HK budget pursues more development

cctv.com 02-23-2006 08:40

The Hong Kong Special Administrative Region government has unveiled its annual budget, which calls for further development. Financial Secretary Henry Tang outlined measures aimed at consolidating the current economic recovery.

Tang unveiled his third budget to the Legislative Council, and says Hong Kong's economy rose by 7.3 percent in 2005 and unemployment dropped to a four-year low of 5.2 percent.

He says capitalizing on this opportunity and further developing the economy is the general consensus of people in Hong Kong.

He forecast real GDP growth of 4 to 5 percent in 2006, slightly higher than the trend growth rate over the past 10 years.

He notes the SAR government will restore fiscal balance in the current fiscal year in both the operating and consolidated accounts for the first time in eight years -- three years ahead of schedule.

To promote its strength as an international financial center, Tang says Hong Kong will expand the scope of the Chinese currency business and upgrade the quality of its financial markets.

He also stressed the importance of promoting Hong Kong in financial services. He says the city must provide better service for Chinese mainland companies to reach out to the international market.

The government will earmark 29 billion HK dollars a year, on average, for infrastructure projects in the next five years.

And to maintain its competitive edge as the world trade and financial center, the government plans to introduce a migrant scheme to welcome one thousand people to the city each year.

Editor:Wang Ping  Source:CCTV.com