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WEDNESDAY, FEBRUARY 26, 1986
SECOND, HONG KONG'S INFRASTRUCTURE HAD NOT ONLY TO BE GOOD, BUT TO BE SEEN TO BE GETTING BETTER - A TASK FOR WHICH THE GOVERNMENT ACCEPTED RESPONSIBILITY. THERE HAD TO BE LAW AND ORDER A STEADY STATE OF THE PUBLIC FINANCES INCLUDING PROPER RESERVES; A DECENT SYSTEM OF MEDICAL CARE; STEADILY IMPROVING HOUSING 1 BETTER TRANSPORT AND COMMUNICATIONS: APPROPRIATE SOCIAL WELFARE AND THE BEST POSSIBLE EDUCATIONAL SYSTEM.
+THIRD, THE TOTAL SYSTEM MUST PROVIDE PROPER INCENTIVES TO OUR ENTREPRENEURS AND BUSINESSMEN. HONG KONG'S WHOLE ECONOMY DEPENDS ON INCREASING EXTERNAL TRADE. THIS IN TURN REQUIRES FOR THOSE CREATIVELY INVOLVED THE MAXIMUM POSSIBLE FREEDOM WITHIN AN APPROPRIATE AND IMPROVING FRAMEWORK OF LAWS AND REGULATIONS,
+1 AM NOT PHILOSOPHICALLY OPPOSED TO `GOVERNMENT INTERVENTION IN INDUSTRY. IF
IF, INDEED, SUCH INTERVENTION WERE EVER TO ACHIEVE THE PLANNED RESULTS, WHY NOT? IT IS HOWEVER A TRUISM THAT GOVERNMENTS USUALLY MAKE LARGE MISTAKES IN THIS APPROACH.
THE +SUCH MISTAKES TEND THEN TO BE VERY EXPENSIVE INDEED. BURDENS THAT HAVE TO BE CARRIED BY THE WRETCHED TAXPAYER AND INDUSTRY ITSELF SUBSEQUENTLY BECOME UNBEARABLE. FOR OBVIOUS REASONS OF TACT I DO NOT POINT A FINGER BUT THE WORLD IS LITTERED WITH EXAMPLES.
+IF BRIEF, MY OBJECTION TO GOVERNMENT INTERVENTION IN INDUSTRY
ON THE RECORD IT IS NOT PHILOSOPHICAL BUT WHOLLY PRAGMATIC.
BUSINESS HERE IS BEST IS TOTALLY INAPPROPRIATE FOR HONG KONG, CONDUCTED BY RISK BEARING BUSINESSMEN, SIR JOHN SAID.
FINALLY, SIR JOHN SAID, THE IMPLICATIONS FOR HONG KONG WERE CLEAR, THEY WERE NOT NECESSARILY APPLICABLE TO EVERYWHERE ELSE IN THE WORLD, FOR IN MANY WAYS HONG KONG WAS UNIQUE.
+SUCCESS HERE REQUIRES A PRUDENT FREEDOM, THE ABILITY TO OPERATE FEARLESSLY WITHIN SOUND AND INDEPENDENTLY ADMINISTERED LAW, THE POSSIBILITY OF SELF IMPROVEMENT FOR THE SUCCESSFUL AND THE CERTAINTY OF SENSITIVE TREATMENT FOR THE UNSUCCESSFUL.
+ABOVE ALL THE BURDEN OF DIRECT TAXATION MUST REMAIN MODERATE AND PUBLIC SECTOR EXPENDITURE MUST BE CONSTRAINED.
ALL GOVERNMENTS MAKE MISTAKES.
MOST.+
LET US MAKE FEWER THAN
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