WEDNESDAY, MARCH 28, 1984
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HE SAID, THUS, IN ACCEPTING THE DESIRABILITY TO PROMOTE OUR STABILITY AND PROSPERITY BY GENEROUS OUTLAY IN MEDICAL AND WELFARE SERVICES, I ALSO URGE THAT PRIORITY BE ALLOCATED TO PROJECTS THAT WOULD EXERT MULTIPLIER EFFECTS ON OUR ECONOMIC GROWTH RATE.+
TURNING TO INFLATION, MR WONG SAID THAT HE CONCURRED WITH THE FINANCIAL SECRETARY'S VIEW AND SUPPORTED THE REVENUE PROPOSALS.
+ BUT IN COMMENDING THE FINANCIAL SECRETARY'S WISH TO AVOID SUDDEN SHOCKS' AT THIS CRUCIAL AND DIFFICULT PERIOD, I SINCERELY HOPE THIS INTENTION WILL BE TRANSLATED INTO POLICY AS THERE IS THE ON-GOING EXERCISE TO KEEP FEES AND CHARGES UP TO DATE, HE ADDED.
+THIS EXERCISE, I UNDERSTAND, WILL CONTINUE DURING 1984-85, AND I WISH TO CAUTION THAT, UNLESS AN INCREASE IS JUSTIFIED AFTER THE STRICTEST SCRUTINY, RISES IN FEES AND CHARGES SHOULD BE AVOIDED DURING THE YEAR,+ HE SAID.
DISCUSSING INFLATION, MR WONG SAID, THE INFLATION DIFFERENTIAL BETWEEN HONG KONG - WHICH IS ESTIMATED AT SEVEN PER CENT FOR 1984-85 - AND ITS MAJOR TRADING PARTNERS AND COMPETITORS WOULD RENDER OUR EXPORTS LESS COMPETITIVE IN FOREIGN MARKETS.+
HE SAID IT WAS IMPORTANT FOR THE IMPROVEMENT IN EXPORT DEMAND TO BE MATCHED BY A RECOVERY IN PRIVATE INVESTMENT EXPENDITURE, OTHERWISE HONG KONG MIGHT NOT BE ABLE TO BENEFIT FROM THE GROWTH IN OUR MAJOR TRADING PARTNERS.
+ INVESTMENT AND REVESTMENT IN OUR INDUSTRY REPRESENT TECHNOLOGICAL ADVANCEMENT THAT AFFECT OUR EXPORT CAPABILITY AND FUTURE DEVELOPMENT. THE ADVERSE EFFECTS OF THE CONTINUAL DECLINE IN RECENT YEARS MUST BE MINIMISED, HE SAID.
HE ALSO SAW AN URGENT NEED FOR THE ESTABLISHMENT OF A CENTRALISED CO-ORDINATING BODY THAT WOULD PROMOTE AND DISSEMINATE RELEVANT TECHNOLOGICAL INFORMATION TO OUR INDUSTRIAL ISTS.
+THIS BODY WILL COMPLEMENT OUR EXISTING EFFORTS IN VOCATIONAL AND INDUSTRIAL TRAINING, PROMOTE TECHNOLOGICAL TRANSFER FROM ABROAD, ENCOURAGE PRODUCT DESIGN AND INNOVATION, AND FACILITATE RESEARCH.
+IN SHORT, THIS BODY WILL ESTABLISH AN EFFICIENT AND EFFECTIVE TECHNOLOGICAL INFRASTRUCTURE THAT WOULD ASSIST OUR INDUSTRIAL ISTS TO MEET THE CHALLENGE OF THE FUTURE COMPETENTLY, - HE SAID.
HE SAID THAT HE WAS AWARE THAT IN THE PRESENT CLIMATE,
IT WOULD NOT BE FEASIBLE FOR GOVERNMENT TO OFFER DIRECT SUBSIDIES OR TAX CONCESSIONS, BUT HE ADDED THAT IT WOULD NOT BE ECONOMICAL IN TERMS OF APPLICATIONS OF RESOURCES TO CONTINUE WITH THE PRESENT FRAGMENTED APPROACH OF LEAVING THE TASK TO INSTITUTIONS AND ORGANISATIONS.
MOST IMPORTANTLY,