12
WEDNESDAY, MARCH 6, 1991
"THIS APPROACH WILL ENHANCE THE FURTHER DEVELOPMENT OF THE
DEBT GOVERNMENT
MARKET. IT WILL ALSO HELP TO ESTABLISH OUR REPUTATION, AND ENABLE US TO ATTRACT FUNDS AT THE FINEST RATES."
SIR PIERS SAID FROM THE POINT OF VIEW OF DEVELOPING THE MARKET,
OF WHAT PROPOSING WOULD BE A NATURAL HE
THE WAS GOVERNMENT HAD BEEN DOING SO FAR.
WHAT
EXTENSION
IT SHOULD BE RECOGNISED, HOWEVER, THAT EXCHANGE FUND BILLS WERE FOR THE ACCOUNT OF THE EXCHANGE FUND AND THE MONEYS RECEIVED WOULD
TO GENERAL REVENUE.
BONDS NOT BE CREDITED
THE NEW GOVERNMENT BE FOR THE ACCOUNT OF THE GENERAL REVENUE, HE SAID.
WOULD
TERM MARKET.
THE FINANCIAL SECRETARY SAID HE BELIEVED THAT THERE WERE GOVERNMENT BENEFITS FLOWING FROM A WELL DEVELOPED, LIQUID
LONO
DEBT
MARKET BILLS.
"I AM ENCOURAGED BY THE SUPPORT THAT WE HAVE BEEN GETTING PARTICIPANTS, PARTICULARLY THE MARKET MAKERS OF EXCHANGE
FROM
FUND
OF
|| WHILE
LOOK I
FORWARD TO SECURING AN ADDITIONAL MEANS FUNDING THE GOVERNMENT'S CAPITAL PROGRAMME, THE ISSUE OF GOVERNMENT BONDS SHOULD ALSO PROVIDE BUSINESS OPPORTUNITIES FOR MARKET MAKERS AND AN ATTRACTIVE FINANCIAL INSTRUMENT FOR INVESTORS.
11
"AS I HAVE ALREADY INDICATED, THE MAJOR PARt of OUR CAPITAL AND EXPENDITURE WILL CONTINUE TO BE FINANCED BY OUR OPERATING SURPLUS
WAS, CAPITAL
HE SAID, ADDING THAT GOVERNMENT BORROWING REVENUE,
OF COURSE, QUITE SEPARATE FROM ANY FINANCE RAISED BY STATUTORY THE CORPORATIONS SUCH AS THE MASS TRANSIT RAILWAY CORPORATION AND, IN FUTURE, THE AIRPORT AUTHORITY.
FS SUMS UP PERFORMANCE OF HK'S ECONOMY
THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, TODAY (WEDNESDAY) SAID THE ECONOMY OF HONG KONG CONTINUED TO BE AFFECTED BY DEVELOPMENTS IN ITS MAJOR MARKETS.
SUMMING UP THE TERRITORY'S ECONOMY IN 1990 IN HIS 1991-92 BUDGET, SIR PIERS SAID HONG KONG ALSO SUFFERED FROM CAPACITY CONSTRAINTS FOLLOWING UPON THE RAPID GROWTH OF THE ECONOMY IN THE LATTER PART OF THE 1980'S.
"DEVELOPMENTS IN THE MIDDLE EAST AND THE ECONOMIC DOWNTURN IN THE UNITED STATES CREATED MUCH UNCERTAINTY.
"WHILE THE RATE OF ECONOMIC GROWTH FOR 1990 WAS MODEST, PERFORMANCE PICKED UP IN THE SECOND HALF OF THE
THERE WERE IMPROVEMENTS IN BOTH THE EXTERNAL AND THE DOMESTIC SECTORS, HE SAID.
YEAR.
T
/GIVEN THE