XN000022-1994-10-11 — Page 2

TUESDAY, OCTOBER 11, 1994

THE

TRANSCRIPT OF REMARKS BY FS

BY

FOLLOWING

THE IS

TRANSCRIPT OF REMARKS MADE

THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, TODAY (TUESDAY) AFTER OPENING THE NEW HONG KONG TOURIST ASSOCIATION HEADQUARTERS:

FS:

THE

SEE HI, IT'S NICE TO

MONEY BEING TURNED INTO SOMETHING USEFUL, AS I SAID IN MY SPEECH, AND I DO BELIEVE TOURISM 19

WE'VE GOT TO KEEP A VERY IMPORTANT INDUSTRY IN HONG KONG.

PROMOTING AND I THINK 1Ꭲ . WE'VE GOT TO KEEP PROMOTING HONG KONG FOR TOURISM,

TO SAY THE HKTA DOES IT VERY WELL, SO I'M VERY HAPPY TO BE HERE JUST THAT. - QUESTIONS?

QUESTION:

SIR

HAMISH, IF THE

THE INFORMATION,

CONFIDENTIAL

INFORMATION THERE WILL

IS

BE

ON

FINANCIAL INFORMATION

THE EXCHANGE FUND AND THE RELEASED ΤΟ THE CHINESE OFFICIALS AND SOMEBODY ELSE, ABUSE? AND HOW TO AVOID THAT?

OF THE

FS:

WELL, I DON'T KNOW WHY SO MUCH ATTENTION IS FOCUSED ON THE EXCHANGE FUND BECAUSE I DON'T THINK THAT WAS THE SUBJECT ORIGINAL REQUEST. THE REQUEST FROM THE CHINESE SIDE WAS MAINLY AT THE BUDGET AND THE FINANCIAL SYSTEM, NOT THE MONETARY SIDE. IN GENERAL, THE EXCHANGE FUND, OF COURSE, SINCE JUST A FEW YEARS

SECRET WE PUBLISH THE MAIN RESULTS EVERY YEAR, SO THERE IS NO THAT, WE TABLE IT IN LEGCO EVERY YEAR.

NO DOUBT, AS WE GET NEARER TO 1997,

BUT I AM DIALOGUE ON THE EXCHANGE FUND, REQUESTS FOR DETAIL ON THE EXCHANGE FUND. SPECULATION ABOUT WHO KNOWS WHAT IS IN THE EXCHANGE FUND. THE EXCHANGE FUND ADVISORY COMMITTEE, GUIDELINES, IT DOESN'T DECISIONS.

SO IT'S

INVESTMENT DECISIONS.

AIMED I MEAN

AGO, ABOUT

WE WILL HAVE TO HAVE A

NOT

OF AWARE

ANY GREAT

LOT IN FACT THERE IS A

OF I MEAN EVEN GENERALLY SPEAKING, SETS THE INDIVIDUAL DECISIONS, INVESTMENT

ΤΟ KEPT

THE EXPERT STAFF

NEED AND I DON'T THINK THERE IS ANY

DEAL WITH VERY MUCH

SORT OF THING TO BE DISCUSSED WITH ANYONE ELSE.

QUESTION:

FS: GIVEN

THE FOR THAT

WHEN SHOULD THE APPROPRIATE TIME BE? CAN YOU TELL US?

WELL, IT'S A VERY NEW SUBJECT, I DON'T THINK

BUT CLEARLY, WHEN IT, ACTUALLY, MUCH THOUGHT. NEARING 1997 AND WE HAVE TO MAKE ARRANGEMENTS TO HAND

FUND ASSETS, THE EXCHANGE

AND WILL BE AMONG THEM, ON THAT. BUT MEANWHILE, I'M NOT AWARE DIALOGUE INFORMATION WHICH WE'RE ACTUALLY BEING ASKED FOR.

QUESTION: WHEN

WE HAVE

WE'RE

ACTUALLY

OVER VARIOUS HAVE A WE'LL OF ANY PARTICULAR

RIGHT NOW, CONFIDENTIAL

DO YOU THINK THERE SHOULD BE RESTRICTIONS GOING THERE'S

TO BE A TRANSFER OF THESE HIGHLY FINANCIAL DATA

FS:

THAT THE CHINESE

SORT

AS I SAY, I DON'T THINK, ACTUALLY, SIDE HAS ASKED FOR DETAILS ON THE INVESTMENTS DECISIONS AND THAT OF THING. I DON'T THINK THEY'VE ASKED FOR THAT.

/QUESTION: