WEDNESDAY, APRIL 26, 1989
HK'S ECONOMIC MIRACLE DUE TO PEOPLE AND STABLE GOVERNMENT: ALLEN LEE
HONG KONG'S ECONOMIC MIRACLE WAS MADE POSSIBLE MAINLY BECAUSE OF ITS PEOPLE AND THE RIGHT ENVIRONMENT CREATED THROUGH A STABLE GOVERNMENT, SENIOR MEMBER OF THE LEGISLATIVE COUNCIL THE HON ALLEN LEE SAID TODAY (WEDNESDAY).
LEADING THE RESUMED DEBATE ON THE APPROPRIATION BILL 1989 IN THE LEGISLATIVE COUNCIL, MR LEE SAID HONG KONG HAD A DELIGENT WORKFORCE WHICH THE TERRITORY WAS PROUD OF, AND ENTERPRISING MANUFACTURERS WHO KNEW HOW TO MARKET THE RIGHT PRODUCTS IN THE RIGHT PLACE AND AT THE RIGHT TIME.
THE SECOND FACTOR WAS THE RIGHT ENVIRONMENT. HE SAID THAT LIKE MANY OTHERS, HE HAD BEEN CRITICAL OF CERTAIN POLICIES OF THE GOVERNMENT. "BUT THIS DOES NOT ERASE THE FACT THAT IT HAS IN THE PAST PROVIDED AN ENVIRONMENT CONDUCIVE TO PROSPERITY AND ECONOMIC
DEVELOPMENT.
MR LEE NOTED THAT HONG KONG PEOPLE WERE NOW IN THE PROCESS OF DISCUSSING THE BASIC LAW, A DOCUMENT WHICH WAS
OF PARAMOUNT IMPORTANCE TO HONG KONG'S FUTURE.
"BUT IN THE PROCESS, WE MUST NOT FORGET THAT THE ECONOMY STILL REMAINS OUR LIFELINE, AND WHATEVER OUR POLITICAL IDEALS, WE MUST BR ALIVE TO ECONOMIC REALITIES, HE SAID.
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HE SAID ONE OF THE MORE IMMEDIATE PROBLEMS FACING HONG KONG WAS INFLATION, AND HE DESCRIBED THE FINANCIAL SECRETARY'S ESTIMATE OF A 8.5 PER CENT INFLATION RATE AS "VERY CONSERVATIVE".
MR LEE FEARED THAT HONG KONG MIGHT NOT BE ABLE TO HOLD ON TO A SINGLE-DIGIT INFLATION RATE FOR LONG, AND SAID THE TERRITORY MUST GUARD AGAINST ANY PUBLIC MEASURE THAT WOULD FUEL INFLATION.
"I THEREFORE SUPPORT THE FINANCIAL SECRETARY'S CAUTIOUS APPROACH IN DEALING WITH THE SURPLUS OF THIS YEAR, NOT
ONLY BECAUSE WE NEED TO SAVE UP FOR THE DEVELOPMENT OF SOME MAJOR INFRASTRUCTURAL PROJECTS IN THE YEARS AHEAD, SUCH AS THE NEW AIRPORT, PORT DEVELOPMENT ETC, BUT ALSO BECAUSE OF THE NEED TO PREVENT FURTHER OVERHEATING OF OUR ECONOMY, HE SAID.
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AGAINST THE BACKGROUND OF RISING INFLATION, MR LEE SAID HE HAD TO POINT OUT HIS UNEASE WITH THIS YEAR'S EXPECTED INCREASE IN GOVERNMENT EXPENDITURE AND THE EXPANSION OF THE CIVIL SERVICE.
3.9 PER
THE NINE PER CENT INCREASE IN THE CONSOLIDATED ACCOUNT EXPENDITURE WAS WELL ABOVE THE TREND GROWTH RATE OF GDP OF SIX
PER CENT OVER THE PERIOD OF THE MEDIUM RANGE FORECAST, WHILE THE CENT GROWTH IN THE SIZE OF THE CIVIL SERVICE COMPARED UNCOMFORTABLY WITH THE TARGET OF 2.5 PER CENT.
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