WEDNESDAY, OCTOBER 6, 1993
OCTOBER
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CHINA
TURNING TO INFLATION, MR PATTEN NOTED THAT INFLATION IN HAD REACHED SERIOUS LEVELS BUT THE CHINESE GOVERNMENT HAD ACTED то COUNTER THIS THREAT.
"I APPLAUD THE WAY IN WHICH CHINA ACTED TO SLOW DOWN GROWTH WITHOUT TURNING BACK FROM ECONOMIC LIBERALISATION. IF IT CAN HOLD FAST TO ITS ECONOMIC PRINCIPLES IN TIMES OF DIFFICULTY, IT WILL WIN ALLIES AROUND THE WORLD, NOT LEAST IN SUPPORT OF ITS BID TO REJOIN THE GATT.
"WE HOPE THE MEASURES WILL SUCCEED. TERRITORY'S ECONOMY WILL BENEFIT CONSIDERABLY.
IF THEY DO.
THE
"CERTAINLY, INTERDEPENDENCE WITH THE ECONOMY OF SOUTHERN CHINA MEANS THAT WE ARE VULNERABLE TO PRICE PRESSURES IN CHINA BUT, FOR THE TIME BEING AT LEAST, OUR EXPORTS AND RE-EXPORTS RETAIN SIGNIFICANT COMPETITIVE ADVANTAGES.
YET
"IT MAY NOT BE AN EASY YEAR FOR THE CHINESE ECONOMY ANOTHER REASON FOR US TO BE PRUDENT IN OUR OWN ECONOMIC MANAGEMENT," THE OVERNOR SAID.
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NEW STANDARDS OF FINANCIAL DISCLOSURE
FOR COMPANIES TO BE INTRODUCED
ESSENTIAL
PUBLICLY
THE GOVERNMENT WILL ASK ALL COMPANIES WHICH PROVIDE UTILITY OR TRANSPORT SERVICES, INCLUDING THOSE WHICH ARE NOT LISTED, TO ACCEPT NEW STANDARDS OF FINANCIAL DISCLOSURE TO THE PUBLIC, THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID IN THE COUNCIL THIS AFTERNOON (WEDNESDAY).
LEGISLATIVE
IN ADDITION TO STANDARD FINANCIAL STATEMENTS, SUCH AS A AND LOSS ACCOUNT AND BALANCED SHEET, THESE WOULD INCLUDE
PROFIT OF SEPARATE INFORMATION ON THE FINANCIAL AND OPERATIONAL ACTIVITIES OF PUBLICATION THE REGULATED PARTS OF THEIR BUSINESS, HE SAID.
ADDRESSING THE ISSUE OF FULLER DISCLOSURE ADDRESS,
IN HIS MR PATTEN
POLICY SAID: "WHERE MONOPOLIES ARE GOVERNMENT HAS A DUTY TO ACT IN DEFENCE OF THE PUBLIC INTEREST THROUGH UNAVOIDABLE, THE CONTROLS ON PROFITS OR PRICES.
TO THE ARE
"IN THESE CIRCUMSTANCES, THE COMMUNITY IS ENTITLED INFORMATION IT NEEDS TO JUDGE WHETHER OR NOT THE PROPERLY PROTECTING ITS INTERESTS, AS THEY ARE SUPPOSED TO DO.
REGULATORS
"AT PRESENT, THE TYPE OF FINANCIAL DATA PUBLICLY VARIES GREATLY SECTOR BY SECTOR, UTILITY BY UTILITY.
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