12
26.
Secondly, We must
distinguish
and capital expenditure.
between recurrent
The prime need, even without the
This means
decision to build the airport, is to keep recurrent expenditure growth to a reasonable level.
controlling the size of the civil service, and increasing productivity. To provide a little reassurance I should add
that it will nevertheless still be possible to make some provision for new or improved services, partly by carrying out some existing activities more cost-effectively.
27.
new
On the capital expenditure front it is, of course, true that we are giving priority to airport core projects, and that We will have to be particularly prudent over programmes with significant capital expenditure
implications. But it is important to keep
to keep this
perspective. We have allowed for commitments in other
this in
areas too, such as education, social services, the
areas
is
environment, watex supply and new town development. Capital expenditure on non-airport programme
projected to be a massive $140 billion at 1990 prices in
the period up to 1997.
28.
as
What does all this mean for our public finances
over the next six to seven years? Clearly we will,
capital expenditure builds up and peaks over this period,
face a few years of budgetary deficits. This is to be
expected, and is precisely one of the reasons why we have
built up such considerable reserves. Drawing
these
reserves to pay for infrastructural investments which
allow the continued growth of our economy and the continued
prosperity of Hong Kong is to some extent inevitable.
will
LEASURE NI CURRAT KANATATE COUNTER MARAS POST DAHIYAMA FIER ENSAMMA ESTRADOmanpresto das die vakavami pomagamamamamooNOVEL TJERAMPOKOperapijojmyOWONBAT GARD
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