Taxpayers' money will not have been wasted in the gov ernment intervention, according to Executive Council Convener Chung Sze-yuen. Buying blue-chip stocks with money from the reserves might generate profits in the long run, he said. Rejecting criticism that the intervention was putting public money at risk, Mr Chung said the move was essential to protect the market from manipulation and excessive pressure. He said yesterday's stock-market surge and falling interest rates were due to new measures combating market speculation. Mr Chung reiterated he would resign after serving the Government for two years. He was appointed at the handover.