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WEDNESDAY, FEBRUARY 23, 1983 ·
WE WILL CARRY ON CALMLY, FS SAYS
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HONG KONG FACED LAST YEAR AND CONTINUES TO FACE ECONOMIC AND FINANCIAL PROBLEMS MOST OF WHICH COULD NOT HAVE BEEN AVOIDED AND SOME POSSIBLY COULD, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE SAID IN SUMMING UP HIS BUDGET SPEECH.
+NEVERTHELESS THE GOVERNMENT WILL CARRY ON CALMLY AND STEADILY WITH ITS LONG-TERM POLICIES. THESE ARE DESIGNED SIMPLY TO IMPROVE THE STANDARDS OF LIFE OF HONG KONG-AND I EMPHASISE THAT STANDARDS DO NOT REFLECT MATERIALISTIC VALUES ONLY, HE SAID.
+WHILE DEPENDENT ON THE DISCIPLINES DICTATED BY FREE MARKET FORCES WE WILL REMAIN ALWAYS SYMPATHETIC TO THE REASONABLE REQUIREMENTS OF THE DISADVANTAGED AND THE POOR.+
MR BREMRIDGE SAID THE GOVERNMENT CANNOT CHANGE THE LAWS OF ECONOMICS, AND IT IS PRUDENT IN HARD TIMES TO TIGHTEN OUR BELTS.
+WE CAN DO SO AND STILL CONTINUE ON OUR COURSE BECAUSE WE HAVE ENSURED THAT A FAIR PART OF THE WINDFALL REVENUES ARISING FROM THE EXTRAORDINARY ESCALATION OF REAL ESTATE PRICES IN THE PAST FIVE YEARS HAS BEEN SAVED UP IN PUBLIC FUNDS.
+THE COMMUNITY THUS HAS IN HAND FISCAL RESERVES WHICH ARE AVAILABLE FOR PRUDENT USE FOR A TIME TO COVER BUDGET DEFICITS. SUCK USE OF RESERVES MUST BE COUNTER BALANCED BY ADDITIONAL INDIRECT TAXATION DESIGNED TO MINIMISE THE IMPACT ON THE POOR.
+SOON THE ECONOMIES OF OUR TRADING PARTNERS SHOULD IMPROVE. SO THEN WILL THAT OF HONG KONG, AND WE SHALL RETURN TO MORE CONSERVATIVE BUDGETTING.+
NEVERTHELESS MR BREMRIDGE SAID HE DID NOT SEE ANY RENEWED PROSPECT OF HUGE RETURNS FROM LAND SALES, THOUGH LAND PRICES WOULD EVENTUALLY RISE WHEN THE PRESENT SITUATION OF GROSS OVERSUPPLY IN THE PROPERTY MARKET EASED.
+THE SCENARIO HAS IN FACT COMPLETELY CHANGED, AND SO MUST THE BUDGETARY PATTERN. WHETHER THIS CHANGE CAN BE ACCOMMODATED WITHOUT RESORT TO GOVERNMENT BORROWING IS PRESENTLY AN OPEN QUESTION, TO WHICH I MAY BE ABLE TO RESPOND IN MY BUDGET SPEECH NEXT YEAR+, HE ADDED.
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