XN000022-1997-04-16 — Page 22

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FS's speech concluding the debate on the 1997-98 Budget

Following is a speech by the Financial Secretary, Mr Donald Tsang, concluding the debate on the second reading of the Appropriation Bill 1997 at the Legislative Council this afternoon (Wednesday):

Mr President,

Introduction

First of all, I would like to thank Honourable Members for their thoughtful comments on my Budget. Your criticism and your support are both of interest and value to me. Constructive criticism challenges our thinking in the Administration. It keeps us alert, stops us from becoming complacent. It gives us a fresh perspective. And because we are a responsible and responsive Administration, it can lead to change. Your support is useful, not only because it will result in votes for the Appropriation Bill, but also because it shows where we have got our proposals right. Members will note that we have fielded five speakers including myself. This is because we wish, like Members, to focus on the key issues.

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During the last two days many words have been used to describe the Budget - "positive and upbeat", "conservative", "prudent", "confidence-boosting", "disappointing", "too rigid", "stingy" and even "boring". None of these, given the different constituencies involved, came as a surprise to me, except perhaps the epithet of "boring". After all, it has inspired 54 members to sometimes quite passionate debate for a total of over ten hours!

More specifically, Members have called for us to do more for the elderly, to do more for education and for housing. But they have also supported the new tax allowances, tax bands' restructuring, and the new initiatives to help business. I am grateful for this support.

The community has also made clear its views. Through newspapers, call-in programmes and feedback to District Board members and District Officers. Again, there is a mixed response.

But overall, both in this chamber and in the community, there is I believe a mature understanding of the constraints we faced in drawing up our proposals. As I said in my Budget Speech, this is a very special year for Hong Kong. And it calls for a special Budget, a prudent Budget, a Budget that would bridge the transition.