XN000022-1994-03-02 — Page 49

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WEDNESDAY, MARCH 2, 1994

STRIKING RIGHT BALANCE BETWEEN SPENDING AND SAVINGS

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THE GOVERNMENT IS ENGAGED IN MANAGING THE PROSPERITY HONG KONG HAS ACHIEVED AND IN ENSURING THAT IT CONTINUES, THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, SAID TODAY (WEDNESDAY).

MOVING THE SECOND READING OF THE APPROPRIATION BILL 1994, THE FINANCIAL SECRETARY SAID IN PRACTICE, THIS HAD INVOLVED HIM IN STRIKING THE RIGHT BALANCE BETWEEN SPENDING AND SAVINGS.

HE SAID SPENDING WAS MADE TO IMPROVE THE QUALITY OF LIFE FOR THE COMMUNITY AS A WHOLE AND TO CREATE THE INFRASTRUCTURE FOR THE FUTURE GROWTH OF THE TERRITORY.

IN ACHIEVING SAVINGS, THE GOVERNMENT WANTS TO MEET FUTURE LIABILITIES AND UNFORESEEN CONTINGENCIES, BECAUSE ECONOMIC SUCCESS CANNOT BE TAKEN FOR GRANTED YEAR AFTER YEAR, HE ADDED.

NOTING THAT THERE WOULD ALWAYS BE A TEMPTATION ΤΟ SPEND A LITTLE MORE AND SAVE A LITTLE LESS, HE SAID: "IT MIGHT SOMETIMES SEEM TEMPTING POLITICALLY TO BOW TO SOME OF THE INEVITABLE PRESSURES TO DO SO. BUT IT WOULD NOT BE RESPONSIBLE GOVERNMENT. AND IT WOULD RISK INCREASING CONSUMPTION AND FUELLING INFLATION."

SIR HAMISI SUMMED UP HIS BUDGET PROPOSALS AS FOLLOWS:

PUTTING $38 BILLION BACK INTO THE TAXPAYER'S POCKET OVER THE

NEXT FIVE YEARS.

IMPLEMENTING THE AMBITIOUS EXPANSION IN SOCIAL SERVICES SET IN MOTION BY THE GOVERNOR'S FIRST TWO POLICY ADDRESSES, AND

OF

PUTTING AN ADDITIONAL $8 BILLION INTO OUR FISCAL RESERVES NEXT YEAR AND PUT US ON COURSE FOR TOTAL FISCAL RESERVES $269 BILLION BY THE END OF THE FORECAST PERIOD.

CONCLUDING HIS SPEECH, THE FINANCIAL SECRETARY EMPHASISED THAT IT WAS NOT THE GOVERNMENT WHICH HAD MADE TODAY'S BUDGET POSSIBLE.

"THIS HAS BEEN ACHIEVED BY THE HARD-WORKING MEN AND WOMEN OF HONG KONG, HE SAID.

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WE ARE

'IT IS, FIRST AND LAST, THEIR SUCCESS AND THEIR MONEY ON WHICH RELY.

AND IT IS THEIR WAY OF LIFE, THEIR LIVELIHOOD

ALL TRYING TO SECURE.*

WE

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DEBATE ON THE BILL WAS ADJOURNED.

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