XN000022-1991-04-17 — Page 23

+

WEDNESDAY, APRIL 17, 1991

"OUR PER

21

CAPITA GDP HAS TOPPED US$13,000, PUTTING US JUST BEHIND BRITAIN IN EUROPE AND AMONG THE TOP COUNTRIES IN THE ASTAN REGION.

"WE HAVE THUS MADE GREAT STRIDES IN MAKING HONG KONG A BETTER AND MORE REWARDING PLACE IN WHICH TO LIVE AND WORK, AND WE HAVE ALSO ADVANCED HONG KONG'S STATUS INTERNATIONALLY," THE FINANCIAL SECRETARY SAID.

TAXES HAD BEEN KEPT LOW SO THAT EMPLOYERS AND EMPLOYEES ALIKE WERE ABLE TO RETAIN AND ENJOY WHAT THEY EARNED AND THIS HAD ENCOURAGED FURTHER THE ENTREPRENEURIAL WEALTH CREATION ON WHICH HONG KONG'S FUTURE DEPENDED.

HE SAID OVER THE FIVE YEAR PERIOD, HONG KONG'S FISCAL RESERVES HAD DOUBLED TO $73 BILLION, EXCLUDING THE SARG FUND.

POINTING OUT THAT IT WOULD NOT BE POSSIBLE FOR THE ADMINISTRATION ΤΟ RESPONSE TO EVERY POINTS MADE IN THE DEBATE, SIR PIERS ASSURED MEMBERS THAT WHAT THEY HAD SAID WOULD INDEED BE EXAMINED BY THE ADMINISTRATION.

"I HAVE ASKED MY SUCCESSOR TO GIVE PARTICULAR ATTENTION TO THIS ONE EXAMPLE OF MATTERS THAT WILL REQUIRE ATTENTION IS THE

POINT. PROPOSAL TO ESTABLISH A TAXATION REVIEW COMMITTEE.

"PERSONALLY, I HAVE SOME RESERVATIONS, BUT IN VIEW OF THE FACT THAT A NUMBER OF MEMBERS HAVE PRESSED THE POINT I SHALL LEAVE IT TO MY SUCCESSOR TO CONSIDER," SIR PIERS SAID.

OBVIOUSLY, HE SAID, THERE WERE SOME OTHER SUGGESTIONS THAT THE GOVERNMENT WOULD NOT BE ABLE TO FOLLOW SIMPLY BECAUSE IT DID NOT THEM FEASIBLE.

FIND

WILL

HOPE

"NEVERTHELESS THE TONE AND CONTENT OF THE BUDGET DEBATE UNDOUBTEDLY BE OF HELP IN FRAMING FUTURE BUDGETARY PROPOSALS. I THAT I HAVE SHOWN THIS AFTERNOON THAT I HAVE NOT BEEN WHOLLY INSENSITIVE TO WHAT HAS BEEN SAID THIS YEAR, HE SAID.

SUCCESS.

11

LASTLY, SIR PIERS WISHED THE NEXT FINANCIAL SECRETARY EVERY

**BE KIND TO HIM. I KNOW THAT HE WILL VALUE THE GUIDANCE AND INDEED THE FRIENDSHIP OF MEMBERS AS MUCH AS I HAVE,

** HE ADDED.

/22