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SCMP Reporter

Donald Tsang failed to convince politicians the Government intervention deserved support.

 At yesterday's two-hour briefing, pro-democracy legislators told Mr Tsang he had wasted taxpayers' money and should spend no more.

 Democratic Party chairman Martin Lee Chu-ming said he supported the peg, but said the measures announced on Saturday had been introduced too late.

 'Why were the measures not introduced earlier? The Government would not have needed to plough in so much taxpayers' money,' he said.

 Mr Tsang said the Government had to consider the cost and response of the measures. 'We have acted appropriately. We could not just act without thinking of the full impact and the possible adverse consequences. We have to be careful,' he said.

 It had taken time to consult the International Monetary Fund and overseas finance chiefs. A stable market was needed before the measures could be introduced.

 'We are not propping up the market or penalising the speculators or bringing damage to anyone. We just want the market riggers not to treat us as though we are stupid,' Mr Tsang said.

 He said he had no evidence to identify the 'riggers'. But Mr Lee said that if the Government was not sure who the riggers were, how could it justify intervention?  The Frontier's Emily Lau Wai-hing demanded the Government disclose how much money had been spent.

 'The Government should not dump money into the markets again. It should also consult the Legislative Council before taking the action, not just brief the media,' she said.

 James Tien Pei-chun of the Liberal Party supported tightening market regulations. 'I did not think the Government made a U-turn because the rules of the game are changing rapidly,' he said.

 The Democratic Alliance for the Betterment of Hong Kong and non-affiliated member Philip Wong Yu-hong also backed the intervention. 'I would criticise the Government if it did nothing,' he said.



Don't waste more cash, financial chief told