XN000022-1989-04-26 — Page 27

WEDNESDAY, APRIL 26, 1989

25

DECISION WILL

HAVE

"THERE IS NO QUESTION, IN MY MIND, THAT A TO BE MADE THIS YEAR IN FAVOUR OF BUILDING A NEW AIRPORT.

URGE

TO

ΤΟ

"WHEN THE DECISION IS MADE, I WOULD

THE GOVERNMENT PROCEED WITH ALL SPEED IN DETAILED PLANNING AND IN BRINGING FRUITION THIS EXCITING, MASSIVE, COSTLY AND TOTALLY ESSENTIAL PROJECT YEARS OF WORK SO THAT IT CAN START TO RECEIVE AIRCRAFT WITHIN SEVEN BEGINNING.

MR MCGREGOR ALSO URGED FOR SPEEDY PLANNING FOR THE HARBOUR DEVELOPMENT.

DEVELOPMENTS

CONTAINER

PORT. то STAY IN THAT PROUD

LARGEST HE SAID: "WE ARE ALREADY THE WORLD'S WE WILL NEED FURTHER POSITION.

MASSIVE

"WE SHOULD NOT DELAY THESE DEVELOPMENTS WHICH INCLUDE ESSENTIAL RAIL AND ROAD CONNECTIONS WITH CHINA.

HONG KONG WOULD FACE AN EXTRAORDINARY LEVEL OF PUBLIC SECTOR EXPENDITURE DURING THE NEXT DECADE, NO MATTER HOW MUCH PRIVATE PARTICIPATION THERE MIGHT BE, MR MCGREGOR SAID.

HE URGED THE FINANCIAL SECRETARY NOT TO BE AFRAID OF LONG COMMITMENT OF OUR FINANCIAL RESOURCES.

TURNING TO PROPOSED INCREASES IN DUTIES, FEES AND MCGREGOR SAID THESE WERE "UNEXCEPTIONAL AND NOT LIKELY TO PAIN."

CORPORATE HE SAID: "THE REDUCTION IN PERSONAL AND INCREASES IN CAPITAL ALLOWANCES, AND THE ELIMINATION OF HAVE BEEN WIDELY WELCOMED.

TERM

CHARGES.

MR CAUSE MUCH

TAXES, THE INTEREST TAX

DEPENDENT AND SINGLE AND A CARING

CHILDREN, "THE IMPROVED ALLOWANCES FOR PARENTS AND WIDOWS ALL REFLECT OUR FINANCIAL VIABILITY BUT RATHER CAUTIOUS ATTITUDE TOWARDS THE LESS AFFLUENT.

HE SAID HE HAD WISHED THE TAXES ON SOFT DRINKS AND COSMETICS WERE REMOVED.

UNFAIRLY SURPLUS, THESE MR MCGREGOR SAID,

"THESE ARE TEMPORARY IN NATURE AND DISCRIMINATE AGAINST CERTAIN CATEGORIES OF CONSUMERS. WITH SUCH A TAXES COULD SURELY HAVE BEEN ELIMINATED,

MR MCGREGOR ALSO COMMENTED ON MANUFACTURING INDUSTRY WAS GRADUALLY BEING SECTOR AS A FASTER CONTRIBUTOR TO THE GDP.

SUGGESTIONS

THAT THE REPLACED BY THE SERVICE

RECENT YEARS MOVING INTO FASTER THAN

HE SAID: "THERE HAS BEEN A GREAT DEAL OF TALK IN SUGGESTING THAT OUR MANUFACTURING INDUSTRY IS GRADUALLY CHINA, THAT THE SERVICE SECTOR, WHICH IS GROWING MANUFACTURING AS A CONTRIBUTOR TO OUR GDP, WILL REPLACE IN THE NEAR FUTURE AND THAT THE HONG KONG RCONOMY WILL BECOME ORIENTED TOWARDS CHINA.

MANUFACTURING

SERVICE

"I BELIEVE ....