XN000022-1989-09-18 — Page 5

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MONDAY,

SEPTE

13

WHICH "WE HAVE A NEW SECURITIES AND FUTURES COMMISSION,

FINANCIAL FOR THE SUPERVISION OF THE SECURITIES,

WHICH RESPONSIBLE INVESTMENT AND COMMODITIES FUTURES INDUSTRIES IN HONG KONG, AND

SIR DAVID SAID. HAS GREATER REGULATORY POWERS THAN ITS PREDECESSOR,

**

"THE EFFECTIVENESS OF THESE REFORMS WAS SHOWN VERY CLEARLY

SURVIVED SECTOR FINANCIAL HONG KONG'S WHICH WAY WITH

HE ADDED. UNCERTAINTY CAUSED BY EVENTS IN CHINA IN MAY AND JUNE,'

THE

BY

THE

WITH

THREE WEEKS.

THE THEIR

"THE STOCK MARKET LOST A THIRD OF ITS VALUE IN THERE WAS A RUN ON MAINLAND CHINESE BANKS, BUT BOTH EXCHANGES AND

CRISIS. THEY EMERGED BANKING SYSTEM WEATHERED THE

THE GOVERNOR NOTED. REPUTATION ENHANCED,

SIR

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HONG KONG WAS OVER- NOT THINK THAT SAID HE DID DAVID REGULATED ALTHOUGH THERE WAS THE OCCASIONAL COMPLAINT OF IT BEING SO.

SO, THE "INDEED WE ARE DETERMINED THAT IT SHOULD NOT BECOME GOVERNMENT IS ACUTELY CONSCIOUS OF THE NEED TO AVOID OVER-REGULATION, HE SAID.

"IT COULD STIFLE THE VIGOUR AND INNOVATION COMMUNITY ON WHICH WE DEPEND.

OF OUR BUSINESS

HAVE

"BUT, EQUALLY, WE KNOW FROM EXPERIENCE, AND RECENT EVENTS PROVED, THAT UNDER-REGULATION DOES NOT PROVIDE ADEQUATE SAFEGUARDS FOR THE COMMUNITY AND DOES NOT CREATE THE DEGREE OF INTERNATIONAL INVESTOR CONFIDENCE THAT A MAJOR INTERNATIONAL TRADING TERRITORY LIKE HONG KONG

THE GOVERNOR SAID. MUST HAVE TO SURVIVE AND PROSPER,

"

"THAT IS WHY IN HONG KONG WE WILL CONTINUE TO STRIVE FOR

THE RIGHT BALANCE BETWEEN OVER- AND UNDER-REGULATION,

THE

GOLDEN MEAN HE ADDED.

SWAC ENDORSES STRATEGY ON SERVICES FOR THE ELDERLY

ENDORSED A ELDERLY AT ITS

THE SOCIAL WELFARE ADVISORY COMMITTEE (SWAC) TWO-PART STRATEGY ON IMPROVEMENT OF SERVICES FOR THE MEETING TODAY (MONDAY).

NOT HAVE TO THE COMMITTEE ADVISED THAT IMPROVEMENTS WHICH DO

AS IMPLEMENTED AS SOON COMPETE FOR FINANCIAL RESOURCES SHOULD BE

THOSE WHICH HAVE TO PRACTICABLE WHILE PRIORITIES SHOULD BE SET FOR

AND BE IMPLEMENTED AS RESOURCES COMPETE FOR THE SCARCE RESOURCES. PERMIT.

/PRESENTING THE