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THE ECONOMY
help business, and to see himself/herself as part of the solution, not part of the problem. The outcome of the Awards Scheme had been encouraging.
As one strand of the Helping Business Programme under the subject of transfer of services, the BSPU has taken up the new responsibility for taking forward the policy initiative on corporatisation as announced by the Financial Secretary in his 1999-2000 Budget speech. Corporatisation is one of the tools to improve the efficiency with which public services are delivered. Actions are in hand to identify potential candidates for corporatisation.
The Services Promotion Programme ensures that the right policies and programmes are in place to facilitate the growth and development of the services sector. The Financial Secretary chairs the Services Promotion Strategy Group comprising leading businessmen, prominent academics and senior officials to provide the steer. For 1999- 2000, the group has endorsed a 10-point Action Agenda which includes formulating a strategic plan to promote Hong Kong as the region's international financial centre, improving the procedures for the transfer of air and sea cargo, and developing a comprehensive harbour plan to exploit the potential of the harbour for tourism and leisure purposes.
Structure of Government Accounts
The Government controls its finances through a series of fund accounts. The General Revenue Account is the main account for day-to-day departmental expenditure and revenue collection. Eight other funds exist mainly to hold investment or to finance capital expenditure and government loans. They are the Capital Works Reserve Fund, Capital Investment Fund, Loan Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Land Fund, Innovation and Technology Fund and Lotteries Fund.
The Capital Works Reserve Fund finances the public works programme, land acquisitions, capital subventions, major systems and equipment items, and computerisation and the payment of redemption money in respect of land exchange entitlements. Its income is derived mainly from land premia.
The Capital Investment Fund finances the Government's capital investments, such as equity injections in the Airport Authority, the Kowloon-Canton Railway Corporation and the Mass Transit Railway Corporation, and capital investments in the Hong Kong Housing Authority. Its income is derived mainly from appropriation from the General Revenue Account and dividends.
The Loan Fund finances loan schemes such as housing loans and student loans. Its income is derived mainly from appropriation from the General Revenue Account, loan repayments, and interest on loans.
The Civil Service Pension Reserve Fund acts as a reserve to meet payment of civil service pensions in the unlikely event that the Government cannot meet such liabilities from the General Revenue Account. Its income is derived from investment income.
The Disaster Relief Fund finances grants for humanitarian aid in relief of disasters that occur outside Hong Kong. Its income is derived mainly from appropriation from the General Revenue Account and investment income.