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watched, Hong Kong is fortunate that the private sector, through voluntary service agencies, carries so much of the burden for our socal welfare programme. Although
Riment subventions to voluntary agencies account for only 20 per cent of the Hong Kong Government's total social welfare expenditure, these agencies provide more than 70 per cent of our welfare services. This indicates the resourcefulness and efficiency of the voluntary agencies and the crying need for the Government to recognise the inadequacy of its present subvention policy and to shift funds to where they will do the most good by liberalising the subvention system. The Government's shortsighted approach limits the quality and extent of the services 14 voluntary agencies can offer the needy.
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As the brain drain shows no signs of abating, Hong Kong must invest more in its human capital. At present only 5 per cent of secondary school graduates are able to continue their studies at one of our universities. Even 20 if we add infother tertiary institutions, the rate is possibly less than half of what Taiwan achieves. The new Hong Kong University of Science and Technology and the Open Learning Institute are steps in the right direction, but the Government should not ignore the importance of on-the-job training such as that being provided by the Vocational Training Council, the Hong Kong Management Association. Such programmes do much to 28 fill the experience gap caused by migration and improve 29 our industrial competitiveness.
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The brain drain must also be a consideration whenever we
think about fiscal policy today. It affects the Government just as it does the private sector. Indeed, the problem may be even worse for the Administrative machinery. In the first nine months of the last fiscal year, resignations from the Civil service increased
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