WEDNESDAY, MARCH 2, 1988
27
FS'S SPEECH ON TV AND RADIO
FOLLOWING IS THE TEXT OF THE BUDGET SUMMARY DELIVERED BY THE FINANCIAL SECRETARY ON TELEVISION AND RADIO STATIONS THIS (WEDNESDAY) EVENING.
"THIS AFTERNOON I PRESENTED TO THE LEGISLATIVE COUNCIL MY BUDGET PROPOSALS FOR THE COMING FINANCIAL YEAR. I WAS IN THE HAPPY POSITION OF BEING ABLE TO DO
AGAINST A BACKGROUND OF STRONG ECONOMIC PERFORMANCE AND SOUND PUBLIC FINANCES.
THIS
"IN 1987 WE EXPERIENCED AN ECONOMIC GROWTH RATE OF AROUND
IMPROVEMENT ON THE 13.5 PER CENT, A FURTHER
HEALTHY 11 PER CENT THAT WE ACHIVED IN 1986. THE GROWTH RATE WE HAVE ENJOYED, THE HIGHEST SINCE 1976, WAS SOLIDLY BASED ON OUR EXPORT PERFORMANCE. UNEMPLOYMENT HAS
LOW, AND WAGES AND
HAVE PROFITS
INCREASED SUBSTANTIALLY.
REMAINED
BOTH
I
"IN PUTTING TOGETHER MY PROPOSALS, I HAVE TAKEN INTO ACCOUNT
YEAR BUT ALSO WHAT NOT ONLY THE PERFORMANCE OF THE ECONOMY LAST
WE IT IS IMPORTANT THAT FORESEE FOR 1988 AND THE YEARS BEYOND. REGARD TO THIS LONGER TERM VIEW IN ORDER TO ENSURE STEADY PROGRESS OUR EXPENDITURE AND IN THE SERVICES THAT WE PROVIDE.
HAVE IN
ΤΟ "I AM PLEASED
SAY THAT AT THE MOMENT THE ECONOMY IS CONTINUING TO PERFORM WELL. BUT IT IS UNLIKELY THAT THE GROWTH RATE IN 1988 WILL BE AS STRONG AS IN 1987. IN VIEW OF THE ECONOMIC
THE WORLD, UNCERTAINTIES THROUGHOUT
I EXPECT A SLOWDOWN IN OUR
FIGURE EVEN THOUGH THIS ECONOMIC GROWTH TO AROUND 5 PER CENT. SHORT OF LAST YEAR'S EXCEPTIONAL GROWTH, IT WOULD BE VERY BY WORLD STANDARDS.
OUR
FALLS
RESPECTABLE
CONTINUED MY
SERVICES
POLICY OF
TO
MEET THE INCREASED
HAVE "IN MY EXPENDITURE PROPOSALS I STEADY GROWTH OF PROVIDING FOR THE
PUBLIC
ASPIRATIONS OF
COMMUNITY. I MENTION IN PARTICULAR EXPENDITURE ON MEDICAL AND SOCIAL WELFARE SERVICES, ON ELDERLY AND FOR THE DISABLED, PEOPLE.
AND ON THE
HELP FOR THE EDUCATION OF OUR YOUNG
ARE
"OUR CAPITAL PROGRAMMES IN 1988 WILL INCLUDE EXPENDITURE ON WELFARE FACILITIES THE KOWLOON WALLED CITY CLEARANCE, NEW HOSPITALS,
PROJECTS. IN ADDITION, WE AND A WIDE RANGE OF INFRASTRUCTURAL
TRANSPORT TURNING OUR ATTENTION TO THE LONGER TERM DEVELOPMENT OF OUR SYSTEMS WHETHER BY LAND, SEA OR AIR.
"EVEN WITH THE PLANNED INCREASE
IN EXPENDITURE THAT I HAVE HAS FOR THE SECOND REDUCTIONS IN COST THE OFFSET BY TAXES AND
DESCRIBED, THE STRENGTH OF OUR REVENUE POSITION YEAR IN SUCCESSION GIVEN ME THE OPPORTUNITY TO PROPOSE
WILL THE TAX BURDEN. I AM PROPOSING TAX CONCESSIONS THAT
PARTLY THIS WILL BE REVENUE $3.2 BILLION IN A FULL YEAR.
NUMBER OF INDIRECT SOME RELATIVELY SMALL. INCREASES IN A CHARGES DESIGNED MAINLY TO RESTORE THEIR REAL VALUE.
/"THIS YEAR, ..........