INTRODUCTION
Sir,
2.
I move that the Appropriation Bill 1992 be read the second time.
In presenting this my first Budget, I am very conscious of Hong Kong's . remarkable record of economic success during the past 40 years. My prime duty as Financial Secretary is to do all I can to ensure that this record of success continues into the future.
3.
Economic success must be a Financial Secretary's first priority. Our past success has meant that the standard of living for the whole community has been transformed. It is not just that personal incomes have increased to the point where per capita GDP is now among the highest in Asia. Our economic success has been the foundation for everything we have achieved in the past 40 years in housing, health care, education and social welfare.
4.
Hong Kong's economic philosophy is not difficult to describe. It is a commitment to enterprise, a commitment to low taxation and a commitment to free markets and free trade. At a time when large parts of the world are rediscovering - or in some cases discovering for the first time that the market is the best means of ordering economic affairs, it is worth reminding ourselves that we in Hong Kong have never lost sight of this basic fact of economic life. We have never set our face against economic realities and the need to earn a living in the world through enterprise and efficiency.
5.
I would like to make it clear at the outset that I subscribe fully to the economic philosophy which has brought prosperity to the people of Hong Kong. My Budgets will be characterised by a commitment to economic growth, by a commitment to maintain sound financial management and by a commitment to help those most in need. While I am conscious of the importance of continuity in economic policy, I am also aware that Hong Kong is in the process of transformation, and that this fact must be taken into account in framing our policies. The economy has undergone a profound structural change in recent years as a large part of our manufacturing base has been transferred to the lower cost environment of Guangdong.
6.
Our trading patterns have also changed. Hong Kong's success in the 1950s and 1960s was based on trade with North America and Europe. While these markets are certainly still very important, it is now trade with our neighbours in Asia which gives our economy its dynamism.
7.
But this process of transformation goes beyond the structure of the economy and our trading patterns. The priorities and aspirations of the community are also changing. It is the Government's responsibility to take account of the community's desire for better public services. We have to take account of the fact that the proportion of
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