XN000022-1993-03-19 — Page 11

FRIDAY, MARCH 19, 1993

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EXCHANGE FUND ADVISORY COMMITTEE MEETS

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THE EXCHANGE FUND ADVISORY COMMITTEE, WITH ITS NEW LINE-UP, HELD ITS FIRST MEETING TODAY (FRIDAY).

THE GOVERNOR

RECENTLY

APPOINTED THREE NEW MEMBERS то THE

COMMITTEE.

THEY ARE SIR QUO-WEI LEE, THE CHAIRMAN OF THE HANG SENG BANK LIMITED; MR ZHOU ZHENXING, GENERAL MANAGER OF THE BANK OF CHINA HONG KONG BRANCH; AND MR ANTONY LEUNG KAM-CHUNG, COUNTRY CORPORATE OFFICER, HONG KONG OF CITIBANK N A.

THE COMMITTEE ADVISES THE FINANCIAL SECRETARY ON MATTERS RELATING TO THE CONTROL OF THE EXCHANGE FUND.

FOLLOWING THE ESTABLISHMENT OF THE HONG KONG MONETARY AUTHORITY IN APRIL, IT WILL FUNCTION VERY MUCH LIKE A MANAGEMENT BOARD, INCLUDING ADVISING THE FINANCIAL SECRETARY ON THE ANNUAL BUDGET OF THE MONETARY AUTHORITY.

THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, IS THE CHAIRMAN OF THE COMMITTEE.

OTHER MEMBERS ARE THE CHIEF EXECUTIVE (DESIGNATE) OF THE HONG KONG MONETARY AUTHORITY, MR JOSEPH YAM; MR MARVIN CHEUNG KIN-TUNG, PROFESSOR CA E GOODHART; MR DAVID LI KWOK-PO, MR A W NICOLLE SIR WILLIAM PURVES.

AND

IMPROVEMENTS TO PUBLIC ASSISTANCE SCHEME

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IN RESPONSE TO PRESS ENQUIRIES, A SOCIAL WELFARE DEPARTMENT SPOKESMAN TODAY (FRIDAY) SAID OVER THE PAST 10 YEARS MANY IMPROVEMENTS HAD BEEN MADE ΤΟ THE PUBLIC ASSISTANCE SCHEME ΤΟ BRING GREATER BENEFITS TO THE NEEDY.

HE CITED EXAMPLES OF THE BASIC RATE, A HIGHER LEVEL OF "DISREGARDED EARNINGS" FOR PUBLIC ASSISTANCE CLIENTS WHO HAD A JOB AND THE EXTENSION OF "DISREGARDED EARNINGS" TO ABLE-BODIED ADULTS TO ENCOURAGE SUCH CLIENTS TO SEEK EMPLOYMENT.

"A MEAL ALLOWANCE IS NOW PROVIDED FOR A FULL-DAY STUDENT WHO NEEDS TO TAKE LUNCH OUTSIDE, HE ADDED.

HE ALSO NOTED THAT A HIGHER RATE OF OLD AGE SUPPLEMENT, 14 PER CENT MORE THAN THE NORMAL RATE, WAS INTRODUCED FOR RECIPIENTS AGED 70 OR OVER.

PROVISIONS FOR NEW-BORN BABIES AND YOUNG PERSONS TAKING UP A FIRST JOB AFTER LEAVING SCHOOL ALSO CAME UNDER TWO NEW SPECIAL GRANTS, HE SAID.

/THE MOST

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