WEDNESDAY, APRIL 11, 1990
CONTROLLING PUBLIC SPENDING TO KEEP INFLATION DOWN
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THE SECRETARY FOR THE TREASURY, MR HAMISH MACLEOD, HAS REITERATED THAT THE GOVERNMENT IS SERIOUS ABOUT CONTROLLING PUBLIC EXPENDITURE MORE TIGHTLY, AND HENCE ALSO HELPING TO KEEP DOWN INFLATION,
SPEAKING AT THE OPENING OF THE NEW HOME ELECTRICAL APPLIANCES SHOW 1990 TODAY (WEDNESDAY), MR MACLEOD POINTED OUT THAT A MYTH WAS. GROWING THAT THE NEED TO RAISE TAXES, AND TO TIGHTEN CONTROL OF EXPENDITURE, ALL AROSE BECAUSE OF THE AIRPORT.
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"THIS IS VERY MISLEADING, HE SAID, ADDING THAT THE MAIN PROBLEM WAS THE RAPID GROWTH IN RECURRENT EXPENDITURE UP ABOUT 9.5 PER CENT IN 1990-91 IN REAL TERMS AT A TIME WHEN ECONOMIC GROWTH HAD GONE DOWN TO ABOUT THREE PER CENT.
"OF COURSE THE AIRPORT IS AN IMPORTANT FEATURE OF OUR MEDIUM TERM PLANS.
"BUT IT IS MAINLY CAPITAL EXPENDITURE, SPREAD OVER A NUMBER OF YEARS, AND WILL BE PARTLY PAID FOR BY PRIVATE INVESTORS, HE SAID.
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MR MACLEOD STRESSED THAT THE PORT AND AIRPORT DID NOT SIGNIFICANTLY IN THE 1990-91 ESTIMATES.
FEATURE
APPLIANCES SHOW 1990, MR
TURNING TO THE NEW HOME ELECTRICAL MACLEOD DESCRIBED IT AS A SHOWCASE OF HONG KONG'S TECHNOLOGICAL ADVANCES AND PRODUCTION CAPABILITIES.
"CREDIT MUST GO TO THE ELECTRICAL
PRODUCTS INDUSTRY FOR THE
COMPUTER
INCREASING APPLICATION OF ADVANCED TECHNOLOGIES, SUCH AS AIDED ENGINEERING, AUTOMATED ASSEMBLY AND PROPRIETARY SURFACE TREATMENT PROCESS.
"THE POSITIVE OUTCOME IS THAT BUYERS AT HOME AND ABROAD ARE ASSURED OF QUALITY AND VALUE, HE SAID.
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HONG KONG EXPORTED A TOTAL VALUE OF $16,690 MILLION OF ELY TRICAL PRODUCTS AND IMPORTED MORE THAN $21 BILLION WORTH OF MAJOR FLECTRONIC AND ELECTRICAL HOME APPLIANCES IN 1989, MR MACLEOD SAID.
"THIS BUSINESS VOLUME REFLECTED NOT ONLY OUR VERY CONSIDERABLE CONSUMER SPENDING POWER BUT ALSO HONG KONG'S FIRM COMMITMENT ΤΟ FREE TRADE," HE ADDED.
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