XN000022-1995-03-01 — Page 44

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"We have good reason as a community to be proud of what we have achieved, and to be self-confident about our ability to deal with the challenges of the future."

Citing achievements in the area of public finance since 1991, the Financial Secretary noted that taxation had been reduced for almost every salaried employee; dramatic improvements had been made in public services, and yet public spending had been kept firmly under control, at less than 20 per cent of GDP; and $46 billion had been added to the Government's reserves.

End/Wednesday, March 1, 1995

TV broadcast by the FS

Following is the speech by the Financial Secretary. Sir Hamish Macleod, at tonight's (Wednesday) TV broadcast:

Good evening.

This afternoon I presented my fourth and last Budget to the Legislative Council. When I began working on this Budget, I asked myself the same question that I asked when I prepared my first Budget. What can I do to help keep Hong Kong successful, stable and prosperous?

The Government cannot create prosperity, but it can ensure that business has the freedom and the opportunity to generate the wealth that Hong Kong needs. Government also has an important role to play in providing the infrastructure that enables our economy to expand. The Airport Core Programme is the most spectacular example of the investment that we are making in Hong Kong's infrastructure. But it is only one of many projects designed to ensure that Hong Kong can continue to prosper in the years ahead.

We also have important social responsibilities to fulfil. For example, to provide education and training for our children. To maintain law and order. To provide subsidised housing for those who cannot afford private housing. And to look after the sick, the disadvantaged and the disabled.

In Hong Kong, I do not think there is any serious disagreement about these fundamental policies. That is why I have called my Budget "Prosperity through Consensus".