3
5
NPG
7
services programmes that has contributed significantly towards running
hust up `bugh national debts. Hong Kong in no way can afford to run up debts year in, year out, in order to finance more and more recurrent welfare
expenditures.
Tsir,
Sir, spending wisely and cost effectively naturally helps to preserve scarce resources. This is a very important factor if we strive to achieve
to maintain and enhance wealth creation opportunities for the community. For example, Government had to repeatedly deploy resources in the Exchange
totafling
Fund totally billions of dollars intervening in the banking and
financial services sector in order to protect the integrity of our wealth generation markets.
it is the responsibility of Government to preserve as much as possible both the opportunities and the environment to be conducive to further wealth creating activities. If that was one of the major reasons leading us to make decisions as we did then, Sir, I submit that other major
It is in this context components of our GDP might be usefully examined.
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a balanced trend in the equation of revenue and expenditure. Yet,
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a significance may well take a lesser place when compared with the need
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UP 14
I supported those measures as I accept that ́
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NP 23
[Given
H
terrain
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UP 30
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33 335
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that I wish to make a more detailed observation on the subject of future industrial land needs in Hong Kong.
Given Hong Kong's topography hilly territory with little flat land there are obviously many competing demands for what developable land is available. One basic demand that must be met is to provide sufficient land for industrial purposes. Since the end of the Second World War, Hong Kong's economic and physical development, that is, housing, schools,
and so on recreation facilities, ete have been heavily dependent upon the successes of our manufacturing industry to create wealth to pay for the expenditure items. Until recently Hong Kong's industry has been relatively labour intensive in nature, relying less on the physical form of its factories and capital investment than on the skilled and manual dexterity of its workers.
More and more That picture is now changing.
Hong Kong's labour intensive processers are moving to lower cost areas,
People's Republic of China,
tably the PR In their place are gradually emerging capital intensive production processers employing a greater degree of automation.
This
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