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Full text: HK Financial Secretary's 2006-07 budget speech [Copy link] 中文

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Full text: HK Financial Secretary's 2006-07 budget speech  


GOV.cn  Wednesday, February 22, 2006  


HK's Financial Secretary Henry Tang presents his budgetary blueprint for the coming year in the Legislative Council of Hong Kong SAR, Feb. 22, 2006. [Photo: Gov.hk]


A file photo of HK's Financial Secretary Henry Tang. [Photo: Gov.hk]


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Full text: HK Financial Secretary's 2006-2007 budget speech

Introduction

I move that the Appropriation Bill 2006 be read a second time.

2. This is my third Budget. I have developed my budgetary blueprints from the outset based on a pair of intertwined principles. These are "Market Leads, Government Facilitates" and "Prudent Management of Public Finances". With these two postulates in mind, I have listened extensively to the views of the community. My hope is that I can lay the foundations for our social and economic development through my annual Budgets in a manner that is responsive to the aspirations of our community.

3. The Chief Executive has pledged to pursue excellence in governance, foster harmony in the community and facilitate economic growth. The strong economic recovery in the past two years has indeed improved the overall mood in Hong Kong. It is the clear wish of the people that we should capitalise on the present opportunity and further develop our economy. What the community wants is unambiguous: less argument, more action.

4. My Budget this year consists of four themes: Recovery, Enhancement, Commitment and Sharing. I shall expound on these seriatim.

[Full text] >>

Key points:

Light tax relief on the way

Three-quarters of tax payers will get relief under a proposal highlighted by Financial Secretary Henry Tang in his 2006 Budget speech.

HK FS: Government books balanced early

Financial Secretary Henry Tang has unveiled his 2006-07 Budget, announcing the Government would restore fiscal balance in both the operating and consolidated accounts for the first time in eight years - three years ahead of schedule. His blueprint emphasised four themes: recovery, enhancement, commitment and sharing..

Targets met early as Hong Kong recovers

There was plenty of good news in Financial Secretary Henry Tang's Budget address - including three reasons to celebrate. For starters, the deficit has been wiped out early, with fiscal balance restored in both operating and consolidated accounts for the first time since the handover. What's more, annual Government spending has sunk below $200 billion - and that's less than 20% of GDP.

Education, training set for upgrades: HK

To increase the competitiveness of local talent, investment into education, training and retraining will be enhanced, Financial Secretary Henry Tang says. He wants to provide 1,800 additional hostel places for exchange students, and recruit more Mainland and foreign talent.

Financial market to be strengthened

Financial Secretary Henry Tang has outlined a series of measures and proposals to add further value to Hong Kong's financial market, such as expanding the scope of renminbi business, facilitating market development, upgrading the quality of Hong Kong's financial markets, and promoting the city's strengths as an international financial centre.

Improving people's livelihood key

While Hong Kong's economic performance is encouraging, many challenges lie ahead, Financial Secretary Henry Tang warns. He adds the Government will address them with the best interests of the community at heart while formulating economic development and fiscal policies.  

(Source: Gov.hk)

Related stories:

Hong Kong's economy grows by 7.3% in 2005

The gross domestic product of the Hong Kong Special Administrative Region rose 7.3 percent in 2005 compared to the previous year, Hong Kong Financial Secretary Henry Tang said Wednesday.

Economy growth puts down HK unemployment to 4-year low

Hong Kong's unemployment rate dropped to a four-year low of 5.2 percent due to the robust economy growth of 7.3 percent in 2005, the financial secretary of the Hong Kong Special Administrative Region said Wednesday.

"240 000 new jobs have been created over the past couple of years as a result of our economy's recovery," said Financial Secretary Henry Tang when presenting the 2006-2007 government budget to the Legislative Council on Wednesday morning.

HK GDP expected to increase by 4% to 5% in 2006

Hong Kong's economy is expected to achieve a solid growth in 2006, with GDP forecast to increase by 4 to 5 percent, slightly higher than the trend growth rate over the past 10 years, Financial Secretary Henry Tang said Wednesday.

In the medium term from 2007 to 2010, he forecast a 4 percent trend GDP growth rate in real terms, and a 2 percent trend rate of increase in the GDP deflator. The forecast trend growth rate of nominal GDP over the period from 2007 to 2010 is therefore 6 percent, Tang said.

HK benefits much from implementation of CEPA

Hong Kong has issued more than 10,800 certificates of origin covering exports valued at 3.7 billion HK dollars (477.4 million U.S. dollars) within the first two years of implementation of the Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA).

Hong Kong Financial Secretary Henry Tang made the remarks on Wednesday while presenting the government's 2006-2007 budget to the Legislative Council.

Individual Visit Scheme attracts 200 mln visitors to HK

Hong Kong Financial Secretary Henry Tang said on Wednesday that the Individual Visit Scheme has extended to 38 Chinese mainland cities and attracted nearly 200 million visitors.

He said Hong Kong is making a bid to extend the scheme to six other provincial cities in the Pan-Pearl River Delta region.

HK to strengthen position as int'l financial center

Hong Kong will promote its strength as an international financial center by expanding the scope of Renminbi (RMB) business and upgrading the quality of its financial markets, Financial Secretary Henry Tang said Wednesday.

He made the remarks while presenting the 2005-2006 government budget to the Legislative Council.

HK to stay competitive through pooling talent

The Hong Kong Special Administrative Region (HKSAR) will maintain its competitive edge as world trade and finance center by training and polling expertise and talent, said the financial secretary on Wednesday.

"In order to increase the competitiveness of local talent, we will improve the quality of our formal education and enhance training and retraining with more investment in these areas," said Financial Secretary Henry Tang when presenting the 2006-2007 government budget to the Legislative Council (LegCo) on Wednesday.

HK to restore fiscal balance in current fiscal year

Hong Kong Financial Secretary Henry Tang announced Wednesday the government would restore fiscal balance in the current fiscal year to end on March 31 in both the operating and consolidated accounts for the first time in eight years -- three years ahead of schedule.

HK plans to introduce Goods and Services Tax

Hong Kong plans to introduce Goods and Services Tax (GST) to stabilize government revenue, Hong Kong's Financial Secretary Henry Tang said on Wednesday while presenting the government's 2006-07 budget to the Legislative Council.
HK to introduce "green" taxes to protect environment

The Hong Kong Special Administrative Region (HKSAR) government will introduce "green" taxes and give tax reduction to encourage pro-environment behavior, said the financial secretary on Wednesday.

"We need to impose 'green' taxes in accordance with the Polluter Pays principle," said Financial Secretary Henry Tang when presenting the 2006-2007 government budget to the Legislative Council (Leg Co) on Wednesday.

HKSAR govt pledges to share wealth with people

Hong Kong Financial Secretary Henry Tang has proposed to implement some modest tax concessions in the coming year to reduce the burden on taxpayers, particularly middle-class families in Hong Kong.

(Source: Xinhua)

Comments:

HK Chief Executive commends new fiscal budget

Hong Kong Chief Executive Donald Tsang commended on Wednesday the 2006-07 Budget, saying it fully realized the principles of strong and people-based governance.

Donald Tsang hails "balanced budget"

HK Chief Executive Donald Tsang has hailed the 2006-07 Budget delivered Wednesday, which strikes the right balance in promoting economic growth by investing vigorously in Hong Kong's future, providing tax relief to ease the middle class' burden and taking good care of the underprivileged.

HK's 2006-07 budget pursues further development

Hong Kong's Financial Secretary Henry Tang Wednesday outlined measures aimed at consolidating the current economic recovery and pursuing further development.

Tax cuts proposed according to capability: HK financial secretary

Financial Secretary of Hong KongSpecial Administrative Region (HKSAR) Henry Tang said in Hong Kong Wednesday that the government proposed the current tax cuts in the 2006-2007 budget according to its capability, denying the budget was "too conservative."

HK business, industry sectors welcome new budget

A number of Hong Kong major chambers of commerce, financial organizations as well as tourism-related departments and companies have expressed their welcome to the government's 2006-07 budget presented to the Legislative Council by Financial Secretary Henry Tang Wednesday.




Editor:  Yangtze Yan  
Source: Gov.cn

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