WEDNESDAY, JUNE 12, 1991
18
1987-88
OF PUBLIC
1991,
"AS I SAID EARLIER, THE CORRECT COMPARATIVE FIGURE FOR WAS 16.6 PER CENT. IN NATIONAL ACCOUNTS TERMS, THE SHARE SECTOR EXPENDITURE IN THE GDP WAS 10 PER CENT IN 1987, AND FOR THE FORECAST IS ONLY ABOUT 12 PER CENT.
INDEED
EXPENDITURE,
"I EMPHASIZED IN MY BUDGET SPEECH EARLIER THIS YEAR AND
CONTROL OVER PUBLIC IN PREVIOUS
THAT STRICT YEARS, PARTICULARLY RECURRENT EXPENDITURE, MUST BE EXERCISED.
"WE HAVE TIGHTENED DISCIPLINES AND THIS IS NOW BEAR FRUIT," HE SAID.
BEGINNING ΤΟ
STABILITY OF MONETARY SYSTEM VITAL
THE KONG
STABILITY OF OUR MONETARY SYSTEM AND THE INTEGRITY OF HONG
DOLLAR ARE VITAL TO THE WELL BEING OF OUR COMMUNITY, FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID TODAY (WEDNESDAY).
THE THE
FUND,
"IN HIS STATUTORY ROLE AS THE CONTROLLER OF THE EXCHANGE THE FINANCIAL SECRETARY HAS OVERALL AUTHORITY OVER MONETARY POLICY.
"HE DETERMINES THE OBJECTIVES OF SUCH POLICY, TAKING ADVICE
HE SAID. NECESSARY FROM THE EXCHANGE FUND ADVISORY COMMITTEE,
THE DAY-TO-DAY FUNCTIONS FOR ACHIEVING THESE OBJECTIVES
DIRECTOR TO THE SECRETARY FOR MONETARY AFFAIRS AND THE DELEGATED THE OFFICE OF THE EXCHANGE FUND.
GOVERNMENT
AS
ARE
OF
POLICY
ALTHOUGH THE OFFICE OF THE EXCHANGE FUND IS PART OF THE
MACHINERY, IN ACHIEVING THE OBJECTIVES OF MONETARY BY THE FINANCIAL SECRETARY, THE OFFICE MUST ACT AND ITS RESPONSIBILITY WITH EXECUTIVE INDEPENDENCE, AND MUST BE TO BE DO DOING, SIR PIERS SAID.
DETERMINED
OUT
CARRY
SEEN
**THE REASON FOR THIS IS SIMPLY THAT ONLY IN THIS WAY POSSIBLE TO ESTABLISH THE LONG TERM CREDIBILITY OF MONETARY HE SAID.
IS POLICY,"
FT
SIR PIERS NOTED THAT IN RECENT YEARS, THERE HAD BEEN A GREAT
IN RMPHASIS
OTHER PARTS OF THE WORLD ON THE NEED TO ENSURE A HIGH DEGREE OF INDEPENDENCE IN MONETARY MANAGEMENT.
"MONEY MARKETS ARE SUBJECT TO GLOBAL INFLUENCE, AND DOMESTIC POLITICAL INFLUENCE CAN OFTEN BREED INCONSISTENCY AND DAMAGE THE CREDIBILITY OF MONETARY POLICY AND MANAGEMENT.
"THAT DEGREE OF INDEPENDENCE IN MONETARY MANAGEMENT DORS MUCH
CREDIBILITY TO SAPRGUARD
AND THEREFORE THE EFFECTIVENESS
SYSTEM.
OF
THE
/"I BELIEVE