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GOVERNOR TO VISIT LONDON
FRIDAY, JUNE 15, 1990
THE GOVERNOR, SIR DAVID WILSON, WILL VISIT LONDON FROM JUNE 27 TO JULY 1. THE MAIN PURPOSE WILL BE TO BRIEF THE FOREIGN SECRETARY, MR DOUGLAS HURD, ON THE CURRENT SITUATION IN HONG KONG, A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).
THE GOVERNOR WILL ALSO MEET THE MINISTER OF STATE WITH RESPONSIBILITY FOR HONG KONG, MR FRANCIS MAUDE, AND HOLD DISCUSSIONS WITH OFFICIALS IN THE FOREIGN AND COMMONWEALTH OFFICE.
THE GOVERNOR AND LADY WILSON WILL TRAVEL TO EDINBURGH ON JULY I WHERE SIR DAVID WILL ATTEND A SEMINAR GIVEN BY SCOTTISH FINANCIAL ENTERPRISE AND MEET MEMBERS OF THE HONG KONG COMMUNITY IN EDINBURGH.
THE GOVERNOR WILL THEN GO ON TO ABERDEEN WHERE HE WILL RECEIVE AN HONORARY DEGREE AS A DOCTOR OF LAW FROM ABERDEEN UNIVERSITY.
THE GOVERNOR WILL LEAVE HONG KONG ON JUNE 26 AND RETURN ON JULY 7.
NO INTENTION TO OVER-REGULATE MARKETS: SMA
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THE GOVERNMENT HAS NO INTENTION TO LET THE FINANCIAL MARKETS IN HONG KONG BE STIFLED BY "OVER-REGULATION", BUT THERE IS NEED TO INTRODUCE NEW LEGISLATION TO BRING HONG KONG IN LINE WITH INTERNATIONAL REGULATORY STANDARDS, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID.
WHILE HONG KONG WAS MOVING WHERE IT COULD TOWARDS MORE SELF-REGULATION AS MARKETS MATURED, THE GOVERNMENT WAS CONSCIOUS OF THE NEED TO BALANCE THE INTERESTS OF LOCAL AND INTERNATIONAL, BIG
AND SMALL MARKET PLAYERS AND KEEP THE REGULATORY COSTS REASONABLE AND REGULATORY FRAMEWORK SIMPLE, HE SAID.
SPEAKING AT A SEMINAR ORGANISED BY THE WORLD MASSACHUSETTS, USA, YESTERDAY (THURSDAY), MR NENDICK POINTED OUT THAT THERE WAS WIDESPREAD PERCEPTION IN HONG KONG THAT THE MARKETS WERE DANGER OF BEING OVER-REGULATED.
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LOCAL GENERATED
HE NOTED THAT THE REASONS WHICH LED ΤΟ SUCH PERCEPTION WERE MANIFOLD; AMONG THEM WERE A LOW LEVEL OF MARKET TURNOVER BY INVESTORS SINCE THE CRASH IN OCTOBER 1987 AND UNCERTAINTIES BY THE EVENTS IN CHINA IN JUNE 1989.
/OTHER REASONS