a) Provide revenue to fund the public services,
b)
c)
d)
including the fields of activity referred to in
this Paper.
The fiscal system should continue to seek to
achieve (a) by measures which are equitable
through touching the lower income brackets as
lightly as possible, and which are conducive
to the economic and financial health and growth
of the Colony, and to maintenance of confidence
in it.
If revenue proves insufficient to implement
Government programmes and other commitments,
the alternatives of increasing taxation, borrowing,
drawing on reserves or reducing proposed
expenditure would be considered in the light of
all the domestic and external considerations at
the time.
Keep under review the relationship between the
Government and the banks as Hong Kong evolves as
a financial centre; and draw together all the
central banking functions of the Government,
including control and management of all the
Government's financial assets, under the
Secretary for Monetary Affairs, subject to
the direction of the Financial Secretary.
CONFIDENTIAL