2
WEDNESDAY, DECEMBER 30, 1992
HE ALSO NOTED THAT THE HANG SENG INDEX HIT ALL-TIME HIGH OF 6447 POINTS ON NOVEMBER 12 AND DESPITE SUBSEQUENT FLUCTUATIONS, THE INDEX NOW WAS STILL SOME 25 PER CENT UP ON THE BEGINNING OF THE YEAR.
HE DESCRIBED THE AVERAGE $3 BILLION, AS HEALTHY, ADDING WELCOME REVENUE FROM STAMP DUTY ON
DAILY VOLUME OF TRADING, AT THAT THIS GENERATED SHARF TRANSACTIONS.
EXTRA AND
ON MONETARY AFFAIRS,
MR MACLEOD
SAID THE GOVERNMENT
DECIDED TO SET UP THE HONG KONG MONETARY AUTHORITY ΤΟ ENHANCE EFFECTIVENESS OF THE GOVERNMENT'S MONETARY
INTERNATIONAL CONFIDENCE IN OUR ABILITY ΤΟ FINANCIAL STABILITY.
MANAGEMENT AND BOOST MAINTAIN HONG KONG'S
"OUR PLAN IS TO FORMALLY ESTABLISH THE AUTHORITY QUARTER OF 1993, HE SAID.
**
IN THE FIRST
OTHER MAJOR EVENTS INCLUDED THE DISCLOSURE OF THE ASSETS AND LIABILITIES OF THE EXCHANGE FUND ON JULY 15.
"THIS HAS ADDED TO THE TRANSPARENT POLICY OF OUR LINKED EXCHANGE RATE SYSTEM WHICH HAS SERVED AS THE LINCHPIN OF FINANCIAL CONFIDENCE AND STABILITY IN HONG KONG,' MR MACLEOD SAID.
**
ON THE AIRPORT PROJECT, HE SAID THE GOVERNMENT TOOK THE IMPORTANT DECISION OF APPROACHING THE FINANCE COMMITTEE ON NOVEMBER 27 FOR FUNDS TO ALLOW THE PROVISIONAL AIRPORT AUTHORITY TO AWARD THE AIRPORT PLATFORM CONTRACT.
"THIS WAS A VITAL DECISION: IT ENABLED THE HONG KONG GOVERNMENT TO TAKE AN IMPORTANT STEP FORWARD ON THE AIRPORT CORE PROGRAMME AND AFFORDED MORE TIME TO SEEK AN AGREEMENT WITH CHINA
ON THE OVERALL FINANCING PLAN.
*WE
UNDER THE
REMAIN COMMITTED TO FULFILLING OUR OBLIGATIONS MOU (MEMORANDUM OF UNDERSTANDING). WE WILL CONTINUE TO TAKE SENSIBLE STEP-BY-STEP APPROACH," HE SAID.
ON HONG KONG'S PORT, HE NOTED THAT IN 1992, TOTAL CONTAINER THROUGHPUT GREW BY 29 PER CENT OVER 1991 WITH HONG KONG REPLACING SINGAPORE AS THE WORLD'S BUSIEST CONTAINER PORT.
HE ADDED THAT CONSTRUCTION OF CONTAINER TERMINAL 8 WAS GOING WELL AND THE FIRST BERTH WOULD COME INTO OPERATION IN AUGUST 1993.
"THE FIRST BERTH OF CONTAINER TERMINAL 9, OFF SOUTHEAST TSING YI, IS REQUIRED BY 1995.
WILL
"THE GOVERNMENT IS CURRENTLY NEGOTIATING WITH THE SUCCESSFUL CONSORTIA, AND WE ARE OPTIMISTIC THAT A SATISFACTORY ARRANGEMENT BE REACHED, HE SAID.
LOOKING AHEAD TO THE COMING YEAR, THE FINANCIAL SECRETARY WAS BASICALLY CONFIDENT ABOUT HONG KONG'S ECONOMIC OUTLOOK IN 1993.
/HE NOTED