WEDNESDAY, FEBRUARY 17, 1993
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GOVT'S ECONOMIC POLICY IS CONSISTENT: FS
THE
GOVERNMENT'S BROAD ECONOMIC POLICY IS REMARKABLY CONSISTENT, THOUGH NO DOUBT THE PRECISE FORMULATION HAS VARIED OVER THE YEARS, THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID TODAY (WEDNESDAY).
IN A REPLY TO A QUESTION BY THE HON NGAI SHIU-KIT IN THE LEGISLATIVE COUNCIL, MR MACLEOD STRESSED THAT HONG KONG'S ECONOMIC PHILOSOPHY "IS A COMMITMENT TO ENTERPRISE, A COMMITMENT TO LOW TAXATION AND A COMMITMENT TO FREE MARKETS AND FREE TRADE.
MORE RECENTLY, THE GOVERNOR IN HIS OCTOBER POLICY SPEECH REFERRED то THE PRINCIPLE OF "MINIMUM INTERFERENCE AND MAXIMUM SUPPORT".
THE
PHRASE
HE SAID HIS COMMENTS ABOUT
"POSITIVE NON-INTERVENTIONISM" WERE INTENDED ΤΟ DISCOURAGE ITS USE IN DISCUSSIONS OF ECONOMIC OR INDUSTRIAL POLICY BECAUSE IT WAS SO WIDELY MISUSED.
SEEMS
-
"SINCE IT HAS CONTINUED TO BE SO MISUSED, IT SEEMED
TO ME THAT IT WOULD BE BETTER NOT TO USE IT,
|
AND STILL
HE SAID.
HE ADDED THAT THE POLICY WAS IN FACT FAR FROM "DOING NOTHING".
LINKED EXCHANGE RATE SYSTEM STAYS ON
* * * * *
THE GOVERNMENT HAS NO INTENTION OF CHANGING THE PRESENT POLICY OF LINKED EXCHANGE RATE SYSTEM.
THIS WAS STATED BY THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, IN A WRITTEN REPLY TO A QUESTION BY DR THE HON PHILIP WONG YU-HONG IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MR MACLEOD SAID EXCHANGE RATE STABILITY WAS A CRUCIAL ELEMENT FOR THE STABILITY AND PROSPERITY OF HONG KONG.
"THE MAINTENANCE OF THE PRESENT LINKED EXCHANGE RATE SYSTEM THEREFORE FIRM GOVERNMENT POLICY, HE SAID.
"
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