WEDNESDAY, JUNE 12, 1991
16
FINANCIAL POLICIES ENABLE COMMUNITY TO FLOURISH
* * *
THERE IS NO DOUBT THAT THE FINANCIAL AND ECONOMIC POLICIES THAT THE GOVERNMENT HAS FOLLOWED OVER MANY YEARS HAVE ENABLED THE COMMUNITY TO FLOURISH.
THE FINANCIAL SECRETARY,
THIS SIR PIERS JACOBS, SAID (WEDNESDAY) IN A SPEECH TO THE CHARTERED INSTITUTE OF BANKERS.
TODAY
SERVICE,
THE ON
29 EVE OF HIS DEPARTURE FROM GOVERNMENT AFTER SIR PIERS SUMMED UP IN HIS SPRECH THE FULL RANGE OF RESPONSIBILITIES OF THE FINANCIAL SECRETARY.
YEARS
■
FROM
THESE COVER A NUMBER OF DISTINCT BUT RELATED PROGRAMMB AREAS TREASURY MATTERS THROUGH RCONOMIC SERVICES TO MONETARY POLICY, PUBLIC WORKS, AND TRADE AND INDUSTRY.
REPORTS
++
DIRECTLY
IN DISCHARGING HIS RESPONSIBILITIES, THE FINANCIAL SECRETARY
TO THE GOVERNOR RECOGNISING THE CLEAR DIVISION BETWEEN THE FINANCIAL SECRETARY'S POST AND THAT
OF
OF
RESPONSIBILITIES THE CHIEF SECRETARY,
"WHAT
IMPORTANT 13 THAT THE POLICIES FOLLOWED BY THE FINANCIAL SECRETARY SHOULD BE RELATED TO THE OTHER POLICY AREAS OF THE
ADMINISTRATION.
FREQUENT
THE
PERSONAL
AND,
"THIS IS ACHIEVED IN A NUMBER OF WAYS, PRINCIPALLY THROUGH
ALLOCATION RESOURCE
EXERCISE,
BY BUT ALSO
THE CONTACTS BETWEEN THE GOVERNOR AND MYSELF AND THE CHIEF SECRETARY OF COURSE, BETWEEN ALL THE VARIOUS POLICY BRANCH SECRETARIES.
++
*OVERALL,
COHERENT.
וז
THE GOVERNMENT'S POLICIES HAVE BEEN CONSISTENT AND
SIR PIERS POINTED OUT THAT THE 1980'S WERE PRETTY GOOD FOR HONG KONG WITH THE SECOND HALF RATHER BETTER THAN THE FIRST.
ECONOMIC GROWTH FOR HONG KONG OVERALL HAS BEEN AT AN AVERAGE ANNUAL RATE OF 7.6 PER CENT OVER THE PERIOD 1985 TO 1990.
TIMES,
"THIS COMPARES WELL WITH THE AVERAGE ANNUAL INCREASE OF 6.6 PER CENT OVER THE PREVIOUS FIVE-YEAR PERIOD. AS 1 HAVE SAID MANY THE ECONOMY OF HONG KONG IS EXPOSED TO EXTERNAL FACTORS
ARE WHICH
OFTEN
SO THAT YEAR ON YEAR VARIATIONS COULD BE CONSIDERABLE," HE SAID.
VOLATILE,
AS FAR AS THE BUDGET IS CONCERNED, SIR PIERS SAID THE LAST FIVE YEARS HAD IN MANY WAYS BEEN HIGHLY SATISFACTORY.
"WE HAVE HAD SURPLUSES EVERY YEAR AND OUR PISCAL RESERVES INCREASED FROM ABOUT $32 BILLION TO OVER $73
TODAY. BILLJON EXCLUDES SOME $21 BILLION PAID INTO THE SARG LAND FUND.
HAVE
THIS
/"WE HAVE