Budget will get support: FS

February 02, 2012

Financial Secretary John Tsang says his 2012-13 Budget was well thought-out following a series of public consultations, and he is confident the comprehensive measures will win support from the community.
 
Speaking on joint radio phone-in programme this morning, Mr Tsang said his latest budget covers both one-off measures and long-term strategies, aiming to balance the needs of people from all walks of life to improve their quality of living.
 
When asked about his performance over the past five years, Mr Tsang said he will leave it to Hong Kong people to rate him. He added the city’s economic development is a representative benchmark, noting the jobless rate dropped from 5.5% in 2009 to 3.3% currently, and the economy remained stable during global economic turmoil.
 
The economic situation for the current quarter does not look favourable, Mr Tsang said, adding the 1%-3% estimated growth in this year’s gross domestic product has already taken into account the effects of the measures proposed in the latest budget.
 
He said the Government has been actively exploring the new markets including South America, Russia and India to prepare for the tough times ahead.
 
About 70% of the budget is allocated to regular expenses covering the needs of the grass roots, such as education, healthcare, social welfare and transportation, he said, adding the Labour & Welfare Bureau aims to request funding for the $2 public transport concessions for seniors and eligible people with disabilities before the end of the second quarter.