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Madam President,
Introduction
I move that the Appropriation Bill 2003 be read a second time.
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| 2. Charles Dickens once wrote,
"It was the best of times; it was the worst of times".1 This phrase is an apt description of Hong
Kong's present situation. The world, with war imminent in the Middle East, faces major uncertainties. In Hong Kong, the unemployment rate persists at a high level, and job losses remain a worry. The psychological and material impacts of negative equity have suppressed demand for consumption and investment. The public has yet to recover its confidence in the future of our economy and vents its dissatisfaction at the Government. It is, if you will, the worst of times. In contrast, the Mainland's economy is growing rapidly, and investors worldwide compete for a share in her markets. Hong Kong, as the most cosmopolitan commercial city in China and the region, possesses geographical and institutional advantages. As the economy has been restructuring over the past five years, Hong Kong has seen a substantial reduction in the cost of doing business, and this has enhanced our competitiveness. Exports of goods and services again show growth, and tourism continues to flourish. Our citizens have gradually come to realise the inevitability of change. As the Chinese saying goes, "from need to change, from change to solution". To renew our strengths and set a new course, this could well be the best of times.
1 Extracted from A Tale of Two Cities by Charles Dickens.
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3. Against such a background, the preparation of this year's Budget has put me in a dilemma. Prudent fiscal management is not simply a matter of balancing the books, but also the interests of various sectors of the community. Cutting expenditure will inevitably affect civil service colleagues. Public expectations of the level of government services will have to be adjusted as well. Raising revenue will increase the burden on taxpayers and thus opposition from the community.
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4. My task is clear: not only to manage public finances properly, but also to propose measures aimed at implementing the plan for economic development and improving people's livelihood mapped out by the Chief Executive.
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5. For us to forge ahead, the Government needs to work together with the people, united in determination and with wisdom to meet all challenges, turning adversity into opportunity.
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