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WEDNESDAY, MARCH 18, 1987
ON THE SIZE OF AND REMUNERATION FOR THE CIVIL SERVICE,
MR SOHMEN OBSERVED THAT IT WAS NOT ALWAYS A QUESTION OF RESTRAINING GROWTH RATES YEAR ON YEAR, BUT ALSO WHETHER THE GIVEN SIZE WAS NECESSARY.
+IN HONG KONG WE HAVE ONE CIVIL SERVANT FOR ROUGHLY 30 CITIZENS, HE SAID.
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SINCE HONG KONG HAD AN EFFECTIVE CIVIL SERVICE, MR SOHMEN SAID HE WAS NOT SUGGESTING WE WERE NOT GETTING VALUE FOR MONEY BUT ASKED WHETHER WE COULD DO WITH A LITTLE LESS GOLD-PLATING.
COMMENTING ON THE RAPID GROWTH OF THE SERVICES SECTOR, MR SOHMEN SAID THAT WE NEEDED SOME FURTHER REGULATION IN THE FINANCIAL AND SECURITIES SECTORS TO AVOID FRAUDULENT PRACTICES OR OBVIOUS MISMANAGEMENT.
BUT HE WAS ALSO IN SUPPORT OF THE FINANCIAL SECRETARY'S SUGGESTION THAT WE MUST PROCEED WITH CAUTION IN THIS AREA, PARTICULARLY ON THE QUESTION OF CRIMINALISATION OF INSIDER TRADING.
+REPUTATION IS ONE THING, BUT THE RISK OF ALSO DRIVING BONA FIDE BUSINESS AWAY ALTOGETHER ON WHICH SO MANY OF OUR FINANCIAL INSTITUTIONS INCREASINGLY DEPEND, IS ANOTHER,+ HE SAID.
FINALLY, MR SOHMEN SAID HE AGREED WE MUST BE CREATIVE IN THINKING, AND GENEROUS WITH OUR PURSE, TO DO ALL WE COULD IN HONG KONG TO UPGRADE MANUFACTURING AND PRODUCTION SKILLS.
+ALTHOUGH CAPITAL INVESTMENT FORTUNATELY SHOWED AN INCREASE AGAIN LAST YEAR, WE MUST ENSURE THAT WE DO NOT FALL TOO MUCH BEHIND OUR NEIGHBOURS IN THE HIGH-TECHNOLOGY RACE, AND THAT WE RETAIN A HIGH LEVEL OF PRODUCTIVITY,+ HE SAID.
MR SOHMEN SAID HE PARTICULARLY WELCOMED THE ADDITIONAL COMMITMENTS MADE IN THE FIELD OF EDUCATION IN THE BUDGET, AND EXPRESSED HIS SUPPORT TO THE DECISION TO ESTABLISH THE THIRD UNIVERSITY.
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