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3 goals to economic dev't

February 22, 2017

To develop the economy and improve livelihood, Financial Secretary Paul Chan says public finances should serve three objectives.

 

Delivering his 2017-18 Budget at the Legislative Council today, Mr Chan said the three objectives are people-based governance, continued investment and supporting the needy.

 

"The Government must be proactive in developing the economy and improving people’s livelihood. Whatever is taken from the people ought to be used for the people. The Government must uphold the principle of people-based governance.

 

"Government resources should primarily be used to improve people’s livelihood and cater for needy groups. Only by giving the younger generation hope for the future can our city remain vibrant, joyful and positive."

 

He said the Government must be forward-looking and invest continuously for the future of Hong Kong.

 

"We should create capacity for both development and environment, and enhance competitiveness, so that our economy and society can develop in a sustained manner and our living environment can keep improving.

 

"Human capital is Hong Kong’s most important asset. In the face of stiff competition from other economies and a new economic landscape arising from technological development, we must continue to invest heavily in nurturing talent for a knowledge-based economy and promote diversified and high value-added economic development for Hong Kong.

 

"To improve people’s quality of life, the Government is committed to developing Hong Kong into a smart city by leveraging I&T to enhance city management."

 

He said the Government must make good use of financial resources to build a fair and just society where all people can share the benefits of economic advancement.

 

"Poverty alleviation, care for the elderly and support for the disadvantaged are at the top of the current-term Government’s agenda. We aim to render assistance to people in need through our social security system, while at the same time striving to encourage and support people capable of working to achieve self-reliance through employment.

 

"The goal is to alleviate intergenerational poverty and enhance upward social mobility, thereby promoting a caring and inclusive society.

 

"I will continue to allocate resources to optimise healthcare and elderly services, and enhance care and support for persons with disabilities."

 

Mr Chan said Hong Kong's position as an international financial centre is crucial to both the city and the country.

 

To ensure its competitiveness and to address the problem of a narrow tax base, he proposed forming a tax policy unit under the Financial Services & the Treasury Bureau.

 

"We will seek to align our tax practices with international standards and study ways to foster the development of pillar industries, industries over which we have advantages and emerging industries through tax measures including enhanced deductions for I&T expenditure, to ensure Hong Kong remains competitive and can create wealth."



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