XN000022-1992-10-07 — Page 21

WEDNESDAY, OCTOBER 7, 1992

"I AM ANXIOUS THAT WE SHOULD DO EVERYTHING WE CAN TO HELP NOTHING ΤΟ HINDER

THE THE BUSINESSES ON WHOSE SUCCESS IN PLACE WE ALL DEPEND."

-

AND

MARKET-

AT

THE GOVERNOR SAID HE WOULD ASK HIS BUSINESS COUNCIL TO PUT THE TOP OF ITS AGENDA THE DEVELOPMENT OF A COMPREHENSIVE COMPETITION POLICY FOR HONG KONG.

"HONG KONG LIVES BY TRADE. OUR GOODS AND THEREFORE, BE COMPETITIVE IN WORLD MARKETS."

SERVICES MUST,

HE SAID WE COULD NOT AFFORD TO SUBSIDISE THE INEFFICIENT OR BAIL OUT THE INCOMPETENT.

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'COMPETITION IS ALSO OUR BEST DEFENCE AGAINST INFLATION. OUR BUSINESSES HAVE DEFENDED THEMSELVES AGAINST RISING PRICES BY SEARCHING FOR NEW PRODUCTION LOCATIONS, NEW SOURCES OF EFFICIENCY AND NEW MARKET OPPORTUNITIES.'

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HE SAID HONG KONG WAS PROUD OF ITS FREE AND COMPETITIVE MARKETS. BUT A MORE SOPHISTICATED AND PROSPEROUS COMMUNITY HAD BECOME INCREASINGLY UNWILLING TO ACCEPT UNFAIR AND DISCRIMINATORY BUSINESS PRACTICES.

THE PUBLIC HAD ALREADY BEGUN TO VOICE ALARM AT THE USE OF MARKET POWER BY SUPPLIERS IN AREAS OF SPECIAL IMPORTANCE TO THE ORDINARY FAMILY'S WELL-BEING.

IN SOME INSTANCES, HE SAID, SUCH AS FLAT SALES, SELF-REGULATION OF THE SORT ENVISAGED BY REAL ESTATE DEVELOPERS WAS PART OF THE ANSWER.

"BUT, ACROSS THE BOARD, THE GOVERNMENT WILL SEEK TO JOIN FORCES WITH THE CONSUMER COUNCIL, AS WELL AS WITH YOU, THE MEMBERS OF THE LEGISLATIVE COUNCIL, TO DEFEND FREE MARKETS AND TO GIVE CONSUMERS THE FULL REDRESS AGAINST UNSCRUPULOUS BUSINESS PRACTICES TO WHICH THEY ARE ENTITLED."

GOVT FIRMLY COMMITTED TO LINKED EXCHANGE RATE

THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID TODAY (WEDNESDAY) THE GOVERNMENT REMAINS FIRMLY COMMITTED TO THE LINKED EXCHANGE RATE WITH THE US DOLLAR, THE PREDOMINANT CURRENCY IN HONG KONG'S TRANSACTIONS WITH THE REST OF THE WORLD.

DELIVERING HIS POLICY SPEECH IN THE LEGISLATIVE COUNCIL, MR PATTEN SAID THE POLITICAL RISKS OF TAMPERING WITH THE LINK WOULD BE ENORMOUS.

"THE RISKS TO OUR ECONOMIC STABILITY WOULD BE EQUALLY DAUNTING. THE LINK MUST AND WILL REMAIN, HE SAID.

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/THE GOVERNOR