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To build upon HK's advantages: Financial Secretary
The Financial Secretary, Mr Donald Tsang, tonight (Friday) urged professionals and businessmen to build upon Hong Kong's advantages so as to ensure that its successes of the past are equalled or surpassed in the future.
Speaking at the annual dinner of the Hong Kong Society of Accountants, Mr Tsang said Hong Kong must build strenuously upon its point of vantage by keeping abreast of latest technical, professional, and legislative developments in global trade and finance.
"For our part, we in the Government must seek to strike a balance between the degree of prudential regulation necessary to ensure the continued reliability and high reputation of our goods and services, and the degree of freedom necessary to ensure that our markets remain vigorously innovative and competitive," he said.
"There is much we can do to update and streamline our companies, banking and securities legislation; to provide administrative support for the development of new and improved market services; and to assist private initiative through public expenditure on the infrastructural requirements expected of one of the world's leading financial services centres.
"In particular, the mandatory provident fund system will give a great shot in the arm when it is established in 1997," he added.
Referring to recent comments on Hong Kong's competitiveness, Mr Tsang said he would carefully examine them, be it praise or criticism.
"This Administration always tries to be self-critical and forward looking.
"But I do take so-called surveys with a big pinch of salt if they put Hong Kong on a roller-coaster ride, ranking us first in one year, telling us we are dead within months, and in the next year, rallying us to sixth place, when external circumstances have scarcely changed," he said.
End/Friday, October 27, 1995
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