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WEDNESDAY, MARCH 30, 1994
THE FIRST OF THESE STUDIES WAS COMPLETED AND A REPORT, ENTITLED "EVALUATION OF THE BANKING POLICIES AND PRACTICES IN HONG KONG", WAS PUBLISHED BY THE CONSUMER COUNCIL LAST MONTH.
"THE REPORT IS NOW BEING EXAMINED CAREFULLY WITH AN OPEN MIND BY THE GOVERNMENT, MR CHAU SAID.
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A FULL RESPONSE IS EXPECTED TO BE PRODUCED WITHIN SIX MONTHS FROM THE DATE OF PUBLICATION OF THE REPORT.
ON THE BASIS OF THE FINDINGS OF THESE STUDIES, THE GOVERNMENT WILL.
WHERE APPROPRIATE. REVISE ITS EXISTING POLICIES AND FORMULATE NEW ONES AND, WHERE NECESSARY, CONSIDER INTRODUCING LEGISLATIVE CHANGES TO IMPLEMENT THOSE POLICIES TO PROMOTE COMPETITION, HE ADDED.
THE RECENTLY PROPOSED CONSUMER LEGAL ACTION FUND, WHICH ENJOYS WIDE SUPPORT FROM THE COMMUNITY, IS A TIMELY EXAMPLE IN PROMOTING CONSUMER PROTECTION AND FAIR COMPETITION, MR CHAU SAID.
TO MAINTAIN A STRONG INDUSTRIAL BASE IN HONG KONG, THE SECRETARY SAID SEVERAL IMPORTANT STEPS HAD BEEN TAKEN ΤΟ EXPAND SUBSTANTIALLY THE FUNDING AVAILABLE FOR INDUSTRIAL SUPPORT.
FORESHADOWED IN THE GOVERNOR'S POLICY ADDRESS то THE LEGISLATIVE COUNCIL LAST OCTOBER, AN APPLIED RESEARCH CENTER WILL BE ESTABLISHED LATER THIS YEAR WITH THE SUPPORT OF THE INDUSTRY AND TECHNOLOGY DEVELOPMENT COUNCIL.
"THE CENTRE WILL SUPPORT INDUSTRIALISTS WHO WISH TO MAKE USE OF RESEARCH EXPERTISE BOTH HERE AND IN CHINA, MR CHAU SAID.
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IN ADDITION, THE HONG KONG APPLIED RESEARCH AND DEVELOPMENT FUND COMPANY LIMITED HAS ALREADY APPROVED FUNDING OF MORE THAN $18 MILLION FOR SPECIFIC PROJECTS, AND MORE ARE IN THE PIPELINE, HE SAID.
ALSO, THE INDUSTRY AND TECHNOLOGY DEVELOPMENT COUNCIL HAD RECEIVED 207 APPLICATIONS FOR SUBSTANTIAL FUNDS - $180 MILLION IN 1994/95 ALONE EARMARKED FOR ADDITIONAL SUPPORT FOR INDUSTRY.
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EXPLAINING THE REDUCTION IN SUBVENTION TO THE TRADE DEVELOPMENT COUNCIL, MR CHAU SAID IT WAS AGREED BY THE COUNCIL, HAVING REGARD ΤΟ ITS HEALTHY FINANCIAL POSITION AND AS A MOVE THAT WOULD BENEFIT BOTH
TRADE AND INDUSTRY.
"THE REDUCTION HAS CREATED ROOM WITHIN THE GOVERNMENT'S PUBLIC EXPENDITURE GUIDELINE TO ENABLE US TO ALLOCATE, FROM GENERAL REVENUE,
ROUGHLY EQUIVALENT AMOUNT TO SUPPORT INDUSTRIAL DEVELOPMENT, CHAU SAID.
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