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1993
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WEDNESDAY, MARCH 2, 1994
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27TH SUCCESSIVE YEAR OF ECONOMIC GROWTH
THE YEAR 1993 WAS THE 27TH SUCCESSIVE YEAR IN WHICH THE ECONOMY GREW IN
REAL TERMS SINCE THE START OF THE GDP FIGURES IN 1966, THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, SAID TODAY (WEDNESDAY).
"A WHOLE GENERATION HAS GROWN UP IN OUR COMMUNITY WHICH HAS NEVER KNOWN ANYTHING OTHER THAN UNBROKEN ECONOMIC EXPANSION," SIR HAMISH SAID WHEN MOVING THE SECOND READING OF THE APPROPRIATION BILL 1994 IN THE LEGISLATIVE COUNCIL..
HE SAID IT WAS A STAGGERING FACT THAT GDP PER HEAD HAD MORE THAN TREBLED IN REAL TERMS SINCE 1970.
"THIS GENERATION TAKES IT FOR GRANTED THAT ENTERPRISE, EDUCATION AND PERSONAL ENDEAVOUR WILL BRING IMPROVED PERSONAL INCOMES AND A BETTER QUALITY OF LIFE YEAR BY YEAR.'
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HONG KONG HAS BEEN DESCRIBED AS "ONE OF THE RICHEST AND MOST SOPHISTICATED URBAN SOCIETIES IN THE WORLD".
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HE SAID: "BUT WE ALSO KNOW THAT WE CANNOT TAKE THIS SUCCESS FOR GRANTED; WE ONLY HAVE TO LOOK AT MUCH OF THE REST OF THE WORLD TO SEE THAT. WE HAVE TO KEEP INVESTING IN OUR FUTURE.
GIVEN THE SUCCESS, THEN, THE COMMUNITY RIGHTLY EXPECTS THEIR INCREASED PROSPERITY TO BE USED TO IMPROVE THE RANGE AND QUALITY OF THE GOVERNMENT'S SERVICES AND TO DEVELOP THE INFRASTRUCTURE REQUIRED FOR FUTURE EXPANSION, SIR HAMISH SAID.
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"AND THE COMMUNITY RIGHTLY EXPECTS THE FINANCIAL SECRETARY PARTICULAR TO ENSURE THE PRUDENT MANAGEMENT OF THE ADDITIONAL REVENUE WHICH A FLOURISHING ECONOMY PROVIDES.
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SAID THE GOVERNMENT DID NOT CLAIM A MONOPOLY OF WISDOM IN DECIDING THE PROPER ALLOCATION OF THESE INCREASING RESOURCES.
THE COMMUNITY ITSELF BAS QUITE CLEAR IDEAS ABOUT WHAT THE PRIORITIES SHOULD BE, HE ADDED.
IN PREPARING THIS BUDGET, SIR HAMISH SAID HE HAD CONSULTED LEGCO MEMBERS AND HAD ALSO CONSIDERED CAREFULLY THE VALUABLE ADVICE HE HAD RECEIVED FROM PROFESSIONAL, BODIES, COMMERCIAL ASSOCIATIONS, LABOUR AND WELFARE GROUPS.
"I HAVE BEEN STRUCK, EVEN MORE THAN IN PREVIOUS BUDGET EXERCISES, BY THE DEGREE OF CONSENSUS WHICH I FOUND DURING MY CONSULTATIONS ON THIS YEAR'S BUDGET.
"THIS GROWING CONSENSUS HAS MADE MY TASK EASIER IN IDENTIFYING HOW THE COMMUNITY EXPECTS THE GOVERNMENT TO SPEND THE TAXPAYERS' MONEY TO THE BEST ADVANTAGE."
/THE FINANCIAL