XN000022-1993-03-03 — Page 27

WEDNESDAY, MARCH 3, 1993

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BUDGET WILL FURTHER INCREASE PROPLE'S WELLBEING: FS

IN THE

THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD SAID LEGISLATIVE COUNCIL TODAY (WEDNESDAY) THAT THIS YEAR'S BUDGET WOULD FURTHER INCREASE THE WELLBEING OF THE PEOPLE OF HONG KONG.

MOVING THE SECOND READING OF THE APPROPRIATION BILL 1993. MR MACLEOD SAID THE GOVERNMENT WOULD IMPROVE THE LIVELIHOOD OF THE COMMUNITY, AS WELL AS THE RANGE AND QUALITY OF SOCIAL SERVICES AND OTHER PROGRAMMES IN LINE WITH THE MEASURES OUTLINED BY THE GOVERNOR IN HIS POLICY ADDRESS.

"BUT, IN ADDITION, WE WILL BE ABLE TO MAKE FURTHER IMPROVEMENTS IN KEY PROGRAMME AREAS.

"THERE WILL ALSO BE LOWER TAXES FOR THE GREAT MAJORITY OF TAX- PAYING FAMILIES, HE SAID.

IN PREPARING THIS YEAR'S BUDGET AGAINST A BACKGROUND OF RAPID POLITICAL AS WELL AS ECONOMIC CHANGE, BOTH HERE AND ABROAD, MR MACLEOD SAID HE HAD BEEN VERY CONSCIOUS OF THE GOVERNMENT'S FUNDAMENTAL OBJECTIVES IN MANAGING ITS FINANCIAL AND ECONOMIC AFFAIRS:

THE BUSINESS ENVIRONMENT SHOULD BE AS POSITIVE AS POSSIBLE, WITH MINIMUM GOVERNMENT INTERFERENCE AND MAXIMUM SUPPORT.

THE GOVERNMENT'S POLICIES AND PROGRAMMES SHOULD BALANCE ECONOMIC REALITIES AND THE PUBLIC'S ASPIRATIONS.

FUNDING FOR EXPANDED GOVERNMENT PROGRAMMES SHOULD NORMALLY COME FROM THE REVENUE GENERATED BY ECONOMIC GROWTH RATHER THAN HIGHER TAXES.

RCONOMIC GROWTH SHOULD IMPROVE THE QUALITY OF LIFE FOR THE WHOLE COMMUNITY.

THE FUTURE SPECIAL ADMINISTRATIVE REGION GOVERNMENT (SARG) SHOULD GET OFF TO THE BEST POSSIBLE START IN 1997, WITH FLOURISHING ECONOMY, ADEQUATE FINANCE AND AN INFRASTRUCTURE FIT FOR THE NEXT CENTURY.

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"THIS YEAR'S BUDGET IS A BUDGET WHICH BUILDS ON SUCCESS.

"I HAVE BEEN ABLE TO PURSUE THESE AIMS WITH CONSIDERABLE CONFIDENCE IN THIS MY SECOND BUDGET BECAUSE OF OUR ROBUST ECONOMIC PERFORMANCE, HE SAID.

HE EXPLAINED THAT THIS HAD BEEN BASED ON:

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THE CONTINUED IMPRESSIVE GROWTH OF CHINA'S ECONOMY, AND

THE ABILITY OF HONG KONG BUSINESSMEN TO LOOK BEYOND PRESENT POLITICAL CONTROVERSIES ΤΟ THE LONG-TERM PROSPECTS FOR SUSTAINED GROWTH THROUGHOUT THE HONG KONG ECONOMY,

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