20
WEDNESDAY, APRIL 17, 1991
THE CONCURRENT WEAKENING OF THE HONG KONG DOLLAR CAUSED THE PRICES OF LOCAL RETAINED IMPORTS ΤΟ INCREASE MORE RAPIDLY, PARTICULARLY IN THE FOURTH QUARTER OF LAST YEAR, AND THIS LED TO A GREATER AMOUNT OF IMPORTED INFLATION FOR THE LOCAL ECONOMY.
SIR PIERS SAID THE US DOLLAR HAD, HOWEVER, REBOUNDED STRONGLY SINCE THE END OF THE GULF WAR.
BETWEEN MID-FEBRUARY AND END-MARCH THIS YEAR THE EXCHANGE RATE OF THE US DOLLAR AGAINST THE YEN APPRECIATED BY ABOUT 10 PER CENT.
"THIS SHOULD HELP TO ALLEVIATE THE IMPACT OF IMPORTED INFLATION IN DUE COURSE," HE SAID.
GOVT'S FISCAL POLICY A SOUND BASE FOR HK ECONOMY: FS
*
THE
BASE ON
IN THE
GOVERNMENT'S FISCAL POLICY HAS PROVIDED A SOUND WHICH TO BUILD AND DEVELOP THE ECONOMY OF HONG KONG OVER THE YEARS, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SIR PIERS SAID, AT THE
CONCLUSION OF THE RESUMED BUDGET, DEBATE THIS YEAR'S BUDGET HAD BEEN DESIGNED TO MAINTAIN THAT PROGRESS, ALBEIT IN A MORE COMPLEX ENVIRONMENT.
SUMMING UP HIS FIFTH AND FINAL BUDGET HE HAD PILOTED THROUGH THE LEGCO, SIR PIERS SAID HE WAS STRUCK BY THE PROGRESS HONG KONG HAD MADE AS A COMMUNITY.
HE POINTED OUT THAT THE HONG KONG ECONOMY HAD CONTINUED TO PROSPER IN THE FIVE YEARS SINCE 1985-86, EVEN ALLOWING FOR THE RECENT RECESSION.
GDP HAD GROWN BY AN AVERAGE EIGHT PER CENT, MUCH BETTER THAN THE AVERAGE OF THREE PER CENT IN THE OECD COUNTRIES.
FOR
"THIS HAS ENABLED US TO SPEND SUBSTANTIALLY MORE IN MAINTAINING HONG KONG'S COMPETITIVENESS AND IN IMPROVING THE QUALITY OF LIFE ALL MEMBERS OF OUR COMMUNITY.
"WE HAVE ACHIEVED THIS WITHOUT HARSH TAX MEASURES AND WITHOUT EATING INTO OUR RESERVES, SIR PIERS SAID.
INCRRASED
HE SAID THE GOVERNMENT HAD WITHIN ITS MEANS, EXPENDITURE IN REAL TERMS BY 52 PER CENT ON SOCIAL SERVICES OVER FIVE YEAR PERIOD, 42 PER CENT ON EDUCATION, AND 48 PER CENT ON INFRASTRUCTURE.
THE
THE
"STARTING FROM A MUCH LOWER BASE, WE HAVE INCREASED EXPENDITURE ON THE ENVIRONMENT BY OVER 400 PER CENT IN REAL TERMS.
/"OUR PER