XN000022-1992-10-07 — Page 22

WEDNESDAY, OCTOBER 7, 1992

5

THE

GOVERNOR SAID THE GOVERNMENT DID NOT MANAGE THE ECONOMY, NOR DID IT SET PRICES, FIX WAGES OR DETERMINE PROFITS.

THESE MATTERS WERE RIGHTLY LEFT TO MARKET FORCES, HE SAID.

THE

GOVERNMENT HAD, HOWEVER, TRADITIONALLY ACCEPTED A SPECIAL

RESPONSIBILITY FOR MAINTAINING A STABLE EXCHANGE RATE.

"THERE IS AN OBVIOUS NEED IN HONG KONG'S UNIQUE CIRCUMSTANCES TO GIVE THE BUSINESS COMMUNITY AND THE PUBLIC AT LARGE THE REASSURANCE OF A STABLE RELATIONSHIP WITH OUR PRINCIPAL EXTERNAL

*

CURRENCY, HE

SAID.

TIME FOR A HK MONETARY AUTHORITY: GOVERNOR

*

THE TIME HAS COME TO ESTABLISH A HONG KONG MONETARY WITHIN THE FRAMEWORK OF THE EXECUTIVE-LED GOVERNMENT, THE THE RT HON CHRISTOPHER PATTEN, SAID TODAY (WEDNESDAY).

AUTHORITY GOVERNOR,

IN ESSENCE, MR PATTEN SAID THE AUTHORITY WOULD BRING TOGETHER THE EXISTING OFFICE OF THE EXCHANGE FUND AND THE OFFICE OF THE COMMISSIONER OF BANKING.

IN HIS POLICY ADDRESS TO THE LEGISLATIVE COUNCIL, HE SAID THESE ARRANGEMENTS WOULD ENHANCE GOVERNMENT'S ABILITY TO MAINTAIN MONETARY STABILITY IN THE YEARS TO COME, AND MAINTAIN THE DEGREE OF PROFESSIONALISM AND CONTINUITY NECESSARY TO COMMAND THE CONFIDENCE THE PEOPLE OF HONG KONG AND THE INTERNATIONAL FINANCIAL COMMUNITY.

HE SAID THE AUTHORITY WOULD BE ACCOUNTABLE TO THE

OF

FINANCIAL

SECRETARY.

IMPROVED EFFICIENCY

—

KEY TO CURB INFLATION: GOVERNOR * * * * *

THE GOVERNOR, THE RT HON

CHRISTOPHER PATTEN, SAID TODAY (WEDNESDAY) THAT OUR MOST USEFUL WEAPON IN THE BATTLE AGAINST INFLATION IS IMPROVED EFFICIENCY.

IN HIS POLICY ADDRESS TO THE LEGISLATIVE COUNCIL, MR PATTEN

SAID HE WANTED THE GOVERNMENT TO SET A GOOD EXAMPLE:

*

*

WE SHOULD BE VIGOROUS IN OUR SEARCH FOR SAVINGS AND IN OUR EFFORTS TO ROOT OUT WASTE AND INEFFICIENCY;

WE SHOULD NOT ALLOW GROWTH IN PUBLIC EXPENDITURE TO EXCEED GROWTH IN THE ECONOMY;

/* WE SHOULD