FRIDAY, NOVEMBER 16, 1990
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ARE
+1 THERE IS A HUGE POTENTIAL MARKET INSIDE CHINA, AND THERE LARGER MARKETS OUTSIDE FOR CHINA'S PRODUCTS. HONG KONG IS AN EXCELLENT BASE FOR EXPLOITING THESE MARKETS," HE SAID.
EVEN
HE AFFIRMED THE GOVERNMENT'S COMMITMENT ΤΟ THREE GENERAL PRINCIPLES IN ORDER TO MAINTAIN THE APPROPRIATE ENVIRONMENT FOR KONG TO CONTINUE TO PROSPER AS A CENTRE OF COMMERCE AND FINANCE.
HONG
"FIRST, OUR PHYSICAL INFRASTRUCTURE, PARTICULARLY PORT AND AIRPORT FACILITIES, MUST KEEP PACE WITH FUTURE DEMAND.
"SECONDLY, OUR PEOPLE MUST HAVE THE NECESSARY SKILLS AND EXPERTISE TO SUSTAIN OUR ECONOMIC GROWTH AND, THROUGH THE TRANSFER BUSINESS AND MANAGEMENT SKILLS, ASSIST IN CHINA'S DEVELOPMENT.
OF
TO
"AND LASTLY, OUR FINANCIAL MARKETS MUST MEASURE UP INTERNATIONAL STANDARDS AND MUST BE ABLE TO MEET THE NEEDS OF HONG KONG, CHINA AND THE ASIA-PACIFIC REGION," HE SAID.
ON HONG KONG'S REGULATORY
GOVERNMENT WAS REGULATION.
FRAMEWORK, SIR PIERS SAID THE OFTEN ACCUSED OF DRIFTING IN THE DIRECTION OF OVER-
"LET ME SAY WITHOUT ANY EQUIVOCATION THAT WE ARE FIRMLY COMMITTED TO THE FREE MARKET PHILOSOPHY. WE IN GOVERNMENT SEE OUR ROLE AS PROVIDING THE NECESSARY ENVIRONMENT AND LEGISLATIVE FRAMEWORK IN WHICH BUSINESSES CAN FLOURISH.
Tr
'INTERVENTION IS LIMITED TO THE MINIMUM NECESSARY то ENSURE THAT THE INTEGRITY AND EFFICIENCY OF THE FINANCIAL SYSTEM IS MAINTAINED AND THAT A PROPER MEASURE OF PROTECTION IS PROVIDED FOR MARKET PARTICIPANTS, PARTICULARLY NON-PROFESSIONAL INVESTORS," SAID.
HE
TO MAINTAIN THE INTEGRITY OF OUR FINANCIAL MARKETS, THERE ARE CERTAIN SAFEGUARDS WHICH WE FEEL WE MUST PUT IN PLACE, SIR PIERS SAID.
"THUS, WE WILL SOON HAVE IN FORCE LEGISLATION DEALING WITH DISCLOSURE OF SHAREHOLDINGS AND SHARE DEALINGS BY DIRECTORS AND CHIEF EXECUTIVES, REVISED INSIDER DEALING LAWS, AND LAWS ALLOWING LISTED COMPANIES TO BUY BACK THEIR OWN SHARES SUBJECT, OF COURSE, TO ADEQUATE SAFEGUARDS.
"DESPITE THE LEGISLATION MENTIONED ABOVE, WE ARE FULLY AWARE OF THE NEED ΤΟ AVOID OVER-REGULATION. OUR PRESENT SYSTEM AIMS TO PROMOTE, BUT NOT STIFLE, MARKET DEVELOPMENT.
"
'AS POLICY-MAKERS, WE ARE FULLY AWARE OF THE NEEDS OF THE MARKET. WE ARE DETERMINED TO STRIKE THE RIGHT BALANCE BETWEEN DEVISING THE CONTROLS NECESSARY TO PRESERVE MARKET INTEGRITY AND MAINTAINING THE FREEDOM REQUIRED FOR THE MARKET TO GROW AND TO INNOVATE, HE SAID.
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