XN000022-1995-11-08 — Page 39

Conclusions

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So, where do we go from here? We must first recognise that the problems we face- slower growth, higher unemployment in particular are linked. They are not isolated phenomena. We have to be clear about the root causes of our problems, and I think we have gone a long way towards doing so in our debate today. We must then develop effective responses. As I have said already, the solutions to our difficulties lie in greater productivity, enhanced competitiveness and greater flexibility. They do not lie in more bureaucracy, more government intervention, higher public expenditure or short-term measures to inflate earnings or consumption.

This evening, we have started a dialogue on economic policy. This will continue in the weeks ahead as I frame my Budget proposals. Within the Government, we shall be looking at ways to improve our support for business, to encourage more. investment and to help the unemployed acquired new skills and find new jobs. What we cannot do is to break with the sound principles which have helped us to achieve 35. years of unbroken GDP growth. We must reject calls to adopt dangerous experiments in an economy which is growing at a creditable rate by the standards of any advanced economy. We certainly cannot adopt bureaucratic solutions for the problems for our open economy and it free markets. I am sure that I speak for a majority in this Council, in the business community and in Hong Kong as a whole when I say we have one best guide in our present difficulties. We must retain our faith in markets and free enterprise, and not clutch at Keynesian straws at the first sign of economic difficulties. Subject to these remarks, I shall consider very carefully the proposals which emerge during the debate today.

End/Wednesday, November 8, 1995

Medical Registration (Amendment) Bill

Following is the speech by the Secretary for Health and Welfare, Mrs Katherine Fok, in moving the second reading of the Medical Registration (Amendment) Bill (No. 2) 1995 in the Legislative Council today (Wednesday):