XN000022-1987-10-07 — Page 30

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WEDNESDAY, OCTOBER 7, 1987

TURNING TO HONG KONG'S CONTINUING DEVELOPMENT AS A MAJOR FINANCIAL CENTRE, SIR DAVID SAID THE GOVERNMENT'S ROLE IN THIS LAY IN STRENGTHENING. THE LEGAL AND INSTITUTIONAL FRAMEWORK IN WHICH THE FINANCIAL SERVICES INDUSTRIES OPERATED.

"IT MUST BE OUR TASK то ENSURE, PARTICULARLY WHEN THE MARKETPLACE 18 FLOURISHING, THAT IT WARRANTS THE TRUST AND CONFIDENCE OP THOSE WHO PARTICIPATE IN IT," HE SAID.

HE NOTED THAT IN JUNE THE GOVERNMENT HAD PUBLISHED A DRAFT BILL ON DISCLOSURE OF SHAREHOLDINGS. THE BILL'S MAIN PURPOSE WAS TO REQUIRE DISCLOSURE OF ANY SUBSTANTIAL SHARE HOLDINGS IN LISTED COMPANIES, AND MAKE IT MORE DIFFICULT FOR THE CONTROL OF COMPANIES TO BE OBTAINED BY STEALTH.

THE GOVERNMENT WAS ALSO SEEKING TO STRENGTHEN THE PRESENT LEGISLATION AGAINST INSIDER DEALING.

"THE OBJECTIVE IN ALL THESE MATTERS IS TO KONG HAS THE BENEFITS OF BOTH A FREE MARKET AND A SAID.

ENSURE THAT HONG

FAIR MARKET, HE

甲申

INCREASING PRIORITY FOR REDEVELOPMENT OF URBAN AREAS

#

REDEVELOPMENT OF THE OLDER URBAN AREAS AND THE EXPANSION OF HONG KONG'S ECONOMIC INFRASTRUCTURE WOULD RECEIVE INCREASING PRIORITY FROM NOW ON, THE GOVERNOR, SIR DAVID WILSON, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

HE ALSO PREDICTED THAT MORE "PRIVATE INVOLVEMENT" MIGHT BE NEEDED IN DEVELOPING PARTS OF THE ECONOMIC INFRASTRUCTURE IN VIEW OF THE VERY LARGE RESOURCES REQUIRED,

IN HIS POLICY ADDRESS,

REVIEWING THE PUBLIC WORKS PROGRAMME DAVID SAID THE NEW TOWNS PROGRAMME HAD MADE "IMPRESSIVE ACHIEVEMENT" OVER THE PAST 15 YEARS.

SIR

"A SIGNIFICANT MILESTONE WAS PASSED THIS YEAR WHEN THE TOTAL POPULATION OF ALL THE NEW TOWNS REACHED TWO MILLION. AS A DIRECT CONSEQUENCE OF THE NEW TOWN9 PROGRAMME THE POPULATION OF THE NEW TERRITORIES HAS TREBLED SINCE ADDED.

THE

PROGRAMME

STARTED

IN

1972,"

HE

/IT WOULD

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