HKSAR Legislative Council OKs the 2002-03 Budget

Home>>China

Last updated at: (Beijing Time) Thursday, April 18, 2002

HKSAR Legislative Council OKs the 2002-03 Budget

DISCUSSION

CHINESE

SEND TO FRIEND

The budget 2002-03 was passed in the Hong Kong Special Administrative Region (HKSAR) Legislative Council Wednesday, said a press release from the SAR government.

Financial Secretary Antony Leung reiterates the HKSAR government's role proposed in the new budget as "Proactive Market Enabler" at a stand-up media briefing at the Legislative Council, it said.

Leung said what he has proposed in the budget is to reorganize, re-engineer and re-prioritize the government, and to work together with the private sector to provide better service to the community as well as provide a lot more operating room in the private sector.

He said, "I am trying to reduce the role of the government in the economy by giving it a lot more room and reducing the size of the government expenditure from 23 percent to 20 percent of the GDP."

"In the period when we are running the record budget deficit, I choose not to increase tax but rather to cut expenditure so that we can maintain a low tax and a simple tax regime. All of these would illustrate that I am a believer of the market," added the financial secretary.

Leung also noted, "However, since the world is changing so fast, the government does have a role in enabling the market and I mention a few examples."

He pointed out that in the establishment of a common data sharing standard in the logistics area, unless the government would proactively work with the private sector to establish the standard, the market will not develop by itself because there will be a lot of conflicting interests.

He also said that the government's effort in getting the Central Government to allow more tourists to come to Hong Kong is again another proactive enabling measure.

Leung submitted the new budget to the Legislative Council on March 6 this year.

New Budget Meets Needs of Community: HK Chief Executive

Hong Kong Chief Executive Tung Chee Hwa said on March 6 that Financial Secretary Antony Leung's new budget is the one that has taken into account the current economic situation and should be able to meet the needs of the community as a whole.

Speaking to the media in Beijing, Tung called on all circles in Hong Kong to support the budget. He also expressed confidence that by standing together and working together, the government "would be able to balance the Budget and resolve the deficit issue within five years."

The chief executive praised the civil service for being competent and serving the community with dedication and serving the community well.

"I hope and I believe that civil servants will stand by the people during this period of difficulties," he said.

Over the next few months, after consulting the civil service unions, the government will make a decision on civil service salaries in accordance with the established mechanism and relevant policy considerations, according to Tung.

The new budget has proposed a series of wide-ranging measures to relieve hardship of the people.

"These measures have taken into consideration people's livelihood and the business environment with the aim of promoting economic activities in the interests of the community as a whole," Tung said. Full Story

Questions?Comments? Click here

New Budget Meets Needs of Community: HK Chief Executive

Budget Sets Correct Priorities for HK Public Finances

HK to Relax Restrictions on Import of Inland Talents

Ins and Outs of a Young American's Roguery on Bus in China ( 77 Messages)

Venezuelan Parliament Refuses to Recognize Interim President ( 9 Messages)

Chen Shui-bian Preaches Again "Taiwan Independence" ( 8 Messages)

China's Economy to Grow Above Six Percent ( 13 Messages)

Chinese Companies Required to Hold Sending More Workers to Israel ( 2 Messages)