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WTHURSDAY, OCTOBER 23, 1975
ON THE ECONOMY, MR. LI SAID THAT FOLLOWING LAST YEAR'S STOCK-TAKING IT APPEARED APPROPRIATE NOW FOR HONG KONG TO ASSESS AND CONSOLIDATE ITS POSITION.
+AS OUR POLICY FOR AN ACCELERATED AND DECISIVE ADVANCE IN THE MAIN FIELDS OF SOCIAL DEFICIENCY HAS BEEN MADE, WE ARE NOW IN A BETTER POSITION TO EVALUATE OUR PROGRAMMES AND THEIR ACTUAL IMPLICATIONS THAN EVER BEFORE,+ HE SAID.
+WE SHOULD TAKE A REALISTIC LOOK AT SUCH PROGRAMMES CONSOLIDATE OUR EFFORTS IN WHAT HAS ALREADY BEEN COMMITTED, AND REALIGN OUR LONG AND SHORT-TERM PRIORITIES WHERE NECESSARY.+
HE AGREED THAT MANY DESIRABLE SERVICES PROJECTS WOULD HAVE TO BE POSTPONED OR REPHASED, BUT HE WAS GLAD THAT THE GOVERNMENT WAS STILL PROCEEDING WITH PLANS FOR EXPANDING SOCIAL SERVICES, DESPITE FINANCIAL SETBACKS.
LIKE THE REST OF THE WORLD, HONG KONG HAD SUFFERED FROM THE RECESSION AND ALTHOUGH INFLATIONARY PRESSURES SEEMED TO HAVE SUBSIDED, THE FUTURE REMAINED UNCERTAIN, HE SAID.
FOR HONG KONG, HE ADDED, THE ONLY RATIONAL CHOICE WAS TO CONTINUE ITS POLICY OF FREE TRADE AND TO REVIEW PRESENT CONDITIONS AND LAY THE GROUND FOR FUTURE DEVELOPMENT SO THAT HONG KONG WOULD BE READY TO TAKE ADVANTAGE OF ANY UPTURN IN THE ECONOMY.
IN THIS RESPECT, HE APPLAUDED THE GOVERNMENT'S PLANS FOR DEVELOPING NEW TOWNS, PROVIDING INDUSTRIAL ESTATES AND, IN GENERAL, CREATE MORE FAVOURABLE CONDITIONS TO ATTRACT FOREIGN INVESTMENTS TO HONG KONG.
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