XN000022-1987-11-04 — Page 33

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WEDNESDAY, NOVEMBER 4, 1987

HE ADDED THAT IN THE LIGHT OF THE POTENTIAL IMPORTANCE OF SUCH A STUDY TO THE ECONOMIC AND SOCIAL PROGRAMME OUTLINED IN THE GOVERNOR'S POLICY SPEECH, THIS STUDY SHOULD NOW GO AHEAD.

ON THE QUESTION OF A CENTRAL PROVIDENT FUND, HE SAID THAT DIS CONSTITUENCY WAS AGAINST THE [DEA, AS WERK MANY OTHER EMPLOYERS ORGANISATIONS.

"HOWEVER, WE HAVE NO DOUBT THAT THERE MUST BE A CONTINUAL AND REAL IMPROVEMENT IN OUR SOCIAL SECURITY SYSTEM AND WE HAVE SUGGESTED THAT ONE OF THE STEPS WHICH SHOULD EVENTUALLY BE TAKEN IS THE ESTABLISHMENT OF A NON MEANS TESTED OLD AGE PENSION AT THE AGE OF

65, FOR ALL QUALIFIED RESIDENTS OF HONG KONG, HE SAID.

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HE ADDED THAT THERE SHOULD ALSO BE A PUBLICLY DECLARED INTENTION TO MOVE FROM PUBLIC ASSISTANCE, THAT IS OLD AGE ALLOWANCE, TO THE GRANTING OF AN OLD AGE PENSION BY RIGHT FOR ALL QUALIFIED) PERSONS OF 65 OR OVER.

"ON A PHASED BASIS, WE SHOULD HAVE THE FINANCIAL MEANS TO PROVIDE SUCH SECURITY TO THE PROPLE WHOSE TOTE HAS CONTRIBUTED 50 MUCH TO OUR ECONOMY AND I CAN SEE NO REASON FOR SERIOUS DELAY IN ITS IMPLEMENTATION, HE SAID.

INTEGRITY IN FINANCIAL MARKETS IS ESSENTIAL

HONG KONG'S PROSPERITY CAN ONLY BE SAFEGUARDED BY STRONG AND RESPECTED LEADERSHIP AND DEMONSTRATED INTEGRITY IN THE MANAGEMENT OF FINANCIAL MARKETS, THE HON DAVID K.P. [] SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SPEAKING IN THE DEBATE ON THE GOVERNOR'S ANNUAL ADDRESS, MR LI SAID THESE WERE CRUCIAL ELEMENTS IN REGAINING FOR HONG KONG THE CONFIDENCE AND CREDIBILITY OF THE REST OF THE WORLD.

HE SAID THE EVENTS OF THE PAST TWO WEEKS HAD SHOWN GOVERNMENT AT ITS INEFFECTIVE WORST.

"AT A TIME WHEN THE COLLAPSE OF THE LOCAL SECURITIES MARKETS INDICATED A NEED FOR MAJOR SURGERY, GOVERNMENT WAS SKEN ΤΟ BE RUNNING ROUND STICKING ON BAND AIDS.

MR LI SAID EFFORTS TO PROMOTE BONG KONG AS A MAJOR INTERNATIONAL FINANCIAL CENTRE AND FREE MARKET HAD NOW BEEN SEVERELY COMPROMISED WHEN, AT A TIME WHEN ALL. THE OTHER WORLD MARKETS REMAINED OPEN, HONG KONG WAS CLOSED FOR FOUR DAYS.

/""THROUGHOUT THIS