XN000022-1992-03-04 — Page 3

WEDNESDAY, MARCH 4, 1992

1

FS SPELLS OUT BUDGET AIM

THE AIM OF THE BUDGET IS TO BALANCE THE NEED TO IMPROVE SERVICES WITH THE NEED TO FOSTER GROWTH THROUGH ENTERPRISE AND SAME TIME, SEEK NOT TO ADD TO INFLATION NOR INCREASE THE OVERALL

OF OF LIVING

THE ORDINARY HOUSEHOLDS; AND TO KEEP

RESERVES

PRUDENT LEVEL.

PUBLIC

AT THE

COST AT A

THIS WAS STATED BY THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, WHEN MOVING THE SECOND READING OF THE APPROPRIATION BILL 1992 IN THE LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.

VERY DURING

IN

WAS PRESENTING HIS FIRST BUDGET, MR MACLEOD SAID HE CONSCIOUS OF HONG KONG'S REMARKABLE RECORD OF ECONOMIC SUCCESS THE PAST 40 YEARS.

"MY

PRIME

TO

HE

CAN DUTY AS FINANCIAL SECRETARY IS TO DO ALL I

FUTURE, THE THAT ENSURE

THIS RECORD OF SUCCESS CONTINUES INTO SAID, ADDING THAT ECONOMIC SUCCESS MUST BE A FINANCIAL SECRETARY'S FIRST PRIORITY.

HE POINTED OUT THAT HONG KONG'S PAST SUCCESS HAD MEANT THAT THE IT STANDARD OF LIVING FOR THE WHOLE COMMUNITY HAD BEEN TRANSFORMED.

POINT WHERE WAS NOT JUST THAT PERSONAL INCOMES HAD INCREASED TO THE PER CAPITA GDP WAS AT PRESENT AMONG THE HIGHEST IN ASIA.

EDUCATION

"OUR ECONOMIC SUCCESS HAS BEEN THE FOUNDATION FOR EVERYTHING WE HAVE ACHIEVED IN THE PAST 40 YEARS IN HOUSING, HEALTH CARE, AND SOCIAL WELFARE, THE FINANCIAL SECRETARY SAID.

MR

SAID MACLEOD

HONG KONG'S

DIFFICULT TO DESCRIBE.

ECONOMIC

PHILOSOPHY

WAS

NOT

"IT IS A COMMITMENT TO ENTERPRISE, A COMMITMENT TO LOW TAXATION AND A COMMITMENT TO FREE MARKETS AND FREE TRADE,

HR SAID.

-

OR AT A TIME WHEN LARGE PARTS OF THE WORLD WERE REDISCOVERING IN SOME CASES DISCOVERING FOR THE FIRST TIME - THAT THE MARKET WAS THE

HE BEST MEANS OF ORDERING ECONOMIC AFFAIRS,

SAID IT WAS WORTH THIS REMINDING OURSELVES THAT WE IN HONG KONG HAD NEVER LOST SIGHT OF BASIC FACT OF ECONOMIC LIFE.

+

"WE HAVE NEVER SET OUR FACE AGAINST ECONOMIC REALITIES AND THE NEED TO EARN A LIVING IN THE WORLD THROUGH ENTERPRISE AND EFFICIENCY, HE ADDED.

MR

MACLEOD SAID HE WOULD LIKE TO MAKE IT CLEAR AT THE THAT HE SUBSCRIBED FULLY TO THE ECONOMIC PHILOSOPHY WHICH HAD PROSPERITY TO THE PEOPLE OF HONG KONG.

OUTSET

BROUGHT

ECONOMIC

"MY BUDGETS WILL BE CHARACTERISED BY A COMMITMENT TO GROWTH, BY A COMMITMENT TO MAINTAIN SOUND FINANCIAL MANAGEMENT AND BY A COMMITMENT TO HELP THOSE MOST IN NEED," HE SAID.

/WHILE HE

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