XN000022-1988-04-20 — Page 18

WEDNESDAY, APRIL 20, 1988

17

EMIGRATION FACTOR REQUIRES ACTION

—

THE CENTRAL THEME OF THE FINANCIAL SECRETARY'S COULD BE SUMMED UP IN A FEW WORDS

BUDGET SPRICH "CAUTIOUS KONG'S FUTURE AS A VIABLE ECONOMIC

CONFIDENCE IN HONG AND FINANCIAL CENTRE", HILTON CHEONG-LEEN SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE HON

SPEAKING IN THE BUDGET DEBATE, MR CHEONG-LEEN MANY PEOPLE IN HONG KONG WERE NOW WORRYING TALENT SO VITAL TO OUR ECONOMIC GROWTH.

ABOUT A

SAID, HOWEVER, BRAIN DRAIN OP

"THE BRAIN DRAIN, I MIGHT ADD, IS BEGINNING TO GATHER MOMENTUM. I DO NOT THINK THE GOVERNMENT SHOULD JUST GLOSS OVER THE IS TOO SERIOUS FOR THAT,

||

HE SAID.

"INSTEAD THE GOVERNMENT SHOULD NOW PLAN A EFFORT TO ATTRACT BACK TO HONG KONG THOSE WHO HAVE AND HAVE OBTAINED THEIR CITIZENSHIP OVERSEAS.

PROBLEM, IT

LONG-TERM CONCERTED ALREADY EMIGRATED

BRITISH AND

ISSUE,

"IF THE GOVERNMENT, WITH THE SUPPORT OF THE CHINESE GOVERNMENTS, DO NOT VIGOROUSLY SEEK TO FACE UP TO THIS WE WILL HAVE A. CONFIDENCE CRISIS ON OUR HANDS KONG'S CAPABILITY TO

IN REGARD TO HONG EXPAND RCONOMICALLY DURING TRANSITION PERIOD.'

THE REST OF THE

H

MR CHEONG-LEEN SAID HE AGREED WITH THE FINANCIAL THAT HONG KONG, WITH ITS FREE PORT STATUS AND OPEN AS VULNERABLE AS EVER TO EXTERNAL FORCES.

HONG

SECRETARY

ECONOMY, REMAINED

ANY GIVEN

{ YEAR DANGEROUSLY IN THE WORLD

NO MATTER HOW WELL THE ECONOMY WAS DOING IN KONG SHOULD NOT LET ITS GUARD DOWN AND BECOME EXPOSED TO ADVERSE SHIFTS, WHETHER ABRUPT OR SLIDING, ECONOMY.

ECONOMY SPECTRE OF

HE SAID HONG KONG WAS STILL VERY MUCH AN EXPORT-LED AND ONE OF ITS MAIN CONCERNS HAD TO DO WITH KEEPING THE PROTECTIONISM AT BAY.

SECRETARY'S

MR CHEONG-LEEN SAID HE SUPPORTED THE FINANCIAL POLICY OF FISCAL PRUDENCE, COUPLED WITH MODERATE TAX CONCESSIONS, PLUS STEADY INCREASES IN EXPENDITURE ON SOCIAL WELFARE, HOUSING, MEDICAL AND OTHER SOCIAL SERVICES SO AS TO STANDARDS AND THE QUALITY OF LIFE.

PUBLIC RAISE LIVING

ON SEPARATE TAXATION FOR MARRIED WOMEN, HE SAID THE OF SEPARATE TAXATION HAD TO BE ACCEPTED BY THE GOVERNMENT LATER, AND THE EARLIER THE BETTER.

"ONCE THE PRINCIPLE IS ACCEPTED, THE MANNER OF AND IMPLEMENTATION IN AN EQUITABLE WAY CAN THEN BE INVESTIGATED," HE SAID.

PRINCIPLE SOONER OR

TIMING OF CAREFULLY

/QUOTING A