TNAG-1641-FCO40-2288-Budget-of-Hong-Kong-1987 — Page 226

11.2.87

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143.

In touching upon monetary issues and in

particular the financial sector, I mentioned earlier the

importance of reputation. I make no apologies for

repeating that a sound reputation is vital to our

continuing growth as a financial centre. Problems are not

unique to any particular financial centre; we have seen

what has happened elsewhere in the world. All those

involved with financial services, whether in business or

in regulatory or supervisory activities, have a common

interest. We must all play our part in maintaining the

integrity of the system because if the activities of a few

are allowed to damage that system or mar its reputation

then all will suffer. Let us not imagine that in this

area we are dealing with victimless crimes.

144.

As far as the management of public finances is

concerned, I have stressed the need for continuity of

policies. We have enjoyed remarkable economic growth and

from this we have gained the resources to finance the many

developments and public services that our community has

rightly come to expect. But we must remember that the

efficient provision of those services requires stable

funding and steady rather than erratic development.

The

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