HKSAR gov't continues managing public finances prudently

Special Report:Global Financial Crisis

HONG KONG, Feb. 25 (Chinese media) -- Hong Kong's top financial official said here

Wednesday that he would continue managing public finances prudently by keeping

expenditure within the limits of revenues, and maintaining a low and simple tax

regime.

John Tsang, financial secretary of the Hong Kong Special Administrative

Region, said he had stated his principles of management of public finances in

the 2008-2009 Budget, including managing public finances prudently by keeping

expenditure within the limits of revenues, maintaining a low and simple tax

regime, and following the direction of "Market Leads, Government Facilitates".

"I also explained three basic principles that I have strictly adhered to,

that are, pragmatism, commitment to society, and sustainability," he said.

"These underlying principles serve the overall interests of Hong Kong,"

said Tsang when delivering the 2009-2010-budget speech at the Legislative

Council.

Tsang believed that public finances should be managed to respond to

people's needs and aspirations. He promised in the budget to make good use of

the government's resources to assist Hong Kong citizens in overcoming their

difficulties, with a view to breaking the vicious economic cycle and minimizing

the negative effects of the economic downturn.

Tsang said he would pragmatically review the various economic segments and

decisively inject impetus into the economy, in order to bolster market

confidence and provide a better environment for enterprises to play to their

strengths.

Hong Kong financial secretary presents

2009-2010 budget

HONG KONG, Feb. 25 (Chinese media) -- Financial Secretary of

the Hong Kong Special Administrative Region (HKSAR) John Tsang began outlining

the budget for the fiscal year 2009-2010 at the Legislative Council here

Wednesday morning.

Delivering his second budget speech at the

Legislative Council, Tsang said the global financial environment has changed

dramatically last year, referring to what he called a "once-in-a-century

financial turmoil." Full story