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THURSDAY, MARCH 20, 1975
HE WENT ON TO SAY THAT MANY PRIVATE CONSTRUCTION PROJECTS INVOLVING HUNDREDS OF MILLIONS OF DOLLARS AND PROVIDING THOUSANDS OF JOBS WERE STILL BEING HELD UP BY +CUMBERSOME OR INDIFFERENT BUREAUCRACY, TAKING YEARS TO DECIDE ON TOWN PLANNING AND LAND USE REQUIREMENTS IN THE URBAN AND RURAL AREAS.
A CONCERNED GOVERNMENT HE SAID, COULD EASILY HELP, FOR ITS OWN REVENUE'S SAKE AND FOR THE BENEFIT OF THE ECONOMY, IN THAT PROCEEDS FROM SALES OF COMPLETED FLATS COULD BE RECYCLED TO FINANCE FURTHER DEVELOPMENT TO HELP THE ECONOMY.
AT THIS TIME OF A SERIOUS RECESSION, ONE WOULD HAVE GRAVE DOUBTS AS TO WHETHER THE CONTINUED RESTRICTION OF THE USE OF HONG KONG'S LAND RESOURCES WOULD BE IN THE BEST INTEREST OF THE PUBLIC.
+THERE IS FOR ALL PRACTICAL CONSIDERATION AN ABUNDANCE OF LAND IN THE NEW TERRITORIES AND PROVIDED WE OFFER ATTRACTIVE ENOUGH TERMS AND CONDITIONS WE CAN STILL FIND INVESTORS FROM WITHIN AND WITHOUT TO DEVELOP BOTH THE INFRASTRUCTURE AND THE INDUSTRIAL, COMMERCIAL AND RESIDENTIAL ACCOMMODATIONS AT LOWER COSTS TO ENHANCE OUR COMPETITIVE EXPORT POSITION IN THE LONG TERM AND TO PROVIDE EMPLOYMENT IN THE CURRENT RECESSION,→
HE ADVOCATED THAT HONG KONG SHOULD EMBARK ON AN EXPANSIONARY APPROACH, PARTICULARLY BY ENCOURAGING PRIVATE INVESTMENT WITH LITTLE FEAR OF THE PITFALLS OF SELF-INDUCED DEMAND-PULL OR COST- PUSH INFLATION AS IN OTHER ECONOMICS.
HE FELT THAT HONG KONG THRIVED MORE THAN ANYWHERE ELSE ON CONFIDENCE, ENTREPRENEURSHIP AND THE INDUSTRY OF ITS PEOPLE, AND POLICY THAT UNDERMINED OR DISCOURAGED THESE COULD ONLY BRING CALAMITY.
MR. WU NOTED WITH REGRET THAT THE WORK AND SCOPE OF THE ECONOMIC REVIEW COMMITTEE FELL FAR SHORT OF UNOFFICIAL MEMBERS'
THE TRADE AND EXPECTATIONS IN THE EVOLUTION OF ECONOMIC POLICIES. INDUSTRY ADVISORY BOARD, HE SAID, FELL INTO THE SAME CATEGORY.
+IT HAS ALWAYS BEEN PUZZLING TO ME THAT WITH ALL THE ENTREPRENEURSHIP, FINANCE (AS EVIDENCED BY RECENT HUGE BANK DEPOSITS) REPUTED ADMINISTRATION IN HONG KONG, THERE IS THIS LACK OF PROPER CO-OPERATION AND CO-ORDINATION TO ACHIEVE EVEN BETTER RESULTS.
+NOR COULD I SEE WHY THIS SHOULD NECESSARILY BE FOLLOWED BY MORE GOVERNMENT CONTROLS AND REGULATIONS WHICH MUST BE RESISTED WITH VIGOUR.>
ON TAXATION, MR. WU EMPHASISED THAT ANY NEW TAX INTRODUCED SHOULD NOT UNDULY DETER RE-INVESTMENT OR FURTHER INVESTMENT IN SKILL- INTENSIVE AND HIGHER TECHNOLOGY MANUFACTURE.
HE WAS VERY MUCH AGAINST THE ONE PER CENT TURN-OVER TAX PROPOSED BY DR. THE HON CHUNG SZE-YUEN YESTERDAY, WHICH MR. WU REGARDED AS INFLATIONARY AND HIGHLY DAMAGING.+
/HE SAID