XN000022-1988-11-09 — Page 24

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WEDNESDAY, NOVEMBER 9, 1988

"WE MUST SIGNIFICANTLY

STRENGTHEN

AND GROSSLY

THE TECHNOLOGICAL TECHNICAL COMPONENTS IN OUR EDUCATIONAL SYSTEM, WHICH ARE NOW INADEQUATE.

*

IF WE DO NOT, WE HE SAID.

"WE SHOULD HELP PRODUCERS TO MOVE UPMARKET. RISK THE COLLAPSE OF OUR INDUSTRIAL SECTOR,

SOME NATURAL GREATLY FOR

ON LEGISLATION FOR THE SECURITIES INDUSTRY NOW BEING DISCUSSED, MR LI FEARED THAT THIS WOULD GIVE REGULATORS SWEEPING POWERS, IN

IN INSTANCES

DIRECT

TO CONTRAVENTION

THE PRINCIPLES OF JUSTICE ON WHICH HONG KONG'S ECONOMIC SYSTEM DEPENDED SO ITS SURVIVAL.

AND

WHICH UNDER-REGULATION,

STIFLES FINANCIAL

"THERE IS A FINE LINE BETWEEN PAST

ABUSES, ENCOURAGED

THAT OVER-REGULATION, CREATIVITY,' HE SAID.

M

THE ESTABLISHMENT OF AN

SHOULD BE PROCEDURE SECURITIES INDUSTRY.

PROVIDED

IMPARTIAL, UNDER THE

NEW

INDEPENDENT STRUCTURE

FOR

APPEALS THE

AN

TURNING TO THE BANKING INDUSTRY, MR LI SAID HE WAS PLEASED

AMEND THE BANKING GOVERNMENT WAS REVIEWING A PROPOSAL TO

APPEALS INDEPENDENT

PROCEDURE 1986 TO ESTABLISH SUCH SECTOR.

THE

FOR

ORDINANCE THAT

"WE NEED TO ENSURE

THAT

THAT WHEN DIFFERENCES OF BETWEEN THE BANKING COMMISSIONER AND A BANK, THE BANK

BOTH INDEPENDENT, IS IMPARTIAL OF APPEAL

AND

OPINION OCCUR HAS AN AVENUE IN FACT AND

APPEARANCE.

"IF WE FAIL IN THIS, THEIR RESOURCES TO THIS MARKET AND LEAD TO A DECLINE

HE NOTED. ROLE AS AN INTERNATIONAL FINANCIAL CENTRE,

IT COULD

DETER BANKS FROM COMMITTING IN HONG KONG'S

MR LI ALSO SAW THE NEED TO HOUSE TO THE EXCHANGE FUND.

SHIFT CONTROL OVER THE

CLEARING

SERIOUS CONFLICTS OF THE PRESENT SYSTEM INVOLVED

INTERESTS, CREDIBILITY AS AN WHICH COULD UNDERMINE HONG KONG'S DEVELOPMENT AND INTERNATIONAL FINANCIAL CENTRE.

AS WITH THE SECURITIES MARKETS, THE "CLOSED CLUB" APPROACH NO LONGER APPROPRIATE, HE SAID.

WAS

ON THE BRAIN DRAIN ISSUE,

MR LI SAID MUCH OF THE FOCUS SEEMED TO BE LURING EMIGRANTS BACK.

HE WARNED

EMIGRANTS LEST THEY

AGAINST

GOVERNMENT'S

MANY PRIVILEGES HOSTILITY BETWEEN

OFFERING TOO SHOULD GENERATE FOREIGN PASSPORTS AND THOSE WITHOUT, AND THOSE UNDECIDED ABOUT STAYING OR LEAVING.

TO THESE THOSE WITH SEND THE WRONG SIGNAL ΤΟ

/MR LI ....