1.
The rise in the forecast rate of growth of the gross domestic product, together with the expected reduction in the growth of public expenditure, means that the public sector wil this year constitute slightly less than 23%/ of the gross domestic product, as compared with the original budget estimate of 24.1%. This is an encouraging trend.
18.
a
Despite all this, a deficit still exists; a return to balanced budget will depend upon the maintenance of strict control over the level and manner of expenditure from public funds. We intend this year to contain expenditure on
expenditure on General Revenue Account within the budgetted limit
limit of $35.5 billion; present indications are that this will be achieved.
19.
(c) Regulation of Financial and Commercial Sectors
international
to
As a result of Hong Kong's development as a major
financial centre, it falls to the Government
maintain and improve the legal and institutional framework within which the financial and allied services industries carry on business. I shall cite a few examples.
20.
The
Companies (Amendment) Bill, which seeks to
modernise our company law, was introduced into this Council last March. An Ad hoc group of the Unofficial Members of this Council invited public representations on the Bill in April, and these representations are now being examined by the Government and by Unofficial Members. I hope that the Bill will be enacted within this session. A Standing Committee on Company Law Reform, as recommended by the Companies Law
Revision Committee, will be appointed after the Companies (Amendment) Bill is enacted. It will be charged with keeping under review not only the Companies Ordinance, but also the Securities Ordinance and the Protection of Investors Ordinance, and with making recommendations to the Government thereon.
7
/21. Proposals
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