发布者: chrislau2001 | 发布时间: 2008-10-21 10:07| 查看数: 1498| 评论数: 2|

HK Leader Promises More Action To Address Crisis

Hong Kong's top leader vowed decisive government action to address a souring economic picture, and called for a re-examination of the city's traditional hands-off attitude toward business.

In his annual policy speech Wednesday, Chief Executive Donald Tsang said authorities would increase oversight of the financial sector, push forward with major infrastructure projects and introduce minimum-wage legislation, among other measures. He also said the government wouldn't hesitate to right the market in the event of further financial shocks.

'When the market fails, the government should be prepared to intervene in a timely and decisive manner,' he said in his wide-ranging address before the city's legislature. 'The market is not omnipotent. Intervention is not necessarily an evil.'

Mr. Tsang, who has broad authority under Hong Kong's system to propose legislation, said authorities would look to change the way banks calculate their capital-adequacy ratios to more closely adhere to international banking standards. He said he would lead a task force of business leaders and finance experts to formulate a response to the global crisis.

He also vowed to be more responsive to public opinion.

Mr. Tsang's plans weren't enough for some critics. Joe Lo, a Citigroup economist, said the policy address lacked concrete measures to restore public confidence. The Hong Kong General Chamber of Commerce said there was 'no mention at all' about helping smaller businesses.

Lawmaker Wong Yuk-man had to be ushered out of the legislative chamber for throwing bananas at Mr. Tsang, after the chief executive refused to commit to raising the city's old-age allowance. Old-age allowance is known colloquially as 'fruit money' in Cantonese. In all, four lawmakers stood up and shouted down Mr. Tsang, in a heated display that was unusual for the Legislative Council. Three of the four were thrown out.

The proposals come at a sensitive time for Hong Kong, a financial hub facing the prospect of a recession, widespread job cuts and a weakening housing market.

Last month, depositors made a run on a local bank based on market rumors. Last week, hundreds of disgruntled citizens protested outside the headquarters of several banks, saying they were conned into buying complex financial products called minibonds that were marketed as safe investments.

Mr. Tsang said Wednesday that regulators would demand more transparency from local banks and fund managers to bolster investor confidence, while warning banks that they had a week to respond to a government proposal that banks buy back the minibonds.

The government had said Tuesday that it would fully guarantee all bank deposits to bolster confidence in the banking system. On Wednesday, Mr. Tsang said the government would also explore options for protecting policyholders in the event of insurer insolvency. He didn't elaborate.

Mr. Tsang warned the worst of the crisis has yet to be seen and said the 'destructive force' of the crisis is stronger and more widespread than the Asian financial crisis of 1997.

'This is not a time for innovation,' Mr. Tsang said. 'This is a time for consolidation and objective assessment of the situation.'

At the same time, Mr. Tsang said he saw an opportunity for Hong Kong to streamline the stock-exchange listings process for companies, to develop its nascent Islamic bond market and to attract more new listings from Russian and Eastern European companies.

Mr. Tsang's speech emphasized making sure economic policy benefited all corners of society.


chrislau2001 发表于 2008-10-21 10:08:41


周三,香港特首曾荫权(Donald Tsang)在其施政报告中称,港府将加强对金融领域的监管,推进大型基础设施项目并引进最低工资立法,还将采取其他措施。他还说,如果金融市场发生进一步震荡,政府会毫不犹豫地出手稳定市场。







但一些批评人士认为,曾荫权的计划很不充分。花旗集团(Citigroup)经济学家Joe Lo说,施政报告在恢复公共信心方面缺乏具体措施。香港总商会(Hong Kong General Chamber of Commerce)说,报告“根本没有提及”帮助中小企业的内容。









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