XN000022-1988-04-20 — Page 11

WEDNESDAY, APRIL 20, 1988

10

STEADY APPROACH THE RIGHT COURSE

THE PERFORMANCE OF HONG KONG'S ECONOMY IN THE PAST YEAR

IN BUSINESS COMMUNITY

TAKING FULL DEMONSTRATED THE ABILITY OF THE ADVANTAGE OF CONTINUED GROWTH IN THE ECONOMY OF DEVELOPED NATIONS, THE HON STEPHEN CHEONG SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SUPPORTING THE APPROPRIATION BILL 1988, MR CHEONG SAID THAT

SIGNIFICANT

ΤΟ CONTRIBUTIONS THE SITUATION ALSO REFLECTED THE

HONG KONG'S ECONOMIC GROWTH ARISING FROM INCREASED OPPORTUNITIES FOR WITH CHINA.

TRADE

THE

IN GROWTH

WE MUST NOT ECONOMY IN

CENT NOTING THAT THE OUTLOOK FOR AN EIGHT PER GDP THIS YEAR WAS GOOD, MR CHEONG WARNED, HOWEVER, THAT IGNORE THE POSSIBILITY OF A DOWNTURN IN THE UNITED STATES 1989, WHICH WOULD AFFECT HONG KONG'S EXPORT AND RELATED SERVICES.

A

"WHAT IS EVEN MORE WORRYING IS A POSSIBILITY THAT SUCH

FACED SLOWDOWN WOULD NOT BE CONFINED TO THE YEAR 1989. WE MAY WELL BE WITH SIMILAR SITUATIONS FOR ANOTHER TWO TO THREE YEARS, HE, SAID.

"I

MR CHEONG SAID HE FULLY SUPPORTED THE FINANCIAL SECRETARY'S STEADY APPROACH IN MANAGING PUBLIC FINANCE AND IN GIVING SOCIAL WELFARE SERVICES A MUCH WELCOME BOOST.

OF HE THOUGHT THAT THE CONCEPT

MEANS TESTING SHOULD BE AN ACCEPTABLE GUIDELINE TO ADOPT IN THE DESIGN OF MOST WELFARE SERVICES IN MIND WHEN AND STRONGLY URGED THE GOVERNMENT TO BEAR THIS CONCEPT DESIGNING NEW PROGRAMMES OR REVIEWING OLD ONES.

A

MR CHEONG STRESSED THAT SPENDING WISELY AND COST-EFFECTIVELY HELPED TO PRESERVE SCARCE RESOURCES AND TO ACHIEVE

BALANCED TREND IN THE EQUATION OF REVENUE AND EXPENDITURE.

MORE IMPORTANTLY, HE SAID, THE GOVERNMENT MUST MAINTAIN AND ENHANCE OPPORTUNITIES FOR THE COMMUNITY TO CREATE WEALTH.

CALLING ON THE GOVERNMENT TO PRESERVE THE ENVIRONMENT, WHICH

MR WAS CONDUCIVE TO FURTHER WEALTH-CREATING ACTIVITIES,

CHEONG ALSO SAID SUFFICIENT LAND SHOULD BE PROVIDED FOR INDUSTRIAL PURPOSES.

HE POINTED OUT THAT INDUSTRY, WHICH HAD BEEN RELATIVELY LABOUR INTENSIVE IN NATURE, HAD GRADUALLY BECOME CAPITAL INTENSIVE, EMPLOYING A GREATER DEGREE OF AUTOMATION, PARTICULARLY IN PRODUCTION.

DESIGN

AND

"THE NEW INDUSTRIAL PROCESSES WILL INCREASINGLY CALL FOR LOADINGS, AS WELL LONGER UNINTERRUPTED FLOOR AREAS WITH HEAVY FLOOR AS VIBRATION-, HUMIDITY- AND PARTICLE-CONTROLLED

HE ENVIRONMENTS,

SAID.

"

"UNDER SUCH ...