTING THE DUTIES ON THE VARIETY OF TAXABLE CONSUMPTION GOODS,+ HE SAID.
HE ASKED THE GOVERNMENT TO MONITOR ANY LOOPHOLES OR DEFICIENCIES WHICH MIGHT EASILY BE EXPLOITED IN A MORE COMPLEX SYSTEM OF EXCISE, CUSTOMS AND DUTIES.
/DR CHAM