XN000022-1987-11-04 — Page 28

WEDNESDAY, NOVEMBER 4, 1987

27

REVIEW WILL HELP RESTORE CONFIDENCE

BY THE FINANCIAL HON PETER POON

THE REVIEW OF FINANCIAL MARKETS AS PROMISED

AS

THE POSSIBLE, SECRETARY SHOULD BE MADE AS SOON SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SHOULD

AND RESTORE AND TRY TO PREVENT MR POON SAID DURING THE

"A CRITICAL INVESTIGATION WOULD IDENTIFY WEAKNESSES AND ALSO SUGGEST WHAT SHOULD BE DONE TO REVAMP THESE MARKETS THE CONFIDENCE OF OUR OWN AND FOREIGN INVESTORS SUCH COLOSSAL MARKET CRASHES IN THE FUTURE," DEBATE ON THE GOVERNOR'S POLICY ADDRESS.

THE IDENTIFY

DEFECTS HE SUGGESTED THAT THE GOVERNMENT SHOULD

AND FUTURES IN MANAGEMENT, REGULATIONS, AND LEGISLATION OF THE STOCK

IN THE LIGHT OF BITTER EXCHANGES AND STUDY WHETHER,

EXPERIENCE,

GREATER

BE CONTROL SHOULD

EXERCISED ON SUCH MARKETS. HOWEVER, "REGULATION" SHOULD NOT AMOUNT TO "STRANGULATION"

WHILE STRESSING THAT MORE RESOURCES SHOULD BE ALLOCATED TO THE SHOULD CONTINUE REGULATORY AUTHORITIES, MR POON SAID THE GOVERNMENT

WITH AHEAD TO PRESS

OF DISCLOSURE

SHAREHOLDINGS AND TO SPEED UP INTRODUCTION OF MEASURES AGAINST INSIDER DEALING.

LEGISLATION

ON

THE

KONG AS A

MR POON BACKED THE STEPS TAKEN BY THE GOVERNMENT TO UPHOLD

AND MARKETS FUTURES

STANDING OF HONG STOCK AND FINANCIAL CENTRE.

THE

THE WORLD

MARKETS, STOCK

THE WORST THE GOVERNMENT ACTION TO SAVE FAR-REACHING STRENGTH OF

HE SAID: "THE CRASH IN SINCE 1929, HIT US HARD. DURING THESE CRITICAL TIMES, HAD THE UNPLEASANT CHOICE THAT UNLESS IT TOOK SWIFT THE FUTURES MARKET, ITS COLLAPSE WOULD HAVE ENORMOUS AND REPERCUSSIONS ON OUR STOCK MARKET, FINANCIAL SECTOR, THE THE HONG KONG DOLLAR AND THE CREDIBILITY OF HONG KONG AS CENTRE.

A FINANCIAL

APPEAR TO BE

DESIRABLE TO

"VARIOUS DECISIONS TAKEN MAY NOT SOME BUT THE IMPORTANT QUESTION IS WHETHER THEY WERE NECESSARY.

RESCUE FIRST AS MANY "OUR IMMEDIATE CONCERN IS, HOWEVER, TO

AN PASSENGERS AND CREW OF OUR SHIP FROM A BAD STORM BEFORE WE CONDUCT

SHOULD BE RESPONSIBLE ENQUIRY AS TO WHAT WENT WRONG, WHETHER ANYONE AND THE LESSONS TO BE LEARNT.

NOTING THAT PUBLIC

"

FINANCES WERE

VERY IN

SOUND SHAPE AND HE BELIEVED HONG KONG ECONOMIC GROWTH WAS STILL HIGH, MR POON SAID

THE LEAST POSSIBLE COULD SURVIVE THE PREVAILING ECONOMIC STORM WITH DAMAGE AS LONG AS PEOPLE REMAINED CALM AND SENSIBLE AND DID NOT PANIC.

BE COMPLACENT NEVERTHELESS, MR POON ALSO SAID PEOPLE MUST NOT

ITSELF BROUGHT WITH THE SOUND STATE OF HONG KONG'S ECONOMY AS IT HAD

WAS A LABOUR SHORTAGE VARIOUS PROBLEMS. THE FIRST PROBLEM HE CITED

FROM THE TREMENDOUS GROWTH WHICH, HE SAID, STEMMED

IN INDUSTRIAL

OUTPUT.

/ON THE