2
THURSDAY, MARCH 10, 1994
"WE ARE MERELY DOING A REVALUATION. WE DO ONE EVERY THREE THERE YEARS. IT'S BEEN KNOWN ABOUT AT LEAST SINCE THE LAST BUDGET. HAS BEEN NO FUSS ABOUT IT UNTIL AFTER THE BUDGET SPEECH.
DO HE
"I GUESS IT'S THE ONLY SLIGHTLY UNPOPULAR MEASURE IN THE BUDGET. I THINK IT WILL BE A GREAT PITY IF THE POLITICAL PARTIES DECIDE ΤΟ OPPOSE IT BUT I AM COMMITTED TO GETTING IT THROUGH, SAID.
**
EARLIER IN HIS SPEECH TO THE CANADIAN CHAMBER OF COMMERCE, THE FINANCIAL SECRETARY POINTED OUT THAT 1993 WAS THE 27TH SUCCESSIVE YEAR IN WHICH HONG KONG'S ECONOMY GREW IN REAL TERMS SINCE THE OF THE GDP FIGURE IN 1966.
START
BEING
TOTAL
HE ALSO SAID THE BENEFITS OF HONG KONG'S SUCCESS WERE SPREAD THROUGH THE COMMUNITY, NOTING THAT NEARLY HALF OF THE PUBLIC SPENDING IN HONG KONG WAS DEVOTED TO HOUSING AND THE SOCIAL SERVICES.
ΤΟ ENSURE THE CONTINUATION OF THIS SUCCESS, HE SAID, IT WAS NECESSARY FOR THE GOVERNMENT TO CONTROL EXPENDITURE, TO MAINTAIN
LOW, SIMPLE AND PREDICTABLE TAXES AND ALSO TO ENSURE ADEQUATE REVENUE AND RESERVES.
BUSINESS COMMUNITY TO GAIN FROM POLITICAL DEVELOPMENT * * * * *
ASSURED
GAIN
THE CHIEF SECRETARY, MRS ANSON CHAN, TODAY (THURSDAY) THE BUSINESS COMMUNITY THAT THEY HAD NOTHING TO FEAR AND MUCH TO FROM THE PROCESS OF CONSTITUTIONAL DEVELOPMENT IN HONG KONG.
HONG
SINCE THE CONSTITUTIONAL REFORMS WERE INTRODUCED IN 1991, KONG'S POSITION AS THE PREMIER BUSINESS LOCATION IN THE REGION HAS CONTINUED TO IMPROVE, SHE SAID.
"CHINA'S ECONOMIC MODERNISATION HAS CREATED EXCEPTIONAL
AND INVESTMENT OPPORTUNITIES FOR HONG KONG.
TRADE
"BUT OUR BUSINESS COMMUNITY HAS ALSO BENEFITED CONSIDERABLY FROM THE REASSURANCES PROVIDED BY THE CHINESE GOVERNMENT AND ITS SENIOR OFFICIALS, MRS CHAN TOLD THE HONG KONG EXPORTERS' ASSOCIATION LUNCHEON.
"T
THEY HAVE REGULARLY STRESSED THEIR COMMITMENT ΤΟ THE JOINT DECLARATION AND THE BASIC LAW AS WELL AS THEIR DETERMINATION TO ENSURE THE LONG-TERM PROSPERITY OF HONG KONG, SHE NOTED.
ON THIS
BASIS,
PRINCIPLES OF FREE
HONG KONG WILL BE ABLE TO MAINTAIN THE AND OPEN MARKETS AND MINIMAL GOVERNMENT INTERVENTION ESSENTIAL TO ITS CONTINUED ECONOMIC GROWTH.
REGARDING THE SECOND STAGE OF LEGISLATION FOR NEXT YEAR'S LEGCO ELECTIONS, MRS CHAN SAID: "IT IS UNFORTUNATE THAT DESPITE OUR BEST EFFORTS, WE HAVE NOT BEEN ABLE TO REACH AGREEMENT WITH THE CHINESE CONSTITUTIONAL REFORMS."
ON
/SHE SAID