XN000022-1983-04-27 — Page 37

WEDNESDAY, APRIL 27, 1983

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+THE CHAIRMAN OF THE URBAN COUNCIL, MR HILTON CHEONG-LEEN, DESCRIBED THE OPENING OF THE COLISEUM AS ANOTHER STEP FORWARD IN THE URBAN COUNCIL'S COMMITMENT TO THE COMMUNITY.

HE PAID TRIBUTE TO ALL THOSE WHO WERE INVOLVED IN THE PLANNING AND CONSTRUCTION OF THE COLISEUM WHICH, HE STRESSED +WILL ASSUREDLY PROVIDE PLEASURE TO ALL WHO COME HERE FOR THE MANY SPORTS, CULTURAL AND ENTERTAINMENT PROGRAMMES IN COMFORTABLE SITTING AT ANY TIME DURING THE YEAR.+

STEADY POLICIES PROVIDE STABLE,

ATTRACTIVE BUSINESS ENVIRONMENT, SAYS FS

*****

ONE IMPORTANT REASON THAT BUSINESS FIRMS HAVE CHOSEN TO OPERATE IN HONG KONG IS THAT THE GOVERNMENT'S STEADY POLICIES HAVE PROVIDED A STABLE AND ATTRACTIVE BUSINESS ENVIRONMENT WITH AN ESTABLISHED AND ACCEPTED INSTITUTIONAL AND LEGAL INFRASTRUCTURE, THE FINANCIAL SECRETARY, MR JOHN BREMRIDGE, SAID TODAY (WEDNESDAY),

IN A SPEECH TO THE ZONTA CLUB ON THE TERTIARY SERVICES SECTORS OF HONG KONG'S ECONOMY, MR BREMRIDGE SAID MANY OF THE FIRMS IN THESE SECTORS BY THEIR NATURE WERE HIGHLY MOBILE, PARTICULARLY THOSE PROVIDING THEIR SERVICES ON A REGIONAL AND INTERNATIONAL RATHER THAN A LOCAL BASIS.

+BECAUSE OF THIS, MANY ARE LIKELY TO REMAIN HERE ONLY SO LONG AS THE BUSINESS ENVIRONMENT REMAINS STABLE AND ATTRACTIVE AND THEY HAVE CONFIDENCE THAT IT WILL CONTINUE TO BE SO. CONFIDENCE IS THUS OF OVERWHELMING IMPORTANCE, HE SAID.

MR BREMRIDGE SAID THE ATTITUDE OF THE GOVERNMENT TOWARDS BUSINESS WAS AN ESSENTIAL FACTOR IN THE MAINTENANCE OF THIS CONFIDENCE.

+IT IS YOUR GOVERNMENT'S POLICY TO PROVIDE INFRASTRUCTURAL SUPPORT FOR ALL OF OUR CHANGING ECONOMY, BUT NOT TO DIRECT SUBSIDY OR OTHER FORMS OF ASSISTANCE TO ́ANY PARTICULAR SECTOR OR SECTORS. THEY MUST STAND ON THEIR OWN FEET.+

IN THE CASE OF FINANCING, INSURANCE, REAL ESTATE AND BUSINESS SERVICES THE GOVERNMENT'S POLICY REQUIRED NEVERTHELESS THE MAINTENANCE OF THE STABLE AND ATTRACTIVE ENVIRONMENT FOR BUSINESS, INCLUDING THE OVERSIGHT OF MARKETS AND, AS REQUIRED, THE REGULATION OF THE IR ACTIVITIES IN THE INTEREST OF THE PUBLIC.

+FAIR MARKETS OFFER GREAT ADVANTAGE TO THE CONSUMER, BUT IT IS ESSENTIAL TO ENSURE THAT THEY ARE FAIR,+ MR BREMRIDGE SAID.

SKARUNG

HOWEVER, THE FINANCIAL SECRETARY SAID IT WAS NOT ALWAYS EASY TO ESTABLISH WHETHER AND HOW TO REGULATE, +WHILST THERE MUST BE SUFFICIENT REGULATION TO PROMOTE SOUND BUSINESS STANDARDS AND CONFIDENCE IN THE INSTITUTIONS, AT THE SAME TIME THE REGULATIONS MUST NOT IMPOSE UNNECESSARY BUREAUCRATIC

BURDENS.

/+IN PARTICULAR