Thursday, October 23, 2014   

(Policy Address) Leung underlines need for fiscal prudence after detailing HK$3b handouts
(01-15 13:14)

Chief Executive Leung Chun-ying sounded a note of caution on expenditure today after announcing more than 160 new policy initiatives in his second policy address.
Job linked handouts for more than 200,000 low-income families with 710,000 members, including 180,000 eligible children and young people, alone will cost about HK$3 billion.
He told legislators that Hong Kong must live within its means, regardless of the pile of fiscal reserves and assets, in addition to generating fiscal surpluses in recent years.
Leung said the government “has the responsibility to keep expenditure within the limits of revenue. It requires us not only to control expenses, but also to increase revenue. We should uphold the principle of fiscal prudence, and more importantly, foster economic development.’’
He said the policies and measures he detailed reflect determination and confidence in promoting economic growth. “I firmly believe that it is imperative to pursue people’s livelihood and develop the economy in tandem.’’
His administration’s determination, he said, “is premised on its understanding of the needs to increase expenditure as well as the importance of economic development.’’
   
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