XN000022-1991-05-29 — Page 10

WEDNESDAY, MAY 29, 1991

THE HOUSING AUTHORITY TO CONSIDER CAREFULLY THE INFLATIONARY

OF IMPACT OF ANY NEW RENT REVIEWS DURING THE COURSE

THIS

YEAR.

SIR PIERS SAID THE MEASURES, TAKEN TOGETHER, WOULD FEED THROUGH THE CONSUMER PRICE INDEX AND HELP TO ADDRESS THE PROBLEM OF INFLATION.

NOT EXPECT RESULTS "I MUST STRESS, HOWEVER, THAT WE SHOULD OVERNIGHT. WE HAVE UNDERTAKEN A COURSE OF ACTION THAT WILL TAKE TIME TO BEAR FRUIT, HE SAID.

"

THE FINANCIAL SECRETARY ALSO EMPHASISED THAT IT WAS THE GOVERNMENT THAT WAS INVOLVED.

SOME

NOT JUST

ROLE

OVER THE

HE SAID THE COMMUNITY AS A WHOLE HAD A VERY CONSIDERABLE PLAY, IF HONG KONG WAS TO ATTACK INFLATION SUCCESSFULLY REMAINDER OF THE YEAR.

то

"EVERYONE IS INVOLVED, WHETHER THEY BE RETAILERS, PROVIDERS SERVICES, EMPLOYERS AND INDEED EMPLOYEES. SELF RESTRAINT CAN DO TO HELP, SIR PIERS SAID.

"

HE

HAD

OF

MUCH

FORECAST THAT

YEAR IN ANY

THE

OUT THAT THE GOVERNMENT POINTED INFLATION RATE WOULD REDUCE IN THE LATTER PART OF THE EVENT.

"WE CAN ACCELERATE THAT PROCESS. THE ADMINISTRATION THROUGH ITS RESTRAINT IS POINTING THE WAY.

"WITH THE COMMUNITY RESPONSE THAT I AM CALLING FOR, I HAVE DOUBT THAT WE SHOULD BE LOOKING AT A HAPPIER SITUATION BY THE TIME THE NEXT BUDGET, SIR PIERS SAID.

"I

HE SAID THE GOVERNMENT WAS DETERMINED TO PLAY ITS PART.

ARE LARGELY AFFECTED BY

"ALTHOUGH

WE

EXTERNAL

NO

OF

CIRCUMSTANCES

BEYOND OUR CONTROL, IN TERMS OF RESTRAINT, THERE IS STILL MUCH THAT WE CAN DO TO HELP OURSELVES. LET US DO SO," SIR PIERS SAID.

ON THE FREEZE OF ALL PLANNED INCREASES IN DEPARTMENTAL FEES AND CHARGES, THE FINANCIAL SECRETARY SAID THESE INCLUDED CHARGES FOR OUT- IN- PATIENT SERVICES AT GOVERNMENT CLINICS AND HOSPITALS, CHARGES FOR PATIENT SERVICES AND IMMIGRATION-RELATED FEES.

THEY DID NOT INCLUDE, HOWEVER, INCREASES WHICH HAD ALREADY BEEN FOR ANNOUNCED AND WHICH WERE DUE TO TAKE EFFECT SOME TIME THIS YEAR, EXAMPLE, TUITION FEES, WHICH WERE USUALLY ANNOUNCED OVER A ADVANCE,

YEAR IN

REVENUE FOR DEFERRING SIR PIERS ESTIMATED THAT THE COST TO

WAS ABOUT THESE PLANNED INCREASES IN DEPARTMENTAL FEES AND CHARGES $270 MILLION IN 1991-92.

IN

BANKS'

INCREASE AND

HE ALSO SAID THE COMMISSIONER OF BANKING HAD DRAWN THE ATTENTION OF THE AUTHORISED INSTITUTIONS TO THE SUBSTANTIAL

MORTGAGE LENDING IN RECENT MONTHS AND STRESSED THAT THE BANKS DEPOSIT-TAKING COMPANIES SHOULD REMAIN VIGILANT IN ENSURING THAT THEIR THAT COLLATERAL WAS CUSTOMERS HAD THE ABILITY TO REPAY LOANS AND REALISTICALLY VALUED.

/SIR PIERS

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