XN000022-1996-03-06 — Page 32

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Turning to the Government's contribution, Mr Tsang said over the last forty years, Hong Kong had developed its own way of managing its economic and social affairs. It had its own blend of enterprise and regulation, balance between the public and the private sectors, formula for individual liberty and social responsibility.

"I do not think it is going too far to say that there is a distinct Hong Kong model of economic and social development.

"We might describe this model most simply as a commitment to markets and enterprise but with a recognition that, for these to work fairly and effectively. the Government cannot be passive.

"The community wants vigour and inspiration from its government, not lethargy," he said, adding that the Government's contribution had been:

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to provide the legal and regulatory infrastructure which underpins free and fair markets;

to encourage enterprise through small government and low, stable and predictable taxation; and

to manage public finances to meet the community's priorities for a modern infrastructure, better homes and health care, better schools and social welfare.

End

Performance in 1995 remains robust

The achievement of a real GDP growth of 4.6 per cent last year, though lower than the Government had originally hoped, was still robust, the Financial Secretary, Mr Donald Tsang, said today (Wednesday).

Reviewing the performance of economic growth in his first Budget speech, Mr Tsang noted that there was no better testimony to the success of the Hong Kong model than the simple fact that it had enjoyed unbroken economic growth since the Government began to compile GDP figures in 1961 with growth in some years had been faster than in others.