FRIDAY, MARCH 18, 1994
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BUDGET AIMS TO FORGE PROSPERITY
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THE GOVERNMENT'S FUNDAMENTAL BUDGET OBJECTIVE IS TO MANAGE THE PROSPERITY HONG KONG HAS ACHIEVED AND ENSURE THAT IT CONTINUES, THE SECRETARY FOR THE TREASURY, MR DONALD
TSANG, SAID THURSDAY (HAWAII
TIME).
SPEAKING ON "MANAGING PROSPERITY THE HONG KONG WAY" AT A LUNCH
ASIAN MEETING OF THE PACIFIC AND
AFFAIRS COUNCIL IN
MR HONOLULU, TSANG SAID THE GOVERNMENT MUST STRIKE A RIGHT BALANCE BETWEEN SPENDING AND SAVINGS IN DRAWING UP ITS BUDGET STRATEGY.
"SPENDING TO IMPROVE THE QUALITY OF LIFE FOR THE COMMUNITY AS A WHOLE AND TO CREATE THE INFRASTRUCTURE FOR OUR FUTURE GROWTH.
"SAVINGS то MEET FUTURE LIABILITIES AND UNFORESEEN CONTINGENCIES, BECAUSE ECONOMIC SUCCESS CANNOT BE TAKEN FOR GRANTED YEAR AFTER YEAR,' HE SAID.
MR TSANG SAID APART FROM IMPROVING SOCIAL SERVICES. THE COMMUNITY ALSO EXPECTED THE GOVERNMENT TO IMPROVE THE SOCIAL AND PHYSICAL INFRASTRUCTURE ON WHICH THE FUTURE CREATION OF WEALTH WOULD DEPEND.
"THIS MEANS IN PARTICULAR THAT WE MUST FORGE AHEAD WITH OUR AIRPORT AND PORT DEVELOPMENTS; OTHERWISE THE GROWTH OF OUR ECONOMY WILL BE SEVERELY CONSTRAINED, HE SAID.
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AT THE SAME TIME, HE SAID, THE GOVERNMENT MAINTAINED ADEQUATE RESERVES TO MEET ITS KNOWN COMMITMENTS AND GUARD AGAINST FUTURE UNCERTAINTIES.
"THE FUTURE SPECIAL ADMINISTRATIVE REGION GOVERNMENT SHOULD
WITH GET OFF TO THE BEST POSSIBLE START IN JULY 1997,
A FLOURISHING AN INFRASTRUCTURE ECONOMY, ADEQUATE FINANCE AND
FIT FOR THE NEXT CENTURY. THIS MEANS THAT EVEN WHEN THE RESERVES ARE BUOYANT, WE MUST BE EXTREMELY CAREFUL NOT TO RELAX OUR BUDGETARY DISCIPLINE, HE SAID.
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MR TSANG STRESSED THAT THE GOVERNMENT WAS COMMITTED TO FREE TRADE, LOW TAX, STABLE CURRENCY AND A SOUND FINANCIAL SYSTEM AND PRUDENT BUDGETS.
"THE HONG KONG ECONOMY HAS PERFORMED HANDSOMELY IN 1993 WITH GDP GROWING AT 5.5 PER CENT IN REAL TERMS. WE FORECAST THAT THIS WILL CONTINUE INTO 1994.
**TO MANAGE AND SUSTAIN OUR PROSPERITY, HOWEVER, WE NEED то INVEST IN OUR PEOPLE AND OUR PHYSICAL INFRASTRUCTURE.
"DEMANDS FOR GOVERNMENT SPENDING ARE RISING BUT WE MAINTAIN OUR STRICT BUDGETARY DISCIPLINE OF CONTAINING THE GROWTH OF PUBLIC SPENDING WITHIN THE GROWTH OF THE ECONOMY," HE SAID.
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MR TSANG IS CURRENTLY LEADING A HONG KONG DELEGATION TO ATTEND FINANCE MINISTERS MEETING OF THE ASIA PACIFIC ECONOMIC CO-OPERATION (APEC) IN HONOLULU.
THE
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