it will be published for further consultation with the general
public. This course of action is considered necessary in view of the complexity of the whole issue. On the subject of insider
dealing, the Standing Committee on Company Law Reform has
already done much useful work, and I expect to receive
recommendations shortly. I am grateful to the Committee for its
efforts. Its task is not an easy one.
32.
In 1986 we have seen rapid developments in financial markets worldwide. We have also seen significant changes in the
field of regulation. Here in Hong Kong we must be able to
respond quickly as the need arises. Otherwise, we will find
ourselves losing out as a major financial centre. Furthermore,
there is the vital question of reputation. We must not allow
the integrity of our markets to be tarnished by the imprudent activities of the greedy. But equally we must avoid the dangers of over-regulation. This is a difficult balance to strike, but
we shall do our best.
STRATEGY FOR PUBLIC FINANCES
33.
Before I present my Budget proposals for 1987-88, I
shall describe the context in which they have been framed. My proposals should not be looked at
not be looked at in isolation. They must be
related to what has happened in the past and what is foreseen
for the future. A strategy for the medium term is essential to
the stability of Government's finances and the steady
development of the economy.
34.
I shall give details later to show the strength of our
underlying position. Briefly, however, our expenditure remains
firmly under control and is in line with forecast. On the other hand, revenue yields have increased substantially in response to
an improvement in economic performance. As a result, we can now
expect in the current financial year a surplus on General
Revenue Account of some $3 billion. Furthermore, although
partly due to revenue of a windfall nature, the balances in our
capital funds have gained by some $1.9 billion.
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