20
WEDNESDAY, NOVEMBER 6, 1991
HE SAID THERE WAS NO DOUBT THAT THE NEED FOR BUDGETARY RESTRAINT PRESENTED THE GOVERNMENT WITH HARD CHOICES.
"WE CANNOT HAVE A LOW TAX POLICY UNLESS WE ALSO ENSURE THAT SUBSIDIES ARE KEPT TO A MINIMUM, AND FEES AND CHARGES MOVE IN LINE WITH COSTS, HE SAID.
BUT IN MAKING THESE CHOICES, MR MACLEOD EMPHASISED THAT THE CONTINUING PRIORITY WAS BEING GIVEN TO SOCIAL SERVICES.
ON PRESENT PLANS, THE FINANCIAL SECRETARY SAID RECURRENT EXPENDITURE ON EDUCATION, SOCIAL WELFARE AND HEALTH WOULD SHOW SIGNIFICANT REAL GROWTH OVER THE MEDIUM TERM.
HE SAID THESE PROGRAMMES MUST CONTINUE TO TAKE HIGH PRIORITY TO ENSURE THAT THE DISADVANTAGED WERE PROTECTED IN TIMES OF INFLATION AND TO ENSURE THAT NO ONE SHOULD BE DEPRIVED OF EDUCATION OR HOSPITAL CARE BECAUSE OF A LACK OF MEANS.
0
-
GOVT'S POLICY ON MONETARY AFFAIRS EXPLAINED
THE
KONG'S
MAJOR
GOVERNMENT WILL CONTINUE TO ENSURE THAT HONG REGULATORY STANDARDS MATCH UP TO THOSE EXPECTED OF A INTERNATIONAL FINANCIAL CENTRE, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SPEAKING IN THE RESUMED MOTION DEBATE ON THE GOVERNOR'S POLICY ADDRESS, MR NENDICK SAID THE TERRITORY NEEDED A REGULATORY FRAMEWORK WHICH PROVIDED INVESTORS WITH AN ADEQUATE MEASURE OF PROTECTION AND ENSURED THE INTEGRITY OF ITS FINANCIAL MARKETS.
"BUT WE ARE CONSCIOUS OF THE NEED TO AVOID OVER-REGULATION THAT WOULD STIFLE THE ENTREPRENEURIAL SPIRIT WHICH IS SO IMPORTANT HONG KONG," HE SAID.
AS-
TO
THE
IN HIS ADDRESS, APART FROM ELABORATING ON BANK LENDING AND PROPERTY MARKET, THE SECRETARY ALSO SPOKE ON REGULATION OF FINANCIAL SERVICES, THE BANK OF CREDIT AND COMMERCE HONG KONG (BCCHK), DEPOSIT INSURANCE, THE INSURANCE INDUSTRY, AND THE PRUDENTIAL REGULATION OF RETIREMENT SCHEMES.
ON THE REGULATION OF FINANCIAL SERVICES, MR NENDICK NOTED A MEMBER'S CONCERN OVER THE POWERS VESTED IN THE SECURITIES AND FUTURES COMMISSION (SFC) WHICH ENABLED IT WHEN NECESSARY TO IMPOSE REFORM ON MARKET BODIES.
/HE ASSURED