19
more than in the past, be features of the Hong Kong
scene.
31.
III Conclusion
I would not like to leave you with the impression
that the Government's role in the economic growth process
is an entirely passive one.
The Government is
pre-occupied with the provision of public services and the
development of the infrastructure rather than with
participating in decision making in the private sector;
and, certainly, the rate of growth of public expenditure
is largely dependent on the economic performance of the
private sector. But, as the largest single spending
agency, the Government can, and does, exert a considerable
influence on the efficiency with which the economy operates.
It is, therefore, of paramount importance for the
Government, in making its expenditure decisions, not only
to pay careful attention at all times to priorities,
standards and the proper co-ordination of departmental
efforts, but also to avoid setting up physical constraints
to private development and to remove them when they are
identified.
32.
Yet it is not just through its expenditure
decisions that the Government can influence economic growth.
In accepting that the Government has a responsibility for
ensuring that the collective will of the market place
is not frustrated and for seeing that confidence in the
market mechanism is not eroded, it accepts an obligation
/to provide......