XN000022-1991-10-09 — Page 29

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VTDNESDAY, OCTOBER 9, 1991

"THE DEBATE CENTRES ON THE BEST BALANCE BETWEEN DIFFERENT CATEGORIES OF MARKET USERS, INCLUDING LARGE AND SMALL SECURITIES DEALERS, LISTED COMPANIES, INSTITUTIONAL INVESTORS, INDIVIDUAL INVESTORS, FUND MANAGERS, AND EXECUTIVES OF THE STOCK EXCHANGE CLEARING COMPANY.

AND

"THE INTENTION IS TO HAVE NEW ARRANGEMENTS IN EFFECT IN TIME FOR THE ELECTION OF THE NEXT COUNCIL LATER THIS YEAR, HE SAID.

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MR MACLEOD NOTED THAT IN THE NEXT FEW MONTHS, A NEW CENTRAL CLEARING AND SETTLEMENT SYSTEM IS EXPECTED TO BE READY FOR OPERATION.

"THE NEW SYSTEM, UNDER DEVELOPMENT SINCE IMPROVE SETTLEMENT EFFICIENCY, REDUCE RISK, EXPAND TRADING -OPPORTUNITIES AND LOWER COSTS.'

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1989, 18 DESIGNED

HE ALSO MENTIONED THE CONSIDERATION BEING GIVEN TO THE DEVELOPMENT OF AN AUTOMATED TRANSACTION EXECUTION SYSTEM AND THE RECENT LAUNCHING OF A CHINA STUDY BY THE SEHK TO EXAMINE THE VIABILITY OF LISTING MAINLAND-BASED COMPANIES IN HONG KONG, WHILE PRESERVING STANDARDS OF INVESTOR PROTECTION.

"LAST APRIL, THE GOVERNMENT REDUCED THE STAMP DUTY ON STOCK MARKET DEALS, FOLLOWING THE WORLDWIDE TREND TOWARDS THE REDUCTION OR ELIMINATION OF TRANSFER TAXES ON SHARE TRANSACTIONS. WE WILL CONTINUR TO KEEP THE NEED FOR FURTHER REDUCTION UNDER REVIEW.

"ALL THESE STEPS HAVE BEEN TAKEN WITH ONE OBJECTIVE IN MIND, AND THAT IS, TO MAINTAIN HONG KONG'S COMPETITIVE EDGE, AND TO SECURE ITS PLACE AMONG THE LEADING INTERNATIONAL FINANCIAL CENTRES OF THE WORLD.

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"NO DOUBT THERE 19 STILL MUCH THAT WE CAN LEARN FROM MARKETS ELSEWHERE IN THE WORLD, SUCH AS THOSE IN NORTH AMERICA, WESTERN EUROPE AND JAPAN, HE SAID, ADDING THAT THE FIBV GENERAL ASSEMBLY PROVIDES AN EXCELLENT FORUM FOR HONG KONG TO BENEFIT FROM PARTICIPANTS' EXPERIENCE AND ADVICE.

GOVT ATTACHES IMPORTANCE TO LOCAL WORKFORCE'S WELFARE

*

HONG KONG HAS EXPERIENCED A PROGRESS TIGHTENING OF THE LABOUR MARKET SINCE THE MID-1980'S, NOTWITHSTANDING THE EFFORTS DEVOTED TO INCREASING TRAINED MANPOWER, THE SECRETARY FOR EDUCATION AND MANPOWER, MR JOHN CHAN, SAID TODAY (WEDNESDAY).

"THIS TREND IS EXPECTED TO CONTINUE IN THE 1990'3. IMPROVED EDUCATIONAL OPPORTUNITIES AND THE EMIGRATION OF PROFESSIONALS AND EXPERIENCED PERSONNEL ARE AMONG THE MANY FACTORS CONTRIBUTING TO DECLINING LABOUR FORCE PARTICIPATION RATE," HE SAID.

THE

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