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WEDNESDAY, JUNE 12, 1991

FURTHER

ז"

יו

BELIEVE THAT IT WOULD BE CORRECT FOR HONG KONG, IN THE DEVELOPMENT OF OUR MONETARY ARRANGEMENTS, TO FOLLOW THIS

ALBEIT CAUTIOUSLY, DIRECTION,

WHAT WE HAVE DONE IN RECENT YEARS IS CONSISTENT WITH THIS OBJECTIVE, HR SAID.

SECTOR,

A

ON REGULATION OF THE FINANCIAL SERVICES

OF

THE RESPONSIBILITY

PIERS THE MONETARY AFFAIRS BRANCH, SIR

SAID

GENERAL POLICY

WITH FAVOURABLE HAD BEEN TO PROVIDE A

ENVIRONMENT +

SOUND BUSINESS SUFFICIENT REGULATION TO ENSURE, AS FAR AS POSSIBLF,

BUT STANDARDS AND CONFIDENCE IN THE INSTITUTIONAL FRAMEWORK

WITHOUT

UNNECESSARY OR BUREAUCRATIC IMPEDIMENTS.

HAD

EXPANDING UPON HIS OTHER RESPONSIBILITIES WHICH SIR PJERS DESCRIBED IN HIS SPEECH TO THE CHARTERED INSTITUTE OF BANKERS AS BEING

UNDER BRANCH

THE LESS IN THE PUBLIC GAZE, HE TURNED TO THE POLICY SECRETARY FOR ECONOMIC SERVICES.

"THE ECONOMIC PORTFOLIO COMPRISES A WIDE RANGE OF SUBJECTS COVERING CIVIL

PORT AVIATION AND TOURISM, SHIPPING AND

MANAGEMENT,

POSTAL

PRODUCTION, PRIMARY SERVICES AND TELECOMMUNICATIONS, ENERGY, FINANCIAL MONITORING OF PUBLIC UTILITIES AND ECONOMIC ANALYSIS.

"OVER THE LAST FIVE YEARS THERE HAVE BEEN SIGNIFICANT DEVELOPMENTS IN ALL THESE AREAS.

AGREEMENT

JUNE

"FOR CIVIL. AVIATION, THE FIRST SEPARATE AIR SERVICES IN HONG KONG'S HISTORY, WITH THE NETHERLANDS, CAME INTO FORCE IN

BEEN CONCLUDED 1987. SINCE THEN, A NUMBER OF OTHER AGREEMENTS HAVE AND NEGOTIATIONS WITH OTHER PARTNERS CONTINUE.

PER

"PASSENGER TRAFFIC THROUGH KAI TAK HAS INCREASED BY NEARLY CENT

AND THE PORT HAS BEEN OVER THE PERIOD, COMPLETION OF CONTAINER TERMINAL, 7 SIR PIERS SAID.

I

90

EXPANDED

WITH

THE

OTHER

ACHIEVEMENTS ON

THE MARINE FRONT

INTRODUCTION OF A COMPUTERIZED RADAR VESSEL TRAFFIC MANAGEMENT SYSTEM, THE ESTABLISHMENT OF A NEW HONG KONG SHIPPING REGISTER

DEVELOPMENT BOARD.

INCLUDED THE

AND A PORT

CARGO

INCREASED BY ABOUT 60 HANDLED BY THE PORT HAS OVER THE LAST FIVE YEARS.

PER

CENT

"

EN

GRADUALLY BEEN HAVE FIELD OF TELECOMMUNICATIONS WE THE

AND OF DEVELOPING OUR POLICIES WITH THE AID OF A NUMBER OF STUDIES,

GENERATION COURSE HONG KONG CONTINUES TO BE WELL SERVED BY ITS POWER

WHICH, COMPANIES,

HOLD THEIR TARIFF INCIDENTALLY, HAVE MANAGED TO

OF INCREASES BELOW THE LEVEL OF GENERAL PRICE INCREASES FOR A NUMBER YEARS, SIR PIERS SAID.

"

GOING ON TO TRADE AND INDUSTRY WHICH ARE THE LIFE-BLOOD OF ECONOMY, SIR PIERS NOTED THAT HONG KONG'S FREE TRADE POLICY WAS TO THE TERRITORY'S SUCCESS.

THE VITAL

FULL

ITS GIVEN

RELATIONS,

"[T IS FOR THAT REASON THAT THE GOVERNMENT, AUTONOMY IN THE CONDUCT OF OUR EXTERNAL COMMERCIAL PARTICIPATES FULLY IN THE INTERNATIONAL ARENA IN THE INTERESTS OF FREE TRADE AND AGAINST THE FORCES OF PROTECTIONISM.

/"WE ARE

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