Question (in Cantonese): When we look at last year's Budget and it was anticipated that this year the surplus would be $5.9 billion and yet now it is about $1.6 billion only. So in other words, it is less than anticipated. The most important point, probably, is because you are getting less from property transactions and you are paying more in tax allowances. So when you compare the figure you give this year and the original one, there is a reduction.
FS (in Cantonese): Yes, let me answer that question first. When you talk about revenue, last year Sir Hamish made a forecast and it was different from the figure that I have given now. That is because our forecast for 96-97 is different because at that time it was anticipated that the economy would continue to grow and the growth rate would be 5.5%. But now the figure is 4.6% only and so we do have a downturn.
But even though the rate itself is a good one, it is slowing down and it will go on to 96-97. It will affect a lot of things, for instance, stamp duty and property transactions, etc. And therefore, Sir Hamish gave a figure for 96-97 which I don't think we will be able to get and that is the reason why I have revised it to $1.6 billion and that is quite a good figure already. And in 1997-98 we will see a growth and this is a balanced Budget and this is quite a practical forecast.
Question: The impression that I get from your Budget is it is more for business rather than people oriented. You have described the people of Hong Kong as your key software package. Are there any political considerations or any constraints economically or politically to redirect your Budget towards more economic, you know, macro economics rather than maybe more spending on social services and welfare?
FS: I believe it is always the same. I think I explained quite clearly in my Budget Speech our philosophical and economic beliefs and that is, we certainly rely on the market. And in that respect, I also explained the real meaning of economic growth. Economic growth is going to generate wealth and wealth will enable us to improve our standard of living and our spending capacity on social services and so on.
But the starting point must be economic growth and prosperous business opportunities, not only now but well into the next century. For that reason, what I am saying is, we must be able to develop our economy. We must be able to maintain our economic growth. And after we have done that, then in so doing we then reap the fruits of economic growth and invest that into our social infrastructure. And that is the whole purpose of it. So it is a Budget for the community as a whole, not only for one sector but for all the sectors.