THURSDAY, MARCH 29, 1984
6
+ HONG KONG OWES ITS SUCCESS NOT SO MUCH TO THE GENEROSITY OF OUR TRADING PARTNERS AS TO THE ENVIRONMENT IN WHICH WE LIVE AND DO BUSINESS, HE SAID.
HE SAID THAT HONG KONG, BOTH POLITICALLY AND ECONOMICALLY, HAD REACHED A CROSSROAD AND THERE MIGHT BE CHANGES AHEAD AND WE WERE NATURALLY CONCERNED ABOUT THE NATURE AND THE EXTENT OF SUCH CHANGES.
HE SHARED THE FINANCIAL SECRETARY'S VIEW THAT THERE WAS NOTHING WRONG WITH CHANGE AND WE MUST BE CAREFUL NOT TO CAST EXPERIENCE ASIDE.
+WE ARE WELL KNOWN TO THE WORLD AS A HARD NOSED PRAGMATIC COMMUNITY, AND NO PRAGMATIC COMMUNITY CAN CONTINUE TO FUNCTION OR PROSPER IF ANY IMPLEMENTATION OF NEW POLICIES OR IDEOLOGIES WAS UNDERTAKEN WITHOUT DUE CONSIDERATION BEING GIVEN TO EXPERIENCE,+ HE SAID.
+IF, THEREFORE, WE ARE TO PROPEL OURSELVES TO GREATER HEIGHTS, IT IS VITAL THAT WE MUST NOT ALLOW OURSELVES TO BE EASILY PERSUADED TO DEVIATE FROM POLICIES THAT HAVE PROVEN TO BE SO SUCCESSFUL IN THE MAINTENANCE OF STABILITY AND PROSPERITY HE ADDED.
IT WAS WITHIN THIS SPIRIT THAT HE MADE HIS OBSERVATIONS ON THE BUDGET, HE SAID.
HE SAID THAT THE IMPORTANT PRINCIPLE OF KEEPING THE GROWTH RATE OF CONSOLIDATED ACCOUNT EXPENDITURE BELOW THAT OF THE GDP HAD BEEN BREACHED CONTINUOUSLY FOR THE PAST FIVE YEARS, MR CHEONG SAID THAT IT WAS ENCOURAGING TO NOTE A REVERSE TREND FÖR 1984-85.
+1 SINCERELY HOPE THIS REPRESENT, ONLY THE FIRST OF A CONTINUOUS ATTEMPT TO REVERSE THE TREND, HE SAID.
HE ADDED THAT IN ORDER TO REDRESS THE IMBALANCE OF THE PAST FIVE YEARS AND FOR THE LONG TERM HEALTH OF OUR ECONOMY, THE GROWTH RATE OF CONSOLIDATED ACCOUNT EXPENDITURE SHOULD BE PITCHED WELL BELOW THAT OF GDP FOR THE NEXT FEW YEARS.
*THE REASON IS SIMPLE. GOVERNMENT EXPENDITURE ARE NOTORIOUSLY DIFFICULT TO CUT, WHILE THE GROWTH RATE OF THE GDP IS ALWAYS SUSCEPTIBLE TO FACTORS BEYOND OUR CONTROL, HE SAID.
+THERE CAN BE NO GUARANTEE THAT WE WILL ACHIEVE A POSITIVE GROWTH RATE FOR GDP YEAR AFTER YEAR, YET GOVERNMENT EXPENDITURES ARE SUBJECT TO UPWARD PRESSURES ALL THE TIME, HE OBSERVED.
HE SAID THAT IN THE PAST YEAR, VISIBLE IMPROVEMENT HAD BEEN ACHIEVED IN BRINGING EXPENDITURE WITHIN CASH LIMITS. BUT ONE HAD THE IMPRESSION, WHEN EXAMINING THE DRAFT ESTIMATES OF EXPENDITURE, THAT NOT ENOUGH HAD BEEN DONE BY CONTROLLING OFFICERS TO REVIEW CRITICALLY AND REGULARLY, THE PUBLIC SERVICES THEY PROVIDE.
/+THE TIME