XN000022-1995-03-01 — Page 43

-

· 32 -

"We hope that our Chinese colleagues will find this a constructive approach and that our subsequent exchanges will be a major contribution to a smooth and stable transition in 1997," Sir Hamish said.

Sir Hamish added that in order to fulfil the Governor's pledge to co-operate fully with the Chinese Government over the transfer of assets to the Special Administrative Region Government and over the preparation of the 1997-98 Budget, the Government had handed over to the Chinese Government a list of property assets owned by the Hong Kong Government.

He said it was a formidable document, covering everything from schools to police stations.

The inventory will be updated regularly.

End/Wednesday, March 1, 1995

Prudent in public spending

*

In concluding his Budget Speech, the Financial Secretary, the Hon Sir Hamish Macleod, summed up the Government's fiscal policy in a Chinese saying: "The way to make a country prosperous is to be prudent in public spending, to improve the well- being of the people and to maintain good reserves".

Sir Hamish said: "As long as we continue to abide by the principles encapsulated in this quotation, I am confident that Hong Kong will enjoy many more years of growth and prosperity."

Sir Hamish recalled that when he was first appointed Financial Secretary in 1991, many believed that the elections that year which gave Hong Kong, for the first time in its history, a LegCo with an elected majority, would force the traditional consensus on economic policy and priorities go.

"In fact, we have clearly not paid an economic penalty for constitutional reform.

"On the contrary, our economic success has continued. as has the broad political consensus on how to manage our public finances.