XN000022-1988-03-21 — Page 4

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MONDAY, MARCH 21, 1988

IN THE FINANCIAL SECTOR, THE STOCK MARKET

WAS

LAST

BUFFETTED

UP THAT WERE MARKETS

YRAR, AS HAPPENED ELSEWHERE, AND WEAKNESSES WERE SHOWN PARTLY THE RESULT OF THE SPEED AT WHICH THE STOCK AND FUTURES HAD DEVELOPED.

IT WAS CLEAR THAT A HARD Look needeD TO BE TAKEN AT

OF BACKGROUND SECURITIES SYSTEM, AGAINST THE

DEVELOPING ROLE AS AN INTERNATIONAL FINANCIAL COMMITTEE DOING THAT WOULD REPORT IN MAY.

THE WHOLE HONG KONG'S NEW AND CENTRE, AND A REVIEW

PROGRESS TURNING TO SOCIAL DEVELOPMENT, SIR DAVID OUTLINED THE

HEALTH SERVICES, AND POINTED MADE IN EDUCATION, HOUSING AND PUBLIC

AND THE AFFLUENCE

SATISFACTION OF BASIC OUT THAT "WITH INCREASED NEEDS COME INCREASED DEMANDS" FOR EVEN BETTER SERVICES.

"THE CHALLENGE FOR THE GOVERNMENT

IS

THESE TO MEET

GROWING So AS NOT TO ASPIRATIONS AND AT THE SAME TIME TO KEEP TAXES LOW

INITIATIVE WHICH HAVE PUT HONG CONSTRAIN THE INDIVIDUAL DRIVE AND KONG WHERE IT IS TODAY, HE SAID.

14

ALSO

SIR DAVID REFERRED TO HOW THESE CHANGING ASPIRATIONS WERE

THE SUPPORT FOR REFLECTED IN

DEVELOPMENT OF MORE REPRESENTATIVE POLITICAL DEVELOPMENT, GOVERNMENT. THERE WAS NOW STRONG INTEREST IN PARTICULARLY AMONG THE NEW LARGE PROFESSIONAL AND MIDDLE CLASS.

HE DESCRIBED HOW OVER THE PAST SEVEN YEARS A THREE-TIER

BEEN INTRODUCED: DISTRICT OF REPRESENTATIVE GOVERNMENT HAD MUNICIPAL COUNCILS, AND THE LEGISLATIVE COUNCEL.

SYSTEM BOARDS.

THAT A

OF

DIRECT

SHARPLY

A CONSULTATION EXERCISE THAT BEGAN LAST YEAR HAD SHOWN SUBSTANTIAL MAJORITY OF THE POPULATION WANTED SOME ELEMENT ELECTIONS TO THE LEGISLATIVE COUNCIL, BUT VIEWS WERE ON WHEN THIS STEP SHOULD BE MADE.

IT HAD BEEN DECIDED THAT, WOULD HAVE SOME ELECTFD MEMBERS CENT OF THE COUNCIL.

..

DIVIDED

FOR THE FIRST TIME, IN 1991; 10 SEATS,

THE OR ABOUT

COUNCIL 18 PER

RECOGNISED

WHATEVER VIEWS ARE TAKEN, THIS MOVE SHOULD BE

DECISION WHAT IT IS AN IMPORTANT, INDEED AN HISTORIC WHICH HAS BEEN WIDELY WELCOMED IN HONG KONG,

"

HE SAID.

FOR AND ONE

AND HE CHINESE GOVERNMENT

SIR DAVID SAID THERE WOULD CERTAINLY BE FURTHER CHANGE, ADDED THAT THE BASIC LAW NOW BEING DRAFTED BY THE

CERTAIN FOR THE FUTURE HONG KONG SPECIAL ADMINISTRATIVE REGION LOOKED

DIRECTLY ELECTED AND FOR TO PROVIDE FOR AT LEAST 25 PKR CENT TO BE FURTHER EVOLUTION BEYOND THAT POINT AFTER 1997.

THE RELATIONSHIP

THE GOVERNOR DISCUSSED THIRD ASPECT OF DEVELOPMENT WILICH GREATLY CHANGED PLACE.

WITH

CHINA AS THE MADE THE HONG KONG OF TODAY A

/SAYING "A