DRAFT
SPEECH BY THE GOVERNOR
AT THE NATIONAL PRESS CLUB/ASIA SOCIETY LUNCHEON,
WASHINGTON 16 OCTOBER 1989
Mr Chairman, ladies and gentlemen,
It is two years since I last had the honour of
addressing this distinguished audience. Two years
since my first official visit to the United States as
Governor of Hong Kong. I arrived then to find the
world's financial markets in turmoil to be followed
by the temporary closing of Hong Kong's stock
exchange. Since that occasion I have always left Hong
Kong with my fingers firmly crossed, wondering what
will happen while I am away.
Certainly much has happened this last two years.
But I hope that each difficulty will be seen not
simply as a problem, but as the opportunity for
making things better. Certainly this was the case
with the '87 crash. Within eighteen months we had
carried out a full scale review of the whole of our
securities sector and had carried through all the
major reforms it recommended.
As a result of the
problems of 1987, our financial institutions are on a
much firmer footing than they were before.
No comments yet.
Private notes are available after approval.