XN000022-1990-03-07 — Page 14

WEDNESDAY, MARCH 7, 1990

1

GOVT DETERMINED TO CARRY OUT DEVELOPMENT PROGRAMME

*

MORE HONG

THE INTERNATIONAL SCENE HAS CHANGED IN THE PAST 12 MONTHS QUICKLY AND DRAMATICALLY THAN ANYONE COULD HAVE ANTICIPATED, AND KONG DID NOT EMERGE UNSCATHED, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE

HOWEVER, IN PRESENTING HIS BUDGET FOR 1990-91. SIR PIERS SAID ADMINISTRATION REMAINED DETERMINED TO UNDERTAKE THE VITAL PROGRAMME OF INFRASTRUCTURAL AND OTHER PROJECTS DESCRIBED IN THE GOVERNOR'S ADDRESS TO THE COUNCIL LAST OCTOBER.

THIS PROGRAMME ESSENTIAL

"WE HAVE SET OURSELVES AMBITIOUS LONG TERM OBJECTIVES, AND BUDGET SETS THE SCENE FOR THEIR ULTIMATE ACHIEVEMENT. THE IN ITS ENTIRETY IS OUR INVESTMENT IN OUR OWN FUTURE AND IS TO THE CONTINUED PROGRESS AND PROSPERITY OF THIS COMMUNITY," HE SAID.

"HONG KONG HAS GROWN TO BE BOTH AN INTERNATIONAL TRADING AND FINANCIAL CENTRE AND A PLACE WHICH PROVIDES A REWARDING LIFESTYLE FOR ITS PEOPLE ONLY BY PLANNING AHEAD AND BY MEETING CHALLENGES AND OVERCOMING DIFFICULTIES AS THEY ARISE," HE ADDED.

THE FINANCIAL SECRETARY POINTED OUT THAT THE PROGRAMME OF PUBLIC EXPENDITURE UPON WHICH WE WERE NOW EMBARKING WAS WITHIN OUR CAPABILITIES BUT IT WOULD REQUIRE FINANCIAL MANAGEMENT OF A HIGH

ORDER.

"TODAY IT IS MORE IMPORTANT THAN EVER THAT WE SHOULD ASSESS OUR PROSPECTE REALISTICALLY AND TAILOR OUR THINKING TO WHAT IS POSSIBLE.

RESOURCES.

ACHIEVING

*THE STARTING POINT HAS TO BE THE BEST USE OF OUR CONTROLLING PUBLIC SECTOR EXPENDITURE IN ALL ITS FORMS, VALUE FOR MONEY, CONTAINING CIVIL SERVICE GROWTH, INCREASING PRODUCTIVITY, ALL ARE NEEDED, SIR PIERS SAID.

WAS

++

NOTING THAT RAISING SUFFICIENT REVENUE, AND HOW IT WAS RAISED, NO LESS IMPORTANT. THE FINANCIAL SECRETARY SAID HE WOULD BE PROPOSING A NUMBER OF MEASURES DESIGNED TO IMPROVE THE REVENUE YIELD AND TO BRING ABOUT A RELATIVE SHIFT FROM DIRECT TO INDIRECT TAXATION.

IN SETTING THE SCENE FOR THE ACHIEVEMENT OF THE OBJECTIVES, BIR PIERS SAID HE WOULD NOT ATTEMPT TO DESCRIBE IN DETAIL HOW EACH PROJECT WOULD BE FINANCED, AS THAT WAS FOR A LATER STAGE WHEN PLANS WERE FURTHER ADVANCED.

"WHAT I AM SEEKING IS A SOUND FISCAL POSITION UPON WHICH WE WILL BE ABLE TO DEVELOP OUR FINANCING STRATEGY. THE TASK WILL NOT BE ACHIEVED IN THE COURSE OF ONE YEAR, " HE SAID.

"NOW

THAT THE KEY DECISION TO BUILD OUR NEW AIRPORT HAS BEEN TAKEN, IT IS ALL THE MORE IMPORTANT TO ENSURE THAT WE MAINTAIN A POSITION OF CONSIDERABLE FINANCIAL STRENGTH," HE ADDED.

/THE FINANCIAL