XN000022-1994-03-02 — Page 50

WEDNESDAY, MARCH 2, 1994

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FS MAKES TV BROADCAST ON BUDGET

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FOLLOWING IS THE SCRIPT OF THE FINANCIAL SECRETARY SIR HAMISH MACLEOD'S TELEVISION BROADCAST ON THE BUDGET FOR 1994/95:

GOOD EVENING,

THIS

AFTERNOON, I PRESENTED MY THIRD BUDGET TO LEGCO. IT IS RIGHTLY TITLED "MANAGING PROSPERITY". OUR ECONOMY, AND OUR FINANCES, CONTINUE TO DO VERY WELL. IT HAS BEEN MY AIM TO ENSURE THAT THIS SUCCESS STORY CONTINUES. AND THAT THE BENEFITS OF THAT SUCCESS ARE PASSED ON TO YOU, THE MEMBERS OF THE HONG KONG COMMUNITY.

I HAVE BEEN ABLE TO ANNOUNCE DRAMATIC CUTS IN THE AVERAGE FAMILY'S TAX BILLS, AS WELL AS A CUT IN PROFITS TAX, AND REDUCED TAXATION IN SOME OTHER AREAS. AT THE SAME TIME, I HAVE PROVIDED FOR FURTHER EXPANSION OF OUR AMBITIOUS SOCIAL SERVICE PROGRAMMES. THIS WILL HELP THE MORE VULNERABLE MEMBERS OF OUR COMMUNITY, AND IMPROVE OUR QUALITY OF LIFE.

ALL

THIS IS POSSIBLE BECAUSE OF THE CONTINUED SUCCESS OF OUR ECONOMY.

WE

CAN LOOK FORWARD TO BETTER ECONOMIC PROSPECTS IN OUR MAJOR OVERSEAS MARKETS, AND TO CONTINUED HIGH GROWTH IN THE REGION. ABOVE ALL, WE WILL CONTINUE TO BENEFIT FROM THE DRAMATIC GROWTH OF THE CHINESE KCONOMY. WE HAVE A VITAL ROLE TO PLAY IN CHINA'S ECONOMIC MODERNISATION, INCREASINGLY, THE KEY TO OUR FUTURE ECONOMIC SUCCESS WILL LIE IN OUR ABILITY TO SELL OUR SERVICES TO THE WORLD, ΤΟ THE REGION, AND ABOVE ALL TO THE CHINESE ECONOMY.

THE SUCCESSFUL CONCLUSION OF THE URUGUAY ROUND WILL ALSO HELP ΤΟ BOOST TRADE PROSPECTS. BUT WE WILL ALWAYS NEED TO DEFEND THE PRINCIPLES OF FREE TRADE AND FAIR ACCESS ON WORLD MARKETS. AND ΤΟ LOBBY AGAIN IN WASHINGTON FOR THE RENEWAL OF MFN FOR CHINA'S EXPORTS.

חיך

WE MUST ALSO FACE UP TO SOME PROBLEMS, IF OUR ECONOMIC PROSPECTS ARE ΤΟ REMAIN GOOD. WE NEED TO CARRY ON INVESTING IN TRANSPORT LINKS

CHINA AND BEYOND. WF ARF IMPROVING OUR ROAD TRANSPORT SYSTEM BETWEEN THE CONTAINER PORT AND THE BORDER WITH GUANGDONG PROVINCE. AND WE ARE LOOKING CAREFULLY AT PROPOSALS ΤΟ INCREASE OUR EXISTING RAIL CAPACITY. BUT WE ALSO NEED TO GET ON WITH OUR PORT AND AIRPORT DEVELOPMENT, IF WE ARE TO SUSTAIN HONG KONG'S GROWTH BEYOND 1997, AND WITH IT THE GROWTH OF SOUTHERN CHINA.

WE MUST ALSO FIND WAYS TO RFLIEVE THE MOUNTING TRAFFIC CONGESTION ON OUR ROADS. WE CANNOT SIMPLY SPEND OUR WAY OUT OF THE PROBLEM. OTHER SOLUTIONS WILL BE NEEDED. WE MUST ALSO REMOVE THE FINANCIAL ANXIETY FROM OLD AGE AND RETIREMENT. WE HAVE ANNOUNCED PROPOSALS FOR AN OLD AGE PENSION SCHEME TO ACHIEVE THIS, AND INTEND TO PUBLISH DETAILS AS SOON AS POSSIBLE FOR PUBLIC COMMENT.

/INFLATION REMAINS

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