The 2002-03 Budget

Speech by the Financial Secretary, The Hon Antony Leung

moving the Second Reading of the Appropriation Bill 2002

Wednesday, 6 March 2002




Economic Performance and Prospects


Economic Performance


External Economic Environment


Restructuring of the Hong Kong Economy


Hong Kong's Competitive Advantages and Challenges


Moving up the Value Chain


Financial Services



Producer and Professional Services

Local Community Economy


Quality, Speed and Creativity


Nurturing and Attracting Talent


Fostering Economic Flows between Hong Kong and its Hinterland


Economic Role of the Government


Economic Prospects for 2002 and the Medium Term


Public Finances


Share of Public Expenditure in the Economy


Basis for Comparison of Growth in Expenditure and the Economy


Consolidated and Operation Balances


Fiscal Reserves


Medium Range Forecast : Restoring Fiscal Balance


2001-02 Outturn

Restoring Fiscal Balance Step by Step

Controlling Expenditure Growth in Real Terms

Civil Service Pay

Doing More with Less

Controlling Expenditure Growth in Money Terms

Revenue Proposals for 2002-03

  • Duty on Wine

  • Quantities of Duty-free Tobacco and Still Wine

The Shortfall

  • Boundary Facilities Improvement Tax

  • Making Up the Shortfall : The Way Forward

2002-03 Expenditure Estimates

Helping the Community Ride Out the Storm

  • Reducing Rates Payments
  • Reducing Water and Sewage Charges and Trade Effluent Surcharge
  • Waiving Business Registration Fee
  • Extending Duty Concession for Ultra Low Sulphur Diesel
  • Freezing Government Fees and Charges
  • Summary of Concessions
  • Rates Revaluation
  • Youth Work Experience and Training Scheme

Estimates of Revenue and Expenditure


Concluding Remarks


Appendices A-C

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