XN000022-1984-03-28 — Page 25

WEDNESDAY, MARCH 28, 1964

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AS FOR THE TWO PER CENT INCREASE IN DIRECT TAXATION, SAID THAT THERE WAS NO ARGUMENT FROM HIS COLLEAGUES.

HE

*WE UNDERSTAND THE DIFFICULTIES THAT OUR GOVERNMENT IS FACING, BUT THE PUBLIC SERVANTS MUST PLAY THEIR PART IN ENSURING THE CONTINUED VIABILITY OF OUR ECONOMY.+

+BY CONTROLLING GROWTH OF THE CIVIL SERVICE AND CONTROLLING THE RECURRENT GOVERNMENT EXPENDITURE, WE WILL ALL HAVE A BETTER TOMORROW, HE ADDED.

REFERRING TO STATEMENTS BY THE FINANCIAL SECRETARY THAT THE HONG KONG DOLLAR LINK TO THE US DOLLAR AT 7.8 TO 1 WOULD NOT CHANGE, MR LEE SUGGESTED THAT THE FINANCIAL SECRETARY REVIEW THE CURRENT SITUATION AND LIFT THIS LINK TO LET THE HONG KONG DOLLAR FLOAT FREELY AGAIN.

KE SAID HE BASED HIS SUGGESTION ON THE FOLLOWING:

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LIFTING THE LINK AND LETTING THE HONG KONG DOLLAR FIND ¡TS VALUE VERSUS FOREIGN CURRENCIES IS IN LINE WITH THE GOVERNMENT'S PRIOR PHILOSOPHY AND POLICY.

THE EXPORT PERFORMANCE OF 1983 AND THE NARROWING OF THE VISIBLE TRADE GAP DOES NOT REFLECT THE TURE VALUE OF THE HONG KONG DOLLAR. AS IT IS PREDICTED THAT THE EXPORT TREND OF 1984 WILL BE STRONGER THAN IN 1983, IT IS WRONG TO LINK THE HONG KONG DOLLAR TO THE US DOLLAR AT 7.8 TO 1.

THE PERFORMANCE OF THE US DOLLAR VERSUS OTHER FOREIGN CURRENCIES HAS WEAKENED IN RECENT MONTHS AND IT HAS BEEN PREDICTED THAT IT WILL WEAKEN FURTHER IN THE FUTURE.

THE GOVERNMENT ALWAYS HAS THE RIGHT TO ESTABLISH A LINK IN THE FUTURE IN CASE OF SPECULATION.

BETTER EFFORTS ON ENVIRONMENTAL PROTECTION URGED

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THE GOVERNMENT SHOULD INTRODUCE RADICAL REFORMS IF IT IS TO IMPROVE EFFICIENCY IN ITS EFFORTS ON ENVIRONMENTAL PROTECTION, THE HON ANDREW SO SAID IN THE ANNUAL BUDGET DEBATE TODAY.

HE ALSO SUGGESTED THAT THE STRUCTURE OF THE ENVIRONMENTAL PROTECTION ADVISORY COMMITTEE BE REVIEWED IN THE LIGHT OF THE OPERATION OF DISTRICT ADMINISTRATION, AND THE PROPOSED REGIONAL COUNCILS SO AS TO MEET THE PEOPLE'S ACTUAL NEEDS.

POINTING OUT THAT ENVIRONMENTAL PROTECTION WAS A TASK WHICH SHOULD BE UNDERTAKEN WITH UNRELENTING EFFORT, MR SO STRESSED THAT IT MUST NOT BE AFFECTED BY THE UNCERTAINTY OF THE PREVAILING ECONOMIC AND POLITICAL CLIMATE.

HE HOTED

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