WEDNESDAY, OCTOBER 12, 1994
FEAR OF PUBLIC WEALTH DISAPPEARING UNFOUNDED
THE SECRETARY
(WEDNESDAY)
**
THE FOR
TREASURY,
MR
TSANG, DONALD
WEALTH PUBLIC
TODAY WOULD
DISPELLED FEARS THAT HONG KONG'S SOMEWHAT DISAPPEAR IN THE RUN-UP TO 1997.
MONEY
BE
TO THE 97 JAPANESE IN A SPEECH ENTITLED "BASIC INSTINCT" BUSINESS CLUB, MR TSANG SAID THERE WAS CONCERN THAT EITHER THE WOULD BE SPIRITED AWAY TO THE BENEFIT OF OTHER PARTIES OR IT WOULD FRITTERED AWAY IN EXTRAVAGANT SOCIAL WELFARE PROGRAMMES.
SAID.
"THIS FEAR IN ANY OF ITS VARIATIONS IS TOTALLY UNFOUNDED,'
——
——
..
HE
KONG WAS MR TSANG EXPLAINED THAT PUBLIC EXPENDITURE IN HONG
AND EVERY PROPOSAL GOVERNED BY LAW THE PUBLIC FINANCE. ORDINANCE TO SPEND MONEY HAD TO BE PUT FORWARD BY THE ADMINISTRATION, IN PUBLIC, TO THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL AND JUSTIFIED.
"IT IS INCONCEIVABLE THAT THE HONG KONG GOVERNMENT FORWARD A PROPOSAL TO GIVE OUR MONEY TO SOMEONE ELSE.
WOULD PUT
IF SUCH A PHRASE EXISTS "IT IS EVEN MORE INCONCEIVABLE
HE SAID, LEGCO WOULD APPROVE IT IF WE DID,
IN
ADDITION,
HE
SAID,
.
ALL
OF
GOVERNMENT'S
THAT
ON ACTIVITIES
AND THE
SPENDING WERE SUBJECT TO SCRUTINY BY THE DIRECTOR OF AUDIT PUBLIC ACCOUNTS COMMITTEE.
"THEIR REPORTS ARE PUBLISHED, AND DEBATED IN PUBLIC. OF IMPROPRIETY WOULD QUICKLY BE BROUGHT TO LIGHT.
H
"AS YOU CAN SEE, JUST LIKE THE STAR OF BASIC INSTINCT
HE SAID. WE HAVE NOTHING TO HIDE,
HE
"
ANY HINT
HERSELF,
KONG SAID NEITHER DIRECTLY, NOR INDIRECTLY, WOULD THE HONG
TO BE USED FOR GOVERNMENT EVER PERMIT HONG KONG'S PUBLIC WEALTH
FROM WHOSE HARD ANYTHING OTHER THAN THE BENEFIT OF HONG KONG PEOPLE,
GOVERNMENT HELD WORK THAT WEALTH DERIVED AND UPON WHOSE BEHALF THE THOSE ASSETS IN TRUST.
"IT IS OUR FIRM INTENTION TO PASS GOVERNMENT IN DUE COURSE, INTACT," HE SAID.
ΤΟ EVERYTHING
THE
SAR
IN PLACE SOCIAL AND UNDERMINE
ON THE FEAR THAT THE GOVERNMENT WOULD PUT PROGRAMMES THAT WOULD DRAIN AWAY HONG KONG'S RESERVES THE FINANCES OF THE SPECIAL ADMINISTRATIVE REGION GOVERNMENT, MR TSANG SAID
EXERCISE HELD IN THE RESOURCE ALLOCATION GOVERNMENT BEGAN BY CALCULATING THE TOTAL AMOUNT WOULD BE PERMITTED WITHIN ITS BUDGETARY GUIDELINES.
EVERY YEAR, THE OF SPENDING THAT
TREND GROWTH "OUR MEDIUM RANGE FORECAST AT PRESENT ASSUMES A
SO WE ALLOW GOVERNMENT RATE OF FIVE PER CENT PER ANNUM IN GDP. SPENDING TO GROW BY FIVE PER CENT IN REAL TERMS EVERY YEAR.
/"THEN WE