TNAG-1361-FCO40-1807-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 62

Sir,

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DRAFT SPEECH BY HON PETER C WONG, OBE, JP LEGISLATIVE COUNCIL 27.3.85

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Budget Debate 1985

commendable.

The Financial Secretary's enlightened pragmatism is

There were few surprises and generally the budget has been well received. It must be right to aim for a balanced budget, for deficit financing over a long period is something that the Hong Kong economy would not be able to sustain.

I share the widely held view that the Financial Secretary's new style of presentation is most refreshing. makes his speech much more interesting to listen to or to

read.

The first 19 paragraphs succinctly sum up the fiscal measures proposed and the reasons for adopting them. Paragraph 10 is of particular significance and is worth

repeating

"Your Government remains committed to support of the free market economy; to provision of the infrastructure within which enterprise can flourish without unnecessary Government regulation; to the care of those who cannot care for themselves; and to low overall taxation. Hong Kong is not a tax haven, but we know not least from the experience of others that moderation in taxation is an essential spur to individual effort.

avoidance is not".

Tax

It

Although it has a familiar ring, nevertheless, it is reassuring that Government is committed to a policy which has served Hong Kong well over the years. I fully endorse the Financial Secretary's basic philosophy that equity and efficiency should be the guiding principles.

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