WEDNESDAY, NOVEMBER 4, 1987
36
MR LI SAID HONG KONG MUST MAINTAIN ITS COMPETITIVE EDGE AS A FINANCIAL CENTRE AND THAT BETTER CO-ORDINATION OF MEASURES BETWEEN THE TAXATION AND BANKING SUPERVISORY AUTHORITIES WAS VITAL.
"TAX CONCESSIONS ON HONG KONG DOLLAR DEBT PAPER ARE A CASE IN POINT," HR SAID. "BY SCRAPPING THE WITHHOLDING TAX ON HONG KONG DOLLAR DEBT INSTRUMENTS SO AS TO REVIVE THE CAPITAL MARKET, HONG KONG'S ATTRACTIVENESS AS AN INTERNATIONAL FINANCIAL CENTRE COULD BE MAINTAINED."
HE ALSO SAID THE RECENT DRASTIC FALL IN THE SECURITIES MARKET APPEARED TO HAVE HAD ONLY A MINIMAL EFFECT ON THE BANKING SECTOR.
"WHILE THE SECRETARY FOR MONETARY AFFAIRS HAS DONE AN EXCELLENT JOB AS CHAIRMAN OF BANKS BAILED OUT BY PUBLIC FUNDS, IT IS HIGH TIME FOR THE GOVERNMENT TO RESOLVE THE CONFLICT OF INTEREST THAT THEY HAVE CREATED BY HAVING THE SAME PERSON ACT BOTH AS INDUSTRY REGULATOR AND AT THE SAME TIME AS THE CHAIRMAN OF THEOR COMMERCIAL BANKS," HE WENT ON.
"THE RECENT SALE OF HONG KONG INDUSTRIAL AND COMMERCIAL BANK IS A GOOD PRECEDENT FOR PRIVATISATION OF GOVERNMENT CONTROLLED BANKS.
MR LI SUGGESTED THAT GOVERNMENT SHOULD MAKE GREATER EFFORTS IN RETURNING THE OTHER TWO BANKS, OVERSEAS TRUST BANK AND HANG LUNG BANK, TO PROFITABLE OPERATION AND DISPOSING OF THEM IN THE MARKET.
SCIENCE COMMITTEE WILL MEET GROWING NEED
THE GOVERNMENT'S DECISION TO SET UP A COMMITTEE ON SCIENCE TECHNOLOGY WILL EFFICIENTLY MEET A GROWING NEED IN HONG
POON CHUNG-KHONG
LEGISLATIVE
SAID IN THE
THE HON (WEDNESDAY).
AND
KONG, PROF COUNCIL TODAY
SAID THE 199UES
SPEAKING DURING THE POLICY DEBATE, PROF POON COMMITTEE WOULD SERVE PRIMARILY AS A THINK-TANK FOR SCIENTIFIC ON BEHALF OF THE GOVERNMENT, TO IDENTIFY PROBLEM AREAS OPPORTUNITIES FOR DEVELOPMENT WITHIN HONG KONG.
AND HIGHLIGHT
WAS
HE SAID ONE IMPORTANT PURPOSE WHICH THE COMMITTEE WOULD THE COMPILATION OF A LIST OF LOCAL PERSONNEL SCIENTIFIC AND TECHNOLOGY FIELDS IN THE HONG WAY A SWIFT AND EFFICIENT LINK WOULD BE
GOVERNMENT AND APPROPRIATE EXPERTS.
SERVE
IN SPRCIFIC IN THIS BETWEEN THE
KONG CONTEXT. ESTABLISHED
/ANOTHER AREA
F1