§ Mr. RedmondTo ask the Secretary of State for Foreign and Commonwealth Affairs what are Governor Patten's proposals for current economic reforms in Hong Kong; and if he will make a statement.
§ Mr. GoodladThe Governor of Hong Kong made it clear in his 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. He proposed tax cuts, increased expenditure on priority areas, and measures to assist Hong Kong's most disadvantaged citizens. He also forecast an increase of HKD6.8 billion in Hong Kong's projected reserves in 1996–97.