XN000022-1992-08-04 — Page 2

TUESDAY, AUGUST }, 1992

GOVERNOR PLEDGES TO WORK FOR HK'S INTERESTS

THE

GOVERNOR, THE ᎡᎢ HON CHRISTOPHER PATTEN, SAID TODAY (TUESDAY) THAT HIS ONLY AIM WAS TO WORK FOR THE INTERESTS OF HONG KONG AND FOR THE FAMILIES WHO MAKE THE TERRITORY THEIR HOME, NOW AND IN THE FUTURE.

MR PATTEN SAID IN THE NEXT FIVE YEARS HE INTENDED TO ACT DURING THE ENTIRE PERIOD, WITH THE AUTHORITY WHICH WAS INCUMBENT UPON HIM AS GOVERNOR.

ADDRESSING A LUNCHEON MEETING OF THE HONG KONG GENERAL CHAMBER OF COMMERCE, THE GOVERNOR SAID: "I THINK THAT WE SHOULD FOLLOW AT LEAST FIVE PRINCIPLES IN ATTEMPTING TO ENSURE THAT WE BUILD ON THE FOUNDATIONS THAT YOU AND OTHERS HAVE LAID IN THE LAST FEW YEARS.'

"FIRST, WE SHOULD STICK TO POLICIES THAT HAVE WORKED, FOR EXAMPLE, CONTINUE TO BE A LOW-TAX COMMUNITY, AND THAT MEANS LOW TAX ON INDIVIDUALS AND LOW TAX ON BUSINESS. IN ORDER TO REMA IN A LOW-TAX HIGH-GROWTH ECONOMY IT IS IMPERATIVE THAT WE REMAIN PRUDENT ABOUT PUBLIC EXPENDITURE AND ITS CONTROL," HE SAID.

"WE

HAVE A VERY CLEAR CRITERION WHICH I

INTEND THAT WE SHOULD STICK TO,

AND THAT IS THAT PUBLIC SPENDING SHOULD NOT GROW BY MORE THAN THE TREND GROWTH RATE IN THE ECONOMY AS A WHOLE, HE ADDED.

H

WE ALSO HAVE TO REMAIN COMMITTED TO THE PRINCIPLES OF A MARKET ECONOMY, WITH A GOVERNMENT DEDICATED TO MINIMUM INTERVENTION BUT MAXIMUM SUPPORT FOR COMMERCE AND INDUSTRY, HE SAID.

THE GOVERNOR SAID THE SECOND PRINCIPLE WE HAVE TO FOLLOW WAS TO HAVE THE SELF-CONFIDENCE TO GO ON BUILDING FOR THE FUTURE.

**

IT ALSO

THAT DOESN'T JUST MEAN BUILDING OUR INFRASTRUCTURE, MEANS BUILDING OUR SOCIAL AND INTELLECTUAL, AND IN FDUCATIONAL INSTITUTIONS AS WELL. AS OUR PHYSICAL FABRIC, HE SAID.

་་

MR PATTEN GAVE HIS VIEWS ON THE NEW AIRPORT PROJECT: EVERYBODY KNOWS THAT THERE IS GOING TO BE A NEW AIRPORT. EVERYBODY KNOWS THAT THE PROJECTS ASSOCIATED WITH IT, INCLUDING OF COURSE THE NEW RAILWAY- LINE, EVERYBODY KNOWS THAT THOSE PROJECTS WILL BE COMPLETED AS WELL.”

"

THE

FOR

ONE OF THE EXPANDING IS

'BECAUSE THE OVERWHELMING ARGUMENTS ARE FOR DOING THAT. OVERWHELMING ARGUMENTS FOR HONG KONG, THE OVERWHELMING ARGUMENTS CHINA, THE OVERWHELMING ARGUMENTS FOR THE WHOLE REGION. THINGS WHICH HAS ENSURED THAT THIS REGION GOES ON INVESTMENT IN INFRASTRUCTURE, HE SAID.

WE KNOW, του, SOMF OF THE SPECIFIC AND

IDENTIFIABLE

ADVANTAGES. WE KNOW OF THE ASSESSMENT THAT THE VIRPORT WOULD ADD IN ADDITIONAL WEALTH TO HONG KONG, $420 RILLION BETWEEN 1997 AND 2010, A HUGE INCREASE IN OUR GNP. WE KNOW THAT FOR STARTERS, WE SEE ANOTHER 350 HECTARES OF LAND RECLAIMED, IN A CITY WHERE THE PRESSURE ON LAND IS ONE OF THE BIGGEST PROBLEMS THAT WE FACE," HE ADDED.

/MR PATTEN