HIS EXCELLENCY:
Mr. Edward HO:
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任 HO
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Sir, when obvious improvements are made, one
is often tempted to ask why they have not been
put forward before. Nevertheless, I must pay
tribute to the Financial Secretary in two imp-
ortant areas. Firstly, his presentation of the Budget: Both his speech and the accom- mpanying information and illustrations have the desired effect of being concise if one is
interested in the essence of the Budget, and yet contained adequate back-up information
for a deeper examination.
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Secondly, and a much more important aspect, is the value formoney approach the Government has introduced into its system of control of
expenditure. For the first time, we will be able both to monitor Government Department's performance and targets against their object- ives, and to measure their performance
against their expenditure. I have counted at least six places in the Financial Secretary's speech that he has used such words as 'prudent', 'steady management, 'caution and care. It is
apparent to the main philosophy underlying his budget is one based on that of achieving a cash flow surplus each year and a tight
control of expenditure growth. Few would disagree with that Philosophy.
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Hong Kong has enjoyed a steady growth, a
va fe steady recovery of its economy since the jittery days of the Sino-British talks to the
extent that it has now had two consecutive
years of double-digit growth. Our surplus for the year 87/88 has exceeded all expectations and our surplus for the year 88/89 should