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WEDNESDAY, MARCH 7, 1990
"BUT WE CANNOT EXE CT POTENTIAL INVESTORS TO PARTICIPATE THE GOVERNMENT ITSELF HAS A SOUND FINANCIAL POSITION.
UNLESS
"IN FRAMING MY BUDGET PROPOSALS, THIS HAS BEEN IN THE FOREFRONT OF MY MIND, T HE SAID.
ON THE REVENUE SIDE OF FINANCIAL MANAGEMENT, SIR PIERS SAID OVER THE LAST FEW YEAPS HE HAD EXPLAINED HIS CONCERN REGARDING THE OVER- RELIANCE ON DIRECT 1AXATION, AND THE VULNERABILITY OF THE PRESENT TAX STRUCTURE TO CHANGES IN ECONOMIC PERFORMANCE.
"THE PROJECTED STATE OF PUBLIC FINANCES WHEN WEIGHED AGAINST THE PROGRAMMES THAT WE HAVE SET FOR OURSELVES GIVES ADDED POINT TO WHAT I HAVE SAID, # HE SAID.
HE SAID THE REVENUE MEASURES PROPOSED THIS YEAR WERE THUS INTENDED TO SERVE A TWOFOLD PURPOSE - FIRST, TO RAISE THE ADDITIONAL REVENUE WE NEED. AND SECONDLY, TO BEGIN TO ADDRESS THE PROBLEM OF OUR OVER-RELIANCE ON DIRECT TAXATION.
11I
BELIEVE IN MOVING GRADUALLY SO AS NOT TO PUT STRAIN ON OUR SYSTEMS OR ON THE COMMUNITY,'
" HE ADDED.
FINALLY, THE FINANCIAL SECRETARY SAID HIS BUDGET FORESHADOWED THE IMPLEMENTATION OF A PROGRAMME OF IMMENSE SIGNIFICANCE, A PROGRAMME THAT WOULD AFFECT THE WHOLE FABRIC AND QUALITY OF LIFE IN HONG KONG.
"'WE HAVE SET OUR SIGHTS HIGH: WE HAVE IDENTIFIED THE PROBLEMS; AND WE KNOW WHAT NEEDS TO BE DONE IF WE ARE TO OVERCOME THEM.
"BUT WE WILL NOT SUCCEED UNLESS WE DISPLAY THE WILL TO DO SO.
"OUR AIMS WILL NOT BE ACHIEVED UNLESS THEY ARE PURSUED WITH THAT VIGOUR AND ENTHUSIASM WHICH HAS MADE HONG KONG WHAT IT IS TODAY.
"THE COMING
BELIEVE THAT THE COMMUNITY IS FAMOUS
YEARS ARE RICH IN PROMISE FOR HONG KONG. AND I SKILLS, DRIVE AND RESOURCEFULNESS FOR WHICH OUR WILL NOT FAIL US AT THIS POINT IN TIME," HE SAID.
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