XN000022-1991-03-06 — Page 41

WEDNESDAY, MARCH 6, 1991

40

GOVT IS ACHIEVING IMPROVEMENTS WITHIN ITS MEANS: FS

* * * * *

THE

THE HON SIR

PIERS

JACOBS TODAY SECRETARY, FINANCIAL (WEDNESDAY) SAID THAT WHILST THE DRAFT ESTIMATES PROVIDE FOR CONTINUED IMPROVEMENT IN RECURRENT SERVICES TO THE COMMUNITY, AND ALSO FOR AN IMPRESSIVE PROGRAMME OF CAPITAL WORKS, THE GOVERNMENT IS ACHIEVING ALL THIS WITHIN ITS MEANS.

SUMMING UP

NEVERTHELESS

"WE SUBSTANTIAL

HAVE

THE BUDGET FOR 1991-92, SIR PIERS SAID: HEALTHY RESERVES, THE MORE SO IF WE TAKE INTO ACCOUNT THE EQUITY INVESTMENTS IN STATUTORY BODIES WHICH I MENTIONED EARLIER."

THE

IN DESCRIBING HIS BUDGETARY STRATEGY THIS YEAR, SECRETARY HAD SPOKEN OF THE GOVERNMENT PLANS FOR BORROWING.

PROPERLY

"I FIRMLY BELIEVE THAT GOVERNMENT BORROWING, WILL BE A VALUABLE TOOL IN THE CONTEXT OF GOOD FINANCIAL THAT TAKES US BACK TO THE STRENGTH OF OUR POSITION.

"POTENTIAL LENDERS LOOK TO THE CREDITWORTHINESS OF

ENSURE THAT OUR ALL THE MORE IMPORTANT THEN FOR US TO POSITION REMAINS SOUND,

SIR PIERS SAID.

FINANCIAL

MANAGED, MANAGEMENT.

BORROWERS ;" FINANCIAL

SAID: "I HAVE

ON THE REVENUE SIDE, THE FINANCIAL SECRETARY AGAIN THIS YEAR SOUGHT TO STRUCTURE MY PROPOSALS IN SUCH A WAY THAT WE DO MUCH ΤΟ WILL ACHIEVE GREATER REVENUE STABILITY, AND THIS WILL

THAT LIES ASSIST US

IN MEETING THE PROGRAMME OF PUBLIC EXPENDITURE AHEAD.

"IN

REFORMING OUR TAXATION SYSTEM THERE IS CLEARLY MORE TO

BE

DONE.

THE

STEADY AND

PROGRESSIVE

I DO NOT CONSIDER THAT

WE

"BUT I AM A FIRM BELIEVER IN DEVELOPMENT OF A SOUND BUDGETARY POSITION. NEED SHOCKS," HE SAID.

THAT

THE FINANCIAL SECRETARY SAID THE 1991-92 BUDGET, THE LAST HE WOULD PRESENT TO THE LEGISLATIVE COUNCIL, WAS DESIGNED QUITE SIMPLY WHICH HE TO CONTINUE THAT PROCESS OF SOUND FINANCIAL MANAGEMENT UPON PLACED SUCH GREAT STORE.

INCLUDED MEASURES "BESIDES MY REVENUE PROPOSALS, I HAVE FURTHER ADVANCE HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE.

ΤΟ

"MY

OUR STRONG FISCAL MAINTAIN SHOULD PROPOSALS OVERALL

FUTURE POSITION THROUGHOUT THE COMING YEAR, AND ENABLE US TO FACE THE WITH CONFIDENCE," HE SAID.

STATE OF

SIR PIERS SAID HE BEGAN BY REFERRING TO THE GENERAL UNCERTAINTY WHICH PREVAILED WORLDWIDE AND TO HONG KONG'S VULNERABILITY TO EXTERNAL FACTORS.

PROPOSALS ARE SUFFICIENTLY

"I BELIEVE NEVERTHELESS THAT MY ROBUST TO ENSURE THAT WE CAN CONTINUE TO IMPROVE OUR QUALITY OF LIFE AND TO BUILD FOR THE FUTURE.

/"HONG KONG