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SUNDAY, MARCH 31, 1985
FOR INVESTORS AND BUSINESSMEN OPERATING IN HONG KONG, SIR JOHN SAID FUTURE SUCCESS WOULD DEPEND ON CONTINUED WILLINGNESS TO MEET THE CHALLENGE OF TECHNOLOGICAL CHANGE BY CONTINUING TO WRITE OFF THEIR CAPITAL EQUIPMENT OVER ITS REALISTIC ECONOMIC LIFE TO CONTINUE SEARCHING FOR THE NEW PRODUCTS AND INCREASED ADDED VALUE WHICH WOULD ENABLE HONG KONG TO MAINTAIN ITS COMPETITIVE EDGE, WHILST AT THE SAME TIME MEETING THE EXPECTATIONS OF RISING LIVING STANDARDS AMONG HONG KONG'S POPULATION.
+THIS REQUIRES A JUDICIOUS MIXTURE OF PRUDENCE AND BOLDNESS, THE WILLINGNESS TO TAKE RISKS BASED ON SOUND MARKET AND SCIENTIFIC RESEARCH, HE SAID.
WHILE NOTING THAT HONG KONG HAD BEEN THROUGH A DIFFICULT PERIOD IN THE LAST TWO TO THREE YEARS WHEN POLITICAL UNCERTAINTIES DURING THE NEGOTIATIONS ON HONG KONG'S FUTURE AFFECTED CONFIDENCE, SIR JOHN SAID HONG KONG'S DIFFICULTIES HAD BEEN MODEST WHEN COMPARED WITH THE PROBLEMS OF TRADE DEFICIT, PUBLIC DEBT AND UNEMPLOYMENT WHICH HAD AFFECTED AND CONTINUED TO AFFECT MANY OF OUR TRADING PARTNERS,
IN SPITE OF A DRAMATIC DECLINE IN REVENUE FROM LAND SALES, SIR JOHN SAID HONG KONG'S BUDGET DEFICIT IN THE YEARS SINCE WE LAST ENJOYED A SURPLUS ON GENERAL REVENUE ACCOUNT HAD BEEN RELATIVELY MODEST AND HAD BEEN CONSTRAINED BY A SERIES OF MEASURES WHICH HAD NOT UNDERMINED THE GOVERNMENT'S COMMITMENT TO MAINTAINING LOW TAXATION AND STEADY IMPROVEMENTS TO
INFRASTRUCTURE AND SOCIAL PROGRAMMES.
+ INFLATION HAS BEEN CONTROLLED, THE CURRENCY HAS BEEN STABILISED, ALMOST FULL EMPLOYMENT HAS BEEN MAINTAINED AND GROWTH IN GROSS DOMESTIC PRODUCT HAS AVERAGED 5.8 PER CENT EVEN DURING THE LAST THREE DIFFICULT YEARS,+ HE SAID.
+WE SHALL SOON AGAIN ENJOY BALANCED BUDGETS.
+ IT IS A REMARKABLE TRIBUTE TO THE RESILIENCE AND DYNAMISM OF HONG KONG'S BUSINESS COMMUNITY THAT ALL THIS SHOULD HAVE BEEN ACHIEVED AT A TIME WHEN A QUESTION MARK HUNG OVER THE ENTIRE FUTURE OF HONG KONG'S POLITICAL AND ECONOMIC SYSTEMS AND WE FACED BOTH THE COLLAPSE OF THE PROPERTY BOOM AND THE TAIL END OF THE WORST WORLD RECESSION SINCE THE 1930S, SIR JOHN SAID.
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