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WEDNESDAY, NOVEMBER 8, 1989
THE FINANCIAL SECRETARY SAID HE DID NOT UNDERESTIMATE THE CHALLENGES NOW FACED BY INDUSTRIALISTS. WHO MUST ADOPT NEW TECHNOLOGY TO REMAIN COMPETITIVE.
"THOSE INDUSTRALISTS WHO ARE WILLING TO CONFRONT THESE CHALLENGES CAN OBTAIN TECHNICAL ASSISTANCE. IF NECESSARY FROM A RANGE OF PUBLICLY-FUNDED BODIES, SUCH AS THE HONG KONG PRODUCTIVITY COUNCIL. THE CAPABILITIES OF WHICH HAVE BEEN EXPANDED RAPIDLY IN RECENT YEARS TO MEET OUR CHANGING NEEDS." SIR PIERS SAID.
FINANCIAL PRACTICAL
TURNING ΤΟ REFERENCES MADE OF THE IMPORTANCE OF SCIENCE AND TECHNOLOGY TO HONG KONG'S CONTINUED PROSPERITY. THE SECRETARY SAID THE GOVERNMENT ALREADY PROVIDED ENCOURAGEMENT FOR THIS THROUGH THE EXPANSION OF TERTIARY EDUCATION DESIGNED TO INCREASE THE SUPPLY OF GRADUATES IN THESE FIELDS.
"MORE NEEDS ΤΟ BE DONE. AND SO WE ARE LOOKING AT IMPROVED ARRANGEMENTS FOR ENGAGING OUR INDUSTRIAL AND ACADEMIC COMMUNITIES IN THE WHOLE AREA OF INDUSTRIAL DEVELOPMENT AND APPLIED RESEARCH,' HE SAID.
FI
"OUR AIM IS TO MAKE EVEN MORE EFFECTIVE USE OF THE INDUSTRY DEVELOPMENT BOARD AND THE COMMITTEE ON SCIENCE AND TECHNOLOGY, AND I AM CONSIDERING AS A MATTER OF PRIORITY HOW THIS MIGHT BE ACHIEVED,'
HE ADDED.
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SIR PIERS SAID THAT IT WAS PROBABLY BETTER TO BUILD ON WHAT WE HAD RATHER THAN SWEEPING IT AWAY AND STARTING AGAIN. BUT HE SHARED THE VIEW THAT MUCH HAD BEEN ACHIEVED IN HONG KONG SO FAR. AND THAT WE WERE FACING NEW CHALLENGES THAT HAD TO BE MET.
TURNING TO THE FINANCIAL SERVICES SECTOR, THE FINANCIAL SECRETARY SAID FOLLOWING THE REFORM OF THE HONG KONG STOCK EXCHANGE IN JULY 1988. THE SECURITIES AND FUTURES COMMISSION WAS ESTABLISHED IN MAY THIS YEAR AND THE HONG KONG FUTURES EXCHANGE WAS RECONSTITUTED THE FOLLOWING MONTH.
IN
"ALL THESE MAJOR CHANGES TOOK PLACE AS SWIFTLY AS POSSIBLE AFTER THE OCTOBER 1987 CRASH. AS A COMMUNITY WE CAN BE JUSTLY PROUD OF WHAT HAS BEEN ACHIEVED SO FAR, HE SAID.
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NOTING RECENT CONCERNS EXPRESSED THAT AS A RESULT OF THE SUCCESSFUL REFORMS HONG KONG MIGHT BE DRIFTING INTO OVER-REGULATION OF THE MARKETS, SIR PIERS SAID: "LET ME SAY EMPHATICALLY THAT WE HAVE NO INTENTION OF LETTING OUR MARKETS BE STRANGLED IN THIS WAY, NOR DO WE INTEND SLAVISHLY TO FOLLOW PRECEDENTS ESTABLISHED ELSEWHERE.'
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HE POINTED OUT THAT UNDER-REGULATION WAS ALSO A DANGER AND THAT THE OCTOBER 1987 CRASH HAD HIGHLIGHTED A NUMBER OF SERIOUS INADEQUACIES IN THE MARKET SYSTEMS AND IN THE OVERALL REGULATORY REGIME.
"IF WE
REGULATION
ARE TO HAVE A MARKET WHICH BEARS COMPARISON WITH THE BEST FINANCIAL MARKETS IN THE WORLD. THEN THE SYSTEM OF THAT WE ADOPT MUST BE ADEQUATE.
"AND IF