TNAG-1607-FCO40-22122-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 55

economic growth? What is the existing value of industry in the

overall economy? Should we allow it to fall under the

principle of "survival of the fittest in a state of keen competition"? Or should the Government adopt certain measures by which industry can continue to be the major element of our

economy?

The importance of a balanced growth in our economy

Sir, I am all for the existing free economic system

in Hong Kong but I believe more strongly in a balanced growth

of our economy. I therefore tend to take a comparatively

conservative and prudent attitude. Hong Kong is the most free

and open commercial city in the world and with its system of

low taxation and unrestricted capital flow, it can well be

described as a paradise for investors and speculators. It is

also because of these elements that the rise and fall of our

economy is easily influenced by external factors. In view of

this, I consider that our economy should be developed in a

balanced manner and that each and every sector, be it the

manufacturing industry or the financial services sector, should

have a reason and value for its existence. If too much

attention is paid to a particular sector, if the prosperity or

depression of certain basic industries are completely neglected, it will only sow the seeds for an unstable economic

community. I believe that the Government has accumulated some

valuable experience after having utilized huge amounts of

resources to maintain a healthy financial structure. I

consider that the Government should also set aside funds

towards the strengthening and development of our industrial

bases.

Long term policies for structural changes in industry

In order that the manufacturing industry might bring

about balanced effects to our economy, the Government should

devise long term policies to allow for structural changes in