TNAG-2708-FCO40-3914-House-of-Commons-Select-Committee-on-Foreign-Affairs-and-Par-1993 — Page 4

Hhd

UNCLASSIFIED

035171

DVANCE COPY

MDADAN 6630

45

UNCLASSIFIED

FM HONG KONG

TO DESKBY 05110OZ FCO TELNO 366

OF 051049Z MARCH 93

YRTELNO 207: MARTIN REDMOND'S RQ.

HKB

016

RECE IN REGISTRY

19 MAR 1993

DESK OFF! INDEX

PEGISTRY

PA

Auflun

1. TELECON RICKETTS/DINHAM REFERS. WE SUGGEST THE FOLLOWING REVISED ANSWER TO MARTIN REDMOND'S QUESTION.

26. Mary Kong

THE GOVERNOR/MADE CLEAR IN HIS POLICY ADDRESS TO THE LEGISLATIVE

COUNCIL ON 7 OCTOBER 1992 THAT HE WOULD MAINTAIN THE POLICIES THAT HAVE GENERATED ECONOMIC SUCCESS IN HONG KONG, INCLUDING LOW PREDICTABLE TAXES, GOVERNMENT SPENDING WHICH DOES NOT OUTPACE ECONOMIC GROWTH AND THE ENCOURAGEMENT OF COMPETITION. IN HIS BUDGET ON 3 MARCH, HONG KONG'S FINANCIAL SECRETARY CONFIRMED THAT HONG KONG'S ECONOMY CONTINUES TO PERFORM STRONGLY AND PROPOSED TAX CUTS, INCREASED EXPENDITURE ON PRIORITY AREAS, AND MEASURES TO ASSIST HONG KONG'S MOST DISADVANTAGED HE ALSO FORECAST AN ADDITIONAL HKD6.8 BILLION IN HONG KONG RESERVES IN 1996/97.'

increase of

FORD

cibzemi

Projected

YYYY

ADVANCE

+ Z

HKD //HD

NNNN

DISTRIBUTION

1

1

PAGE UNCLASSIFIED