WEDNESDAY, NOVEMBER 4, 1987
IMPORTANCE OF SOUND, HEALTHY ECONOMY STRESSED
THERE ARE NO OTHER SUBJECTS OF GREATER IMPORTANCE THAN A SOUND, OUR FUTURE BCONOMIC GROWTH, HEALTHY ECONOMY AND THE MAINTENANCE OF THE HON ALLEN LEE SAID TODAY (WEDNESDAY).
.
THE
SPRAKING IN THE DEBATE ON THE GOVERNOR'S ANNUAL ADDRESS IN
THE LEGISLATIVE COUNCIL, MR LEE SAID THE GOVERNMENT'S DECISION TO USE EXCHANGE FUND TO INJECT $2 BİLLION INTO THE GUARANTEE CORPORATION OF FINANCIAL THE FUTURES EXCHANGE ALONG WITH ANOTHER $2 BILLION FROM THE SERVICES SECTOR WAS A MOVE WHICH WAS ABSOLUTELY NECESSARY NOT ONLY UPHOLD OUR REPUTATION BUT MORE IMPORTANTLY, TO SAFEGUARD HONG KONG A FINANCIAL CENTRE.
TO A8
DRASTIC PLUNGE HE SAID THE UNPRECEDENTED
OF THE HONG KONG THE COLLAPSE OF STOCK MARKET AND THE FUTURES INDEX MARKET FOLLOWING WORLD STOCK MARKETS HAD NOT BEEN PREDICTED NOR ANTICIPATED.
"THE EVENTS WHICH HAVE HAPPENED ARE REACTIONARY TO THE EXTENT OF BEING UNCONTROLLABLE.
AND BOMETIMES
BEING ONE OF THE WORLD'S
PERMANENTLY
MAJOR DAMAGED AND
"HONG KONG'S REPUTATION AS FINANCIAL CENTRES WAS ON THE BRINK OF BEING UNREPAIRABLE."
HOWEVER, MR LEE SAID THE INCIDENT
HAD SHOWN THE
FLEXIBILITY
AND INGENUITY OF HONG KONG.
"OUR GOVERNMENT HAD TO TAKE THE THROUGH, OR AT LEAST TO STABILISE OUR WORLDWIDE ECONOMIC CRISIS.
LEAD TO ENABLE US OWN MARKET, IN VIEW
TO
PULL
OF THE
"I FIRMLY BELIEVE THAT GOVERNMENT'S DECISION IS CORRECT SUPPORT IT WHOLE-HEARTEDLY,"
AND I
EVER-CHANGING
MR LEE SAID WE WERE LIVING IN A INCIDENT SHOWED US HOW VULNERABLE HONG KONG WAS.
WORLD AND THE
"WE MUST ALWAYS BE PREPARED TO ACT AND PREVAILING CIRCUMSTANCES. THIS IS EXACTLY WHAT WE HAVE DONE,
11
To REACT SWIFTLY
HE SAID.
THE LONGER TERM WE MUST BE PREPARED TO HEAVILY INFLUENCED BY
HE SAID HE WAS CONFIDENT IN HONG KONG AND IN OUTLOOK OF HONG KONG'S ECONOMY. HOWEVER, RESPOND AT ALL TIMES AS OUR ECONOMY WAS STILL EXTERNAL FORCES BEYOND OUR CONTROL, HE ADDED.
"OUR GOVERNMENT MUST
SHOW ITS LEADERSHIP IN
PROCESS IN ORDER FOR US EXECUTION, AND DECISION MAKING AGAINST ANY FLUCTUATIONS WHICH MAY HAPPEN IN THE FUTURE."
ALSO
SPOKE
ON
THE
AIRPORT
MR LEE DEVELOPMENT, AND EDUCATION AND TRAINING.
PROJECT,
THE PLANNING,
то GUARD
INDUSTRIAL
/HE SAID