THURSDAY, NOVEMBER 2, 1989
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STABLE POLITICAL ENVIRONMENT KEY TO PROSPERITY
POLITICAL UNCERTAINTY CAN ONLY AGGRAVATE THE CONFIDENCE
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THAT IS LOOMING OVER HONG KONG'S HORIZONS, AND IT IS UP TO ALL SIDES TO ENSURE A STABLE POLITICAL ENVIRONMENT THAT IS SO ESSENTIAL TO HONG KONG'S FUTURE PROSPERITY THE HON PETER WONG HONG - YUEN SAID IN THE LEGISLATIVE COUNCIL TODAY (THURSDAY 1.
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HE ALSO URGED THE LOCAL BASIC LAW DRAFTERS TO PAKE INTO CONSIDERATION THE INTEREST OF HONG KONG AND STRIKE A REASONABLE BALANCE WITH CHINA.
IF THEY NEGOTIATE FOR THE OVERALL GOOD OF CHINA AND HONG KONG EVERYONE THEN WILL BE THE BENEFICIARY AND NONE WILL BE THE LOSER, HE SAID.
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SPEAKING IN THE POLICY DEBATE, MR WONG SAID THE PROJECTEU BILLION INVESTMENT IN THE NEW AIRPORT AND PORT DEVELOPMENT WAS AN AFFIRMATION OF FAITH IN HONG KONG.
BUT HE SUGGESTED THAT THE FINANCIAL SECRETARY HAD то ENSURE THAT THE ECONOMY WOULD NOT BECOME OVERHEATED AS A RESULT.
"SO FAR AS THE FUNDING OF THE PROJECT IS CONCERNED, I WAS UNHAPPY TO HEAR THE FINANCIAL SECRETARY'S REMARK THAT TAXES WILL HAVE TO GO UP, OR ALTERNATIVE SOURCES BE MADE AVAILABLE ΤΟ STABILISE THE YIELD.
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"I WAS UNHAPPY BECAUSE THIS IS BASICALLY PROJECT FINANCING SHOULD NOT COME OUT OF THE GENERAL REVENUES OVER THE LONG TERM. IT WOULD BE VERY WRONG TO USE THE AIRPORT AS THE EXCUSE TO BRING IN SALES TAX.
"THE USE OF THE HONG KONG SAR GOVERNMENT LAND FUND TRUST SEEM A BETTER ALTERNATIVE," HE SAID.
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MR WONG SAID THE MASSIVE INFRASTRUCTURAL PROJECTS WOULD LEAD TO INFLATION IF ACTIVITIES WERE NOT CAREFULLY PLANNED.
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HE ALSO SAID THERE MIGHT BF A NERD TO LIBERALISE THE IMPORTATION OF LABOUR TO MEET THE SURGE IN DEMAND BUT SUCH A POLICY SHOULD BE EXERCISED CAREFULLY IN THE CURRENT POLITICAL CLIMATE.
OVERSEAS AND LOCAL CONSORTIA WOULD BE INTERESTED IN PARTICIPATING IN THE PROJECT AND THE GOVERNMENT SHOULD TRY TO OBTAIN THE BEST TERMS.
AS FOR THE ADMINISTRATION OF THE PROJECTS THROUGH THE PROVISIONAL AUTHORITY, HE SUGGESTED THAT THE GOVERNMENT REVIEW THE CAPABILITY OF SENIOR OFFICIALS TO PICK THE MOST SUITABLE CANDIDATE FOR THE SPECIAL JOB, AND IF SUCH PERSON COULD NOT BE FOUND IN THE CIVIL SERVICE, IT SHOULD NOT BE AFRAID TO BRING IN OVERSEAS EXPERTS.
/MR WONG