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WEDNESDAY, NOVEMBER 4, 1967
MISS DUNN WELCOMED THE GOVERNMENT'S INCREASED WILLINGNESS TO ACCEPT NEW IDEAS AND NEW WAYS OF DOING THINGS.
"HONG KONG GROWS AND CHANGES 30 FAST THAT THE GOVERNMENT MUST BECOME MORE OPEN-MINDED," SHE SAID.
то
AND
ON OTHER MATTERS, MISS DUNN SUPPORTED THE GOVERNMENT'S MOVE ESTABLISH A NEW COMMITTEE ON SCIENCE AND TECHNOLOGY; TO INCREASE THE RESEARCH FUNDS; TO IMPROVE THE LONG-TERM FINANCIAL PLANNING ALLOCATION OF RESOURCES; TO RE-VAMP THE HOUSING AUTHORITY AND TO SET UP THE LAND DEVELOPMENT CORPORATION.
TIME TO STRENGTHEN SUPERVISION OF SECURITIES MARKETS
C.
THE STRENGTHENING OF GOVERNMENT SUPERVISION SECURITIES MARKETS IS NOW DUE, THE HON PETER LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
OVER
HONG KONG'S WONG SAID IN THE
SPEAKING DURING THE ANNUAL DEBATE ON THE GOVERNOR'S POLICY ADDRESS, MR WONG SAID IT WAS STILL TOO EARLY TO SAY WHAT EFFECTS THE RECENT EVENTS ON THE SECURITIES MARKETS WOULD HAVE ON HONG KONG'S POSITION AS A MAJOR INTERNATIONAL FINANCIAL CENTRE.
BUT IT WAS NOT TOO EARLY TO START PUTTING RIGHT WHATEVER DEFICIENCIES IN OUR SYSTEM WERE BROUGHT TO LIGHT BY THOSE EVENTS, HE
ADDED.
HE SAID: "WẸ HAVE A LAISSEZ-FAIRE, NON-INTERVENTIONIST ECONOMIC AND FINANCIAL SYSTEM, BUT IF THIS SYSTEM IS TO WORK FAIRLY AND EFFICIENTLY IT MUST HAVE A SOUND AND EFFECTIVE REGULATORY FRAMEWORK IN WHICH TO OPERATE.
"OTHERWISE, THE GOVERNMENT HAS TO INTERVENE WHEN THE LAX AND OUTDATED REGULATORY FRAMEWORK IS SHOWN IN A CRISIS TO BE INADEQUATE."
MR WONG WELCOMED THE FINANCIAL SECRETARY'S ASSURANCES THAT THERE WOULD BE AN INVESTIGATION INTO WHAT HAD HAPPENED. "BUT LET THAT INVESTIGATION BE A PRODUCTIVE AND CONSTRUCTIVE ONE AND NOT MERELY A HUNT FOR CULPRITS, HE SAID.
TT
EXPANDING OUR TO ADVISE ON MESS AFTER
HE SAID IT WAS FAR BETTER TO SPEND MILLIONS ON REGULATORY AGENCIES AND EMPLOYING EXPERT CONSULTANTS IMPROVEMENTS THAN ΤΟ SPEND BILLION9 MOPPING UP THE SOMETHING HAPPENED.
/MR WONG