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WEDNESDAY, NOVEMBER 4, 1987
THAT
APPLAUDED THE
I FULLY FUND IN UPHOLDING THE AND FUTURES MARKETS," HE
"IT WAS AGAINST THIS BACKGROUND GOVERNMENT'S DECISION TO DEPLOY THE EXCHANGE INTEGRITY AND LIQUIDITY OF OUR SECURITIES SAID.
SAKE OF STABILISING HONG "NEVERTHELESS, SINCE 1980, FOR THE
HAS
TO
IN OF DOLLARS DEPLOY HAD
BILLIONS KONG, THE GOVERNMENT UPHOLDING THE INTEGRITY OF OUR MONETARY AND FINANCIAL SYSTEMS.
SUPPORT "DARE I SAY THAT IF A SIMILAR AMOUNT HAS BEEN SPENT IN
BENEFITS TO HONG KONG'S OF INDUSTRIAL DEVELOPMENT, THE LONGER TERM INDUSTRIAL COMPETITIVENESS MIGHT BE EQUALLY GREAT, IF NOT GREATER.
OVER THE PAST DECADE, THE MR CHEONG SAID IT WAS TRUE THAT,
HAD GROWN IMPORTANCE OF THE FINANCIAL SERVICES SECTOR TO THE ECONOMY
TO CONTRIBUTOR A SIGNIFICANT STEADILY AND IT WOULD CONTINUE TO FUTURE GROWTH.
BE
THE SITUATION FOR "BUT, WHILE WE HAVE BEEN ABLE TO STABILISE
LESSONS FROM THIS UNFORTUNATE THE MOMENT, THE GOVERNMENT MUST DRAW EPISODE. THE EXCHANGE FUND IS NOT INEXHAUSTIBLE AND SHOULD NOT REMAIN THE LENDER OF LAST RESORT.
ALWAYS
THE RECENT PAST, WE MUST "IF WE ARE TO AVOID THE TRAUMA OF
INTO IT MOVE QUICKLY TO STRENGTHEN OUR SUPERVISORY SYSTEM AND INJECT THE CAPACITY TO FORESEE PROBLEMS.'
WERE CONCERNED, MR INSOFAR AS OUR ECONOMIC PROSPECTS SAID HE WAS NOT TOO CONFIDENT OF THE NEXT TWO OR THREE YEARS.
CHEONG
ARGUE THAT OUR
LOOK
"SOME MAY
HAVE BEEN INDICATORS ECONOMIC
RECORD OF PERFORMANCE IN SUFFICIENTLY POSITIVE AND THAT, GIVEN OUR
TO A FORWARD
OF REASONABLE RATE THE LAST TWO YEARS, WE MAY GROWTH IN 1988.
IN THE FIRST PLACE,
SOME UNSETTLED FOR
"I WOULD CAUTION AGAINST SUCH OPTIMISM.
LIKELY ΤΟ REMAIN THE WORLD FINANCIAL SCENE IS CONSIDERABLE TIME. THIS MAY EVEN LEAD TO A PERIOD OF, AT BEST, A RECESSION IN THE FUTURE.
MILD
THE OUTPUT OF OUR MANUFACTURING "SECONDLY, PRACTICALLY ALL INDUSTRIES ARE REPRESENTED BY CONSUMER GOODS. THE ULTIMATE SUCCESS IN OUR SALE OF SUCH PRODUCTS IN THE WORLD MARKETS IS VERY MUCH ON THE LEVEL CHRISTMAS SEASON.
OF DEMAND
IN THOSE
MARKETS,
ESPECIALLY
DEPENDENT DURING THE
THE TRAUMA "THE POSSIBLE CONTRACTION OF DEMAND AS A RESULT OF
WORLDWIDE
AFFECT WILL
US EXPERIENCED
ADVERSELY THAT PEOPLE HAVE
HAVE BEEN SLOWING DOWN. I ALREADY THERE ARE SIGNS THAT THE ORDERS EXPECT THEM TO SLOW DOWN EVEN FURTHER."
SPEND
GOVERNMENT SHOULD MR CHEONG SAID AGAINST THIS BACKGROUND, THE
CONTROL AND WISELY
CONTINUE
BUDGETARY EXERCISE TIGHT TO
WHICH DID NOT PARTICULARLY IN RESPECT OF THOSE SERVICES PROGRAMMES DIRECTLY OR INDIRECTLY PROMOTE EXTERNAL COMPETITIVENESS.
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