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PROVISIONAL URBAN COUNCIL
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will conduct a review of the vacancies and then begin the recruitment as early as possible to have them filled and to create more job opportunities.
The DAB is in support of the motion. Thank you, Mr. Chairman.
Mr. Joseph Lai Chi-keong (in Cantonese):—Mr. Chairman, the prevailing economy of Hong Kong is in such a state that 'no news is good news". Of late, the Chief Executive has been repeating that the economic recession is going to last for several quarters. Whether natural or man-made ones, the Special Administrative Region has been suffering from calamities since establishment. So far, although the people of Hong Kong are not yet at the dead end, everyone is aware that they are leading an extremely miserable life. There is no doubt about it.
Through the policy of adjusting downward some local assets and prices since the financial turmoil in last October, the Government has tightened credit, dampened property prices and lowered wages. It is roughly estimated that in comparison with last August and September, the wealth of the people of Hong Kong has been reduced by $4,500b. In other words, there has been a loss of $700,000 per person. I read about some statistics from yesterday's press, including the drop in the Heng Seng Index, property prices, overall export, retail prices and number of tourists by 43%, 30%, 4%, 12% and 22% respectively. Only two figures have gone up and they are the interest rate and unemployment rate, which have risen by 1.25% and 77.3%.
I believe the actual situation is worse than the figures. As an elected organization breathing the same air and shouldering the same difficulties as the people, the Council should show its concern for and give encouragement to the people. For these reasons, I fully support the motion moved by Ms. Grace Au of my party.
Mr. Chairman, as the Government has slashed its financial provision to the Council by a large sum of $3.86, the projects of the Council have been seriously affected. They are either shelved or reduced in scope or even cancelled, thereby directly affecting the quality of the Council's services and commitments for the people. I would request here that the Capital Works and Finance Select Committees should list out at the meetings the projects affected so that we may study and identify some ways to implement those projects and services which we have planned. At the same time, we should seek more funding from the SAR Government so as to create more job opportunities for local workers.
As far as I remember, when the SAR Government cut down on our budget, it promised that if the Council ran into financial difficulties as a result of the reduced allocation of funds, it could turn to the Finance Bureau of the Central Government for assistance. In spite of the undertaking, and because they have deviated from the agreement in the Memorandum of Administrative Arrangements, whereby a specified percentage of the rates collected be
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