XN000022-1994-03-02 — Page 13

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WEDNESDAY, MARCH 2, 1994

BUDGET REFLECTS THE STRENGTH OF HK ECONOMY: GOVERNOR

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THE

GOVERNOR, THE RT HON CHRISTOPHER PATTEN, THIS (WEDNESDAY) AFTERNOON DESCRIBED TIF BUDGET JUST ANNOUNCED BY THE FINANCIAL SECRETARY AS "AN EXCELLENT BUDGET“ WHICH "REFLECTS THE CONTINUING STRENGTH AND VITALITY OF HONG KONG AND OF THE WHOLE COMMUNITY".

MR

SPEAKING TO REPORTERS AFTER HIS VISIT TO THE TAI PO DISTRICT, PATTEN SAID: "IT'S ANOTHER REFLECTION OF THE VERY CONSIDERABLE STRENGTH OF OUR ECONOMY. WE HAVE ONE OF THE MOST SOUNDLY BASED ECONOMIES NOT JUST IN THE REGION BUT IN THE WORLD.

"THE BUDGET IS ALSO AND WF SHOULD RECOGNISE THIS, A REFLECTION OF THE VERY HARD WORK OF THE PEOPLF OF HONG KONG OVER THE LAST YEAR.

"WE ARE ONE OF THE MUST COMPETITIVE ECONOMIES IN THE WORLD AND BECAUSE OF THAT, WE ARE ABLE TO INCREASE OUR SPENDING AND CUT OUR TAXES"

THE GOVERNOR SAID HE WAS PLEASED THAT THE GOVERNMENT WAS ABLE TO FOCUS INCREASED EXPENDITURE ON SOME OF THE COMMUNITY'S PRIORITIES INCLUDING HEALTH, WELFARE AND EDUCATION, AND ΤΟ REDUCE TAXES ON BUSINESSES AND ON FAMILIES.

"AS A RESULT OF THE CHANGES ANNOUNCED BY THE FINANCIAL SECRETARY TODAY, 430 000 PEOPLE WILL GO OUT OF THE TAX NET ALL TOGETHER AND OVER 1 100 000 WILL PAY LESS TAX, MR PATTEN SAID.

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"THOSE FIGURES REFLECT THE PROSPERITY AND STABILITY OF HONG KONG WHICH I AM DETERMINED TO CONTINUE TO WORK FOR.'

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MR PATTEN ALSO NOTED THE VERY SUBSTANTIAL FIGURES RESERVES IN FUTURE YEARS ANNOUNCED BY THE FINANCIAL SECRETARY.

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"IT'S IMPORTANT THAT WE SHOULD ALWAYS MAKE SURE THAT WE THAT CUSHTON AGAINST DIFFICULTY. I BELIEVE TO BE CAUTIOUS RATHER TO TAKE RISKS," HE ADDED.

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HAVE THAN