Expenditure in 2002-03 Estimated at 204.9 bln HKD: Leung

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Last updated at: (Beijing Time) Wednesday, March 06, 2002

Expenditure in 2002-03 Estimated at 204.9 bln HKD: Leung

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Total recurrent expenditure will amount to 204.9 billion HK dollars (26.3 billion U.S. dollars) in 2002-03, said Hong Kong SAR Government Financial Secretary Antony Leung in his budget speech delivered Wednesday.

It represents an increase of five percent in real terms over the revised estimate for 2001-02.

Among them, the top three are recurrent expenditure for education which is estimated to be 49.3 billion HK dollars (6.32 billion dollars), an increase of eight percent; for health 32.4 billion HK dollars (4.15 billion dollars), an increase of four percent; for social welfare 32.1 billion HK dollars (4.12 billion dollars), an increase of nine percent.

These estimates have taken into account the assumed 4.75 percent civil service pay reduction and the corresponding reduction in subventions for salary-related expenses to subvented organizations, Leung said.

"I have earmarked adequate resources to implement the Chief Executive's vision for Hong Kong, including the policies and performance pledges announced in his Policy Address last October," the financial secretary said.

He also estimated that government capital expenditure in 2002- 03 will be 49.4 billion HK dollars (6.33 billion dollars), an increase of 21 percent in real terms over the revised estimate for 2001-02.

This is due mainly to provisions for setting up the Continuing Education Fund, support for small and medium-sized enterprises and increased spending on capital works, Leung explained.

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