WEDNESDAY, MARCH 2, 1994
19
"PUTTING ASIDE THE MONEY ΤΟ MEET KNOWN COMMITMENTS
IS
RELATIVELY EASY. FOR EXAMPLE, IN ADDITION TO OUR COMMITMENT UNDER THE HOU ON THE AIRPORT CORE PROGRAMME TO SET ASIDE $25 BILLION FOR THE FUTURE SPECIAL ADMINISTRATIVE REGION (SAR) GOVERNMENT, WE HAVE ALSO ANNOUNCED OUR INTENTION TO SET ASIDE $7 BILLION TO REASSURE THE CIVIL SERVICE THAT WE CAN MEET THEIR PENSION OBLIGATIONS.
"PUTTING ASIDE MONEY TO PROVIDE ADEQUATE PROTECTION AGAINST
FUTURE UNCERTAINTIES INVOLVES MORE DIFFICULT JUDGMENTS.
申申
STR HAMISH BELIEVED THAT THE KESERVES, BOTH AT THE PRESENT AND PROJECTED LEVELS, WERF CLEARLY ADEQUATE TO MEET THE ANTICIPATED DEMANDS ON THEM.
"
"BUT I WOULD REITERATE THAT EVEN WHEN THE RESERVES ARE BUOYANT, WE MUST BE EXTREMELY CAREFUL NOT TO RELAX OUR BUDGETARY DISCIPLINE, HE SAID.
ON THE THIRD POINT OF BUDGFT STRATEGY, SIR HAMISH SAID HONG KONG SHOULD, 45 FAR AS POSSIBLE, AVOID CREATING INFLATIONARY
PRESSURES.
"IN CURRENT CIRCUMSTANCES, I MUST TAKE CARE NOT TO GIVE, THROUGH TAX CONCESSIONS, TOO GREAT A BOOST TO DOMESTIC DEMAND, AND THUS REVERSE THE WELCOME REDUCTION SEEN IN INFLATION YEARS.
--
OVER RECENT
RESERVES TOTAL $136.1 BILLION ON MARCH 31, 1994
THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, SAID TODAY (WEDNESDAY) THAT A SURPLUS DF $15.1 BILLION WAS EXPECTED FOR 1993/94, AND AS A CONSEQUENCE. RESERVES ON MARCH 31. 1994 WERE
EXPECTED TO TOTAL $136. Í BILLION,
SIR HAMISH SAID: "THIS IS AN IMPROVEMENT IN OUR FINANCES OF $18.5 BILLJON. AN IMPROVEMEN'I DUE FOR THE MOST PART TO A GROWTH IN REVENUE WELL ABOVE WHAT HAD BEEN FORECAST,
"A
YEAR AGO, I FORECAST TOTAL REVENUE WOULD BE $150 BILLION. IN THE EVENT, REVENUE HAS SURGED FROM STAMP DUTY (IN RESPECT OF BOTH STOCK MARKET AND PROPERTY TRANSACTIONS) AND FROM LAND SALES, AS A RESULT, 1 HAVE REVISED THE REVENUE FORECAST TO $164.4 BILLION, $14 BILLION ABOVE THE ORIGINAL ESTIMATE.
BY
'THESE ADDITIONAL REVENUE RECEIPTS ARE GOOD NEWS. AT THE TIME. WE MUST RECOGNISE THAT THEY ARISE FROM SOURCES WHICH, VERY NATURE, ARE VOLATILE.
+
"
SOME
SAME THEIR
THE FINANCIAL SECRETARY NOTED THAT HONG KONG'S FINANCES ALSO BEEN AFFECTED BY SONE UNDERSPENDING ON THE EXPENDITURE SIDE.
HAD
/"I AM