二ＯＯ二至Ｏ三年度政府財政預算案
The 2002-03 Budget
財政司司長梁錦松
動議二讀二ＯＯ二年撥款條例草案的演詞
二ＯＯ二年三月六日星期三
Speech by the Financial Secretary, The Hon Antony Leung
moving the Second Reading of the Appropriation Bill 2002
Wednesday, 6 March 2002
目錄
Economic Performance and Prospects
Restructuring of the Hong Kong Economy
Hong Kong's Competitive Advantages and Challenges
Producer and Professional Services
Nurturing and Attracting Talent
Fostering Economic Flows between Hong Kong and its Hinterland
Share of Public Expenditure in the Economy
Basis for Comparison of Growth in Expenditure and the Economy
Medium Range Forecast: Restoring Fiscal Balance
Restoring Fiscal Balance Step by Step
Controlling Expenditure Growth in Real Terms
Controlling Expenditure Growth in Money Terms
Quantities of Duty-free Tobacco and Still Wine
Boundary Facilities Improvement Tax
Making Up the Shortfall: the Way Forward
Helping the Community Ride Out the Storm
寬免水費、排污費和工商業污水� 韇 ng the low costs there, have expanded their scale of production and enhanced their competitiveness. Our domestic economy has upgraded itself in tandem. Support services for Hong Kong and the Mainland replaced manufacturing industries as the fastest-growing sector. The South China region has now evolved into one of the world's most important production bases. Since the mid-1990s, service industries on the Mainland have also been developing apace. During this period, the bubble economy emerged in Hong Kong, giving rise to high operating costs here. Some Hong Kong service industries started to move northwards as well. Moreover, after reunification, Hong Kong residents, in increasing numbers, travel across the boundary to spend, affecting Hong Kong's domestic consumption.
12. 在經濟融合的過程中，兩地的價格差距難免逐漸縮窄。在經濟學上，這現象稱為「生產要素價格 均衡化」。在商貿產品方面，由於香港與內地的貿易高度流通，很快便出現價格調整；土地、人力等非 貿易要素，調整的過程則比較慢。但「生產要素價格均衡化」並不表示香港和內地的價格會完全看齊， 正如紐約、倫敦、東京等國際大都會的價格比鄰近地區高。可以預見，香港的價格普遍仍會比內地高， 價格差距的幅度，很大程度會取決於我們能提供多少高增值的服務和產品。
12. In the process of economic integration, the price differential between Hong Kong and the Mainland will inevitably narrow gradually. In economics, this is called "factor price equalisation". The price of tradable products adjusts swiftly due to relatively free trade between the two places. The adjustment of non-tradable factors such as land and labour is slower. "Factor price equalisation", however, does not mean that price levels between Hong Kong and the Mainland will be exactly the same, just as New York, London and Tokyo have relatively higher prices than their neighbouring areas. We can foresee that prices in Hong Kong will generally remain higher than those in the Mainland. The magnitude of this price differential will hinge largely on our ability to provide high-value services and goods.
13. 由於泡沫經濟爆破和經濟轉型差不多同時出現，令香港面對嚴重的通縮壓力。香港的房地產價格 相對高峯期下跌超過一半，企業亦透過減薪裁員減低勞工成本。
13. As the bursting of the bubble economy coincided with economic restructuring, Hong Kong has experienced heavy deflationary pressure. Property prices have dropped from their peak by more than half. Labour costs are being trimmed through pay reductions and layoffs.
14. 面對持續通縮，有人提議取消聯繫匯率。我在此重申，政府並無計劃改變聯繫匯率制度。
14. In the face of persistent deflation, there are some who have suggested abolition of the linked-exchange-rate system. I must reiterate that the Government has no intention of making any change.
15. 面對經濟轉型，我們必須認清香港的優勢，以我們的強項而非弱項去競爭。
15. As we undergo economic restructuring, we must consider what are our strengths and play to the best of them.
16. 香港的優勢有四大項︰
16. Our strengths lie in the following four areas -
• 第一，地理位置。香港位於亞洲的中心，背靠世界上經濟發展最快的祖 國腹地。沒有其他城市可以擁有這個優勢；
• first, our geographic location. Hong Kong is at the centre of Asia. Our hinterland, the Mainland, is the fastest-growing economy in the world. Other cities cannot claim this advantage;
• 第二，制度完善，包括「一國兩制」、法治、公平競爭、廉潔的政府、 資訊自由流通、低稅率和簡單稅制、高效和適度的市場監管等。這些制度優勢是經過長年累月積聚而成 的；
• second, our institutional strengths. These include "One Country, Two Systems", the rule of law, a level playing field, clean government, the free flow of information, a simple and low tax regime, and an efficient and effective market-regulatory system. These institutional strengths, developed over many years, have deep roots;
• 第三，人才。在營商、管理、專業服務和一些科研、文教等領域，香港 有非常優秀的人才。他們善於變通，通曉兩文三語，瞭解中、西文化，明白東、西方在管理、經營、思 維和辦事方式上的不同；及
• third, our talent. Hong Kong is rich in talent in fields such as business, management, and professional services, as well as some aspects of scientific research and education. These individuals are biliterate and trilingual, and familiar with both Chinese and Western cultures, management, business operations, mindset and practices; and
• 第四，香港雄厚的商業基礎，經過多年的積累，很多重要的企業在香港 紮根。這些企業相互支援，形成匯聚效應，進一步吸引高增值的商業活動來港。
• fourth, our strong business base. Over the years, many leading enterprises have built up a strong presence in Hong Kong. They complement and support each other, and create a clustering effect that helps attract more high-value-added business activities to Hong Kong.
17. 不過，香港的經濟亦面對幾項挑戰 ：
17. But several challenges also confront our economy -
• 第一，我們成本較高，需要發展高增值經濟活動；
• first, our costs are relatively high so we need to develop high-value-added businesses;
• 第二，我們需要進一步提高香港人才的質素和數量，配合經濟發展；及
• second, we need to upgrade the quality of our manpower further and increase the number of talented individuals, to meet the needs of our changing economy; and
• 第三，我們需要增加與腹地，特別是中國內地，在經濟領域的流通，保 持香港作為區內金融貿易中心的地位
• third, we need to enhance economic ties with our neighbouring region, particularly the Mainland, to maintain Hong Kong's status as a regional financial and commercial centre.
18. 相比鄰近地區，香港成本比較高，低技術、勞工密集的工業欠缺競爭力，不能推動經濟發展，我 們需要大力發展高增值的經濟活動。高增值並不等於高科技，各行各業都有高增值的環節。在眾多領域 中，我認為其中四個特別重要，因為它們可以帶動其他行業的發展，推動整體經濟，促進就業。這四個 領域是：金融、物流、旅遊和工商業支援服務。
18. Since our costs are higher than those of our neighbours, low-skilled and labour-intensive industries are no longer competitive. Hong Kong cannot rely on them to provide the impetus for economic development. We need to focus on high-value-added economic activities. High added value is not the same as high technology. High-value-added activities exist in every sector. Of the many economic sectors in Hong Kong, I believe four are of particular importance, as they can foster the development of other sectors, give impetus to our economy, and create employment. These four areas are financial services, logistics, tourism and producer and professional services.
19. 香港作為國際金融中心具有相當優勢，香港的外匯、股票、銀行等業務都是世界有名。我認為要 進一步發展金融行業，必須做好兩項重要工作。
19. As an international financial centre, Hong Kong has a considerable edge. We are renowned for our business in foreign exchange, securities and banking. To develop further, our financial market needs to concentrate on two important areas.
20. 第一，增加流通量。政府與金融管理局、證監會和香港交易及結算所等機構，正聯同金融界，積 極吸引更多的金融產品發行者和更多的內地和外國資金及投資者來港。為了利便市場開發和引進新投資 產品，我們正致力簡化金融產品的發行手續，以及降低有關成本，例如簡化零售債券的發行手續，以及 檢討衍生工具的發行及上市費用。
20. The first is to increase liquidity. The Government will work together with the Hong Kong Monetary Authority, the Securities and Futures Commission, Hong Kong Exchanges and Clearing Limited and the financial services sector to attract more financial product issuers to Hong Kong, as well as capital and investors from the Mainland and overseas. We are now streamlining procedures and lowering associated costs for the issuance of financial products, so as to facilitate market development and the introduction of new products. For example, we are simplifying procedures for retail bond issues, and reviewing issuance and listing fees for derivatives.
21. 第二，進一步完善市場制度。我們會經常檢討，使香港的金融制度與時並進，以及更加便利投資 者、發行人和中介人；我們亦會確保高效率的監管，務求與國際水平看齊，保持我們在區內的優勢。現 已進入最後立法階段的《證券及期貨條例草案》，將引進一系列措施，以精簡中介人發牌制度，增加市 場透明度，促進市場公平運作，方便市場創新。在制定有關附屬法例時，我們將繼續諮詢公眾，吸納市 場意見，方便業界遵行。
21. Second, we need to enhance our market system further. We will continue to modernise our financial system and make it more user-friendly for investors, issuers and intermediaries through regular reviews. We will ensure efficient and effective regulation in line with international standards in order to maintain our edge in the region. The Securities and Futures Bill, which is in its final legislative stage, will introduce a series of measures to streamline the licensing system for intermediaries, increase market transparency, maintain a level playing field and facilitate product innovation. When preparing the associated subsidiary legislation, we will continue to consult the public and the industry to ensure that such legislation is user-friendly.
22. 香港的物流業發展有多方面的優勢。我們擁有全球最繁忙的貨櫃碼頭，去年處理近一千八百萬個 標準貨櫃，而同年香港機場的國際貨運量亦是全世界最高，近二百一十萬噸。我認為香港物流業的未來 發展，關鍵在進一步提高速度和效率，因為對於使用者來說，速度和效率往往比成本更重要。在這方 面，我知道透過業界、機場和有關政府部門等的努力，世界各地往珠江三角洲的貨品貿易，經香港的轉 運時間已由兩天縮短至一天以內。此外，政府正全速進行落馬洲管制站的第二期擴建工程；亦積極爭取 深港西部通道在二ＯＯ五年建成，屆時跨境車輛的流通量每日可增加四萬四千架次。除硬件外，政府亦 正透過重整工序，加快清關時間，例如正在落馬洲管制站試行「一站式」貨車過境安排。香港物流發展 局亦在研究如何善用科技，建立一個物流資料互通平台，方便各物流業的參與者，包括付貨人、運輸公 司、海關、銀行和碼頭等交換資料。
22. Hong Kong's logistics industry enjoys many advantages. We have the world's busiest container port, which handled nearly 18 million TEUs (twenty-foot-equivalent units of containers) last year. The volume of international freight handled at Hong Kong International Airport was also the highest in the world, last year amounting to nearly 2.1 million tonnes. The further development of our logistics industry depends on increase in speed and efficiency, as users often value these attributes more than cost. In this respect, thanks to the efforts of the freight transport sector, the Airport and the government departments concerned, the transshipment time through Hong Kong of cargo shipped from the rest of the world to the Pearl River Delta has been reduced from two days to less than 24 hours. Moreover, Phase 2 extension works at Lok Ma Chau Control Point are in full swing. The Shenzhen Western Corridor, targeted for completion in 2005, is also under active planning, and upon completion will increase the capacity for vehicular cross-boundary trips by 44000 a day. Apart from enhancing infrastructure, the Government is re-engineering the customs process to speed up clearance, for instance by introducing "one-stop" arrangements on a trial basis for trucks crossing via Lok Ma Chau Control Point. The Logistics Development Council is studying the use of information technology to establish a common platform to facilitate data exchange among participants in the logistics industry, including consignors, transport companies, the Customs and Excise Department, banks and container terminal operators.
23. 香港物流業的進一步發展，亦需要擴大貨物來源地。政府會鼓勵貨運及物流公司，擴展他們所服 務的貨源。我們亦要把香港發展為區內的高增值物流加工地，吸引高增值的行業在香港設立基地，利用 我們高效的物流服務，支援本地和區內進行低、甚至是零存貨的生產模式。
23. To foster the further development of our logistics industry, we have to expand Hong Kong's cargo catchment area and we will encourage logistics services providers to do so. We also need to develop high-value-added logistics parks in order to attract enterprises to use Hong Kong to support low or even zero-inventory modes of production in the region.
24. 去年有超過一千三百七十萬旅客訪港，當中內地遊客數目增長強勁，超過百分之十七。隨着外國 遊客重回亞洲，香港仍會是他們亞洲之旅的首選。香港旅遊業要更上一層樓，我們必須增加景點和改善 旅遊設施，發展不同主題的旅遊活動，例如與展覽、會議有關的商業旅遊、家庭旅遊、生態旅遊和文化 旅遊等。
24. Last year, over 13.7 million visitors came to Hong Kong, with those from the Mainland registering strong growth of over 17%. With the rebound of tourism in Asia, Hong Kong will remain the first choice for many. To promote tourism, we must develop more attractions and improve our facilities. We must also develop different types of tourism, such as business tourism linked with exhibitions and conferences, and family, ecological and cultural tourism.
25. 香港擁有良好的展覽及會議場地和設施，我們正計劃在機場興建新的展覽中心，落成後，會吸引 更多的商務旅客來港。另一方面，海洋公園目前正銳意創新，香港廸士尼樂園工程進行得如火如荼，加 上正在籌辦的大嶼山東涌吊車項目，正好配合香港發展家庭旅遊。香港有風景優美的郊野公園，各種行 山遠足路線和自然保護區等，都能幫助我們發展生態旅遊。此外，我們亦具備條件推動文化旅遊。香港 地處中、西交匯點，擁有如廟街和蘭桂坊、黃大仙廟和美利樓等，構成強烈而有姿采對比的景點。西九 龍的新文娛藝術區已通過國際比賽選出嶄新的規劃概念，我們會馬上展開詳細規劃，並落實興建，早日 供市民和遊客享用。香港還有一項極具賣點的優勢，就是美食。中國有悠長的飲食文化，而香港素有美 食天堂的稱譽，我們必須努力做到實至名歸。
25. In addition to our existing first-class convention and exhibition facilities, we plan to build a new international exhibition centre at the Airport. Upon its completion, this new facility will attract many more business visitors to Hong Kong. Meanwhile, Ocean Park is introducing new attractions, and the construction of Hong Kong Disneyland is progressing well. These theme parks, as well as the proposed Tung Chung cable car project on Lantau Island, will help cater for family tourism. Hong Kong is endowed with scenic country parks, hiking trails and nature conservation areas. They provide a good foundation for the development of ecotourism. We are also well-equipped to promote cultural tourism. As the city where East meets West, Hong Kong has attractions as diverse as Temple Street and Lan Kwai Fong, or Wong Tai Sin Temple and Murray House, which form strong and colourful contrasts. The concept plan for an exciting new cultural zone in West Kowloon has been selected through international competition. We will soon start detailed planning for its early construction, to provide new attractions for local residents and tourists alike. Alongside these, we have one of the greatest attractions of all: our fine cuisine. China has a venerable culinary tradition and Hong Kong enjoys a reputation as a gourmet paradise. We need to make every effort to retain that accolade.
26. 對所有來港的遊客，我們都要做到誠懇有禮，貨真價實，好客忠誠。我留意到香港在這方面正不 斷改進。每一個香港人、每一間商舖、食肆都是代表香港的旅遊大使。我們要使每一個遊客都覺得香港 是一個好地方，並願意再到香港旅遊。我亦希望到過香港的遊客可以向他們的親戚朋友，引證香港是如 斯獨特、熱鬧、熱情和迷人。
26. Together we must welcome our visitors with hospitality, courtesy and sincerity. I am pleased to note that improvements are taking place. Every citizen, shop and restaurant is a Tourism Ambassador for Hong Kong. We must give our guests a value-for-money experience so that they will all want to come back again, and tell their relatives and friends that Hong Kong is a uniquely vibrant and charming destination.
27. 我認為發展旅遊業，不但具有經濟意義，亦能令我們重新發掘香港可愛之處，將好的傳統保留和 發揚光大，增添香港特色，幫助建立香港的文化。
27. Promoting inbound tourism does not merely bring economic benefits: it also helps us to rediscover Hong Kong's attractiveness. Tourism enriches the flavour of Hong Kong, and encourages us to cherish our heritage and develop our cultural traditions.
28. 另外一個經濟發展的主要動力是工商業支援服務，包括製造業支援服務和專業服務。香港工業利 用內地作為經濟腹地，生產基地得以大為擴充，競爭力不斷提升，而且能夠把低增值和勞工密集的生產 模式，逐步提升至高增值和以科技為本的新台階。因此，和製造業有關的服務業，近年不斷發展，當中 包括進出口、運輸及倉儲、貿易融資、保險、認證及測試、研究及開發、產品設計、市場研究及推廣 等。此外，香港的專業服務亦不斷發展，包括法律、會計、工程、廣告、顧問、公關和設計等，服務本 地、內地和世界其他地區的客戶。
28. Another force driving economic development is producer and professional services. As the Mainland, our hinterland, opened up, this permitted our industries to expand their production base and increase their competitiveness. In this process, our industries have moved up the value chain, from a low-value-added and labour-intensive production mode to a high-value-added and technologically-based one. That is why we have, in recent years, witnessed rapid expansion in producer services such as import and export, transportation and warehousing, trade financing, insurance, accreditation and testing, research and development, product design and market research and promotion. In addition, Hong Kong has a steadily-growing professional services sector, including legal, accounting, engineering, advertising, consultancy, public relations and design services, which provide services to clients in Hong Kong, the Mainland, and throughout the world.
29. 要進一步發展，我認為香港的工商業需要加強研究和開發，並更多利用創新的意念和科技，特別 是資訊科技，提升服務的價值。研究和開發的工作包括引入更精密、更高效率的生產技術，增強製造業 的生產力和競爭力，協助製造業透過產品的創新設計及新物料的應用，加速從原件生產模式轉型到原設 計生產和自創品牌生產模式。這些活動也可衍生不少高增值的行業和企業，如集成電路設計等。
29. To advance further up the value chain, enterprises in Hong Kong need to devote more resources to research and development, become more innovative and make wider use of technology, especially information technology, to add value to their services. Such research and development work includes helping the manufacturing industry to introduce more sophisticated and efficient production techniques to enhance productivity and competitiveness. One way is by accelerating the evolution of the production mode from Original Equipment Manufacturing to Original Design Manufacturing and thence Original Brand Manufacturing by means of design and product innovations and use of new materials. Such activities can generate many other high-value-added industries and businesses, for example the design of integrated circuits.
30. 政府設立了各專責督導委員會，負責推動這四項經濟領域發展。我一直親自參與有關工作，致力 取得更佳成果。當然，香港還有很多具發展潛力的行業，例如應用科枝、中醫藥、電影、音樂、出版、 時裝設計和建築等。各業界的努力，可為香港的經濟增添動力。
30. We have set up steering committees to promote development in each of these four important economic sectors. I have been overseeing their work personally and will see to it that good progress is made. In Hong Kong, there are many other industries with good potential, such as applied technology, Chinese medicine, film, music, publishing, fashion and construction. Their concerted efforts will give further impetus to our economy.
31. 除了上述較外向型經濟活動之外，一些與市民日常生活息息相關的本土經濟活動亦十分重要。本 土經濟涵蓋的範圍很廣，包括文娛、體育、社會和個人服務等，從事本土經濟活動的人士包羅萬有，例 如小商販、家務助理和健身教練等。促進本土經濟發展，可以推動內部消費，創造更多就業機會，亦可 發揮本地文化特色。我將會親自主持一個跨部門小組，推動本土經濟的發展。
31. Apart from the more externally-oriented economic sectors that I have just mentioned, economic activities in the local community closely linked to our daily life are also important. This local community economy covers a wide range of activity, including cultural, recreational, sports, social and personal services; and there are many different types of players, such as small traders, local domestic helpers and fitness instructors. Development of the local community economy can promote domestic consumption, create employment opportunities and highlight Hong Kong's unique characteristics. I will chair an inter-bureau working group to promote the development of the local community economy.
32. 無論從事什麼行業，香港人都應追求卓越，取得領導地位，才有利增加市場佔有率和提高經濟效 益，抵消較高的成本，維持和提升大家的生活水平。目前，我們在金融、物流、旅遊、流行文化等領 域，都居於區內領先位置。我們須繼續努力，確保超越對手。至於其他具備優勢但還未達到領導地位的 行業，我們需要加倍努力，設法爭取成為區內的領導者。
32. Everyone in Hong Kong, whatever his or her particular walk in life, must seek to excel. Being ahead of the game helps to improve economic efficiency and increase market share. It also assists us to overcome our higher costs, and allows us to maintain and enhance our standard of living. We already command a leading position in the region in fields such as financial services, logistics, tourism and pop culture. We have to keep up this good work to stay ahead of the competition. In other areas where we enjoy competitive advantages but have not yet taken a lead, we must work harder to reach that goal.
33. 任何服務或產品要勝人一籌，不外是靠價錢取勝，或是以賣點招徠。香港由於成本比較高，必須 走後者的路線，秘訣是以客為先，切合市場需求，靠「質素」、「速度」和「創意」競爭。不論是低或 高科技的行業都要做到這三點。例如香港的飲食業，就是以不斷推陳出新而享譽世界，港式廚藝亦成為 美食的代名詞。香港的電影和流行音樂在亞洲大受歡迎，就是典型的利用創意而成功的例子。香港的製 衣業，就是以速度和質素著稱。我相信要做到「質素」、「速度」和「創意」這三點，無分學歷、職業 和年齡的界限，亦無分業務的範圍及規模。
33. The key to success in business is either a competitive price or product differentiation. With our cost, we have to use the latter. This calls for market-driven, customer-oriented services and products delivered or made with quality, speed and creativity. Such attributes are essential for both high- and low-technology industries. Let me cite a few examples by way of illustration. Our restaurants enjoy worldwide renown for their quality and creativity: Hong Kong cuisine is now a synonym for fine dining. Our pop music and movies are now in demand throughout Asia, another example of success through creativity. Our garment industry is distinguished by speed and quality. I believe all of us, irrespective of age, occupation or academic qualifications, and all our businesses, regardless of scope or scale, can harness these attributes of quality, speed and creativity.
34. 雖然香港擁有優秀的人才，但還須培養、吸納更多人才。這是我們要克服的第二項挑戰。
34. Hong Kong has good human resources, but we still need to train and attract more talent. That is the second challenge we have to overcome.
35. 我們正從兩方面入手。第一是改善基礎教育質素，促進高等教育發展，把終身學習培養為社會風 氣。香港需要更多通曉兩文三語，具備溝通、分析、創意和應變能力的人才。香港市民大多好學不倦， 力爭上游，通過不同途徑自我增值。政府會繼續在教育及培訓方面大力投資，並提供適當的資助和貸 款，協助經濟上有需要的市民進修，而有經濟能力的市民自行負擔終身學習的開支，亦屬合情合理。
35. We are now taking action on two fronts. The first is to improve the quality of our basic education, enhance higher education and promote lifelong learning in the community. We need more talented individuals who are biliterate and trilingual, innovative, adaptable and have the ability to think critically and communicate. Indeed, most people in Hong Kong strive to improve themselves and enhance their personal worth. The Government will continue to invest heavily in education and training and help those in financial difficulties to pursue further studies through subsidies and loans. Nevertheless, it is also reasonable for those who can afford it, to pay their own expenses in the pursuit of lifelong learning.
36. 第二是吸納有知識、有技術和有創業能力的人才來港發展。有人認為，境外人才來港，會搶走香 港人的飯碗。事實剛好相反，他們不但不會搶走香港人的飯碗，更會透過推動香港經濟發展，為香港創 造更多的就業機會。歐美等發達地區爭相羅致全球人才就是最好的佐證。
36. The second important task is to attract to Hong Kong individuals with the right knowledge and skills or who have entrepreneurial spirit. Some believe that the admission of outside talent would deprive local people of employment. The reality is quite the opposite. Outside talent gives impetus to our economic development and this in turn creates more jobs. The keen competition among the developed economies in America and Europe for talent from all over the world is a testament to this.
37. 人才是否來港發展，取決於很多因素，例如生活環境、城市規劃、發展空間、文化氣息等，但最 關鍵的是政府的人口政策。行政長官在去年十月的施政報告宣布，政府正積極檢討進一步放寬外地人士 來港投資的入境政策，並在最近提出需要全面研究香港的人口政策，這些都是為了更有效地協助香港經 濟成功轉型。
37. Whether such talent is prepared to come to Hong Kong depends on many factors, including the living environment, town planning, potential for self-fulfillment and cultural diversity. But the crucial element is the Government's admissions policy. Last October, the Chief Executive announced in his Policy Address that the Government was reviewing its immigration policy with a view to relaxing restrictions on the entry of overseas investors. He has recently suggested the need to conduct a comprehensive study of Hong Kong's admissions policy. These initiatives are intended to facilitate the steady economic restructuring of Hong Kong.
Fostering Economic Flows between Hong Kong and its Hinterland
38. 香港作為一個地區的金融商貿中心，必須與周邊地區，尤其是內地，保持暢順的雙向流通。目 前，香港與其他地區進行經濟活動大致無阻，但是與內地的流通則仍需要改善，特別是在人、貨、資 金、訊息和服務這五方面的流通。這亦是我們需要面對的第三項挑戰。
38. As a regional financial and commercial centre, Hong Kong must maintain a smooth flow in both directions of economic activity with its neighbouring areas, in particular the Mainland. Our interaction with other economies generally does proceed smoothly. With the Mainland, however, the flows, in particular those of people, goods, capital, information and services, still need improvement. This is the third challenge we face.
39. 在促進兩地人員往來方面，經過特區政府與中央磋商後，「香港遊」的配額已於今年一月一日取 消，內地的組團社亦由四家增至六十七家。此外，中央政府亦已大大簡化內地商務旅客的赴港簽註安 排。
39. As regards the flow of people, the quota system for the Hong Kong Group Tour Scheme was abolished on 1 January this year, following discussions between the Government of the Hong Kong Special Administrative Region and the Central People's Government. There are now 67 Mainland travel agencies organising tours to Hong Kong, as against four in the past. The Central People's Government has also simplified the procedures for Mainland visitors to come to Hong Kong on business.
40. 在促進貨物和資金流通方面，我剛才已講過。在訊息方面，香港資訊高度流通，是區內的電訊和 廣播中心，亦匯集大量有關內地經濟的資訊。不少對內地有興趣的投資者和市場分析人員均以香港為基 地，產生重要的匯聚效應。我們必須鞏固在資訊方面的優勢，加強香港與內地在資訊硬件和軟件方面的 流通。
40. I have already touched upon the subject of goods and capital flows earlier in my speech. In the field of information, Hong Kong is the telecommunications and broadcasting centre for the region. We have readily-available information on economic developments in the Mainland. We are the natural base for analysts and investors interested in China. This creates a clustering effect. We need to reinforce our advantage in the field of information through upgrading both hardware and software.
41. 在服務方面，政府將繼續促進兩地服務業的進一步流通。事實上，香港的專業服務，例如會計和 銀行界在內地已取得良好發展。我正與中央有關的官員磋商訂立的「內地與香港更緊密經貿關係安 排」，將會有助於加強兩地的服務和商品貿易的發展。
41. As for services, the Government will continue to promote closer connections between these industries in both places. Our professional services, such as accounting and banking, have gained a foothold in the Mainland. I am now holding discussions with officials of the Central People's Government on a Closer Economic Partnership Arrangement with the Mainland. Such an arrangement will greatly enhance the flow of goods and services between the two places.
42. 現在讓我轉談政府在經濟中扮演的角色。我是忠實的市場經濟擁護者，我贊成以市場主導發展經 濟，因為我相信市場較能妥善分配及運用資源、刺激創意、激發活力及創造就業。也許有人認為，香港 作為一個自由經濟體系，政府應該什麼也不做，消極地退出經濟領域。對此我並不同意。我認為政府的 角色應是掌握經濟發展方向，積極為市場發展創造條件。這包括：
42. Let me now turn to the Government's role in the economy. I am a firm believer in market economy. I believe the market can allocate and utilise resources more effectively and has greater capacity to foster creativity, provide economic impetus and create employment opportunities. Some may have the impression that, to maintain Hong Kong's economic freedom, the Government should be passive and distance itself from the economy. I disagree. I am of the view that the Government should have a clear vision of the direction of economic development and be a proactive market enabler. This role includes -
• 第一，提供促進市場發展的制度環境，包括鞏固香港的制度優勢，例如 法治、簡單及低稅制、公平競爭、良好的治安和方便營商的環境等。政府須不斷檢討監管法規和模式， 以確保它們是方便、高效，以及與時並進；
• first, maintaining an institutional framework conducive to market development, including reinforcing our institutional strengths, such as the rule of law, the low and simple tax regime, the level playing field, law and order and the business-friendly environment. The Government should review the regulatory and supervisory framework at regular intervals to ensure that it remains user-friendly, effective and up-to-date;
• 第二，提供市場不會投資的基建；
• second, providing that infrastructure in which the private sector will not invest;
• 第三，提供環境和資源，提升人力資源質素，包括投資教育和吸引境外 人才來港；
• third, providing an appropriate environment and the resources required to raise the quality of our human capital. That includes investing in education and attracting outside talent to Hong Kong;
• 第四，透過多邊和雙邊經貿談判，以及參與有關經貿組織，為本地企業 爭取更佳的進入境外市場條件。此外，政府亦應聯同有關機構和組織，協助本地企業開拓境外市場；及
• fourth, securing more favourable market access for our local enterprises through multilateral and bilateral economic and trade negotiations and participation in relevant economic and trade organisations. The Government in conjunction with the appropriate organisations should also assist local enterprises to promote their products outside Hong Kong; and
• 第五，在私營機構未能對一些符合香港整體經濟利益的項目作出投資 時，政府可以考慮推動。
• fifth, considering the need to take appropriate measures to secure projects beneficial to our economy as a whole when the private sector is not ready to invest in them.
43. 除此之外，政府亦須為社會提供基本的「安全網」。經濟活動是社會的命脈，但一個有人情味， 互相關心，互相扶持的社會，亦同樣重要。政府會繼續為弱勢社群和有困難的人士提供基本的照顧，不 會忽略他們。
43. Apart from the foregoing, the Government should also provide a "safety net" for the community. While economic activities are the lifeline of society, a caring community based on mutual concern and support is equally important. The Government will continue to take care of the basic needs of those who are disadvantaged or in hardship. Their well-being will not be neglected.
44. 現在，讓我轉談二ＯＯ二年及中期 (即二ＯＯ二至二ＯＯ六年)的經濟預測。我相信歐美經濟在可見的未來將會復蘇，而內地經濟會保持高 速增長。基於外圍因素轉好，而香港經濟繼續朝着高增值活動的方向發展，我們的中、長期前景是良好 的。
44. I now turn to the economic forecast for 2002 and our medium-term (from 2002 to 2006) prospects. I believe that the EU and US economies will recover in the foreseeable future and that the Mainland will maintain its high economic growth. In the light of the more favourable external factors and our sustained efforts to move up the value chain, the outlook for Hong Kong is bright in the medium and long term.
45. 我估計二ＯＯ二年本地生產總值實質增長為百分之一，而中期的實質趨勢增長則為百分之三。物 價方面，由於全球還需要時間消化過剩的生產量，以及本地通縮壓力持續，我估計二ＯＯ二年整體經濟 物價將會下跌百分之一點五，而中期的整體經濟物價趨勢增長則為百分之零點四。
45. I am forecasting a GDP growth of 1% in real terms for 2002, and real trend growth of 3% over the medium term. As the excess capacity within the global economy has yet to be digested and local deflationary pressure will remain, I forecast a fall of 1.5% in the GDP deflator for 2002 and 0.4% trend growth over the medium term.
46. 雖然香港的中、長期前景良好，但經濟復蘇需時，經濟轉型仍會維持一段較長時間，再加上通縮 壓力，短期內失業率可能仍會上升。
46. While the medium- and long-term outlook is promising, it will take time for our economy to recover. Economic restructuring will continue for some time. In the light of these factors, coupled with the pressure of deflation, I expect that, in the short term, the unemployment rate will increase further.
47. 現在，讓我集中講述公共財政。一如以往，政府將繼續以審慎理財為原則。《基本法》第一百零 七條規定特區的財政預算以量入為出為原則，力求收支平衡，避免赤字，並與本地生產總值的增長率相 適應。
47. As in the past, the Government will continue to follow the guiding principle of prudent management of public finances. Article 107 of the Basic Law stipulates that the Hong Kong Special Administrative Region shall follow the principle of keeping expenditure within the limits of revenues in drawing up its budget, and strive to achieve a fiscal balance, avoid deficits and keep the budget commensurate with the growth rate of its gross domestic product.
48. 兩個星期前，「檢討公共財政專責小組」發表報告，指公共財政出現結構性的問題。在收入方 面，由於房地產市場出現調整，土地收益、來自銀行和地產公司的利得稅收益、物業交易印花稅等三方 面的收入，已出現結構性的下調。另外，由於財赤的關係，財政儲備結餘將繼續下跌。在預期低通脹的 環境下，投資收益的回報率無可避免會減少。由於本金和回報率同時下跌，投資收益亦會出現結構性的 下調。
48. Two weeks ago, the Task Force on Review of Public Finances published its findings. The Task Force concluded that our public finances are confronted with structural problems. On the revenue side, consolidation in the property market has resulted in a structural diminution in revenue from land premiums, profits tax from the banking and property sectors, and stamp duty on property transactions. The investment income from our fiscal reserves will also suffer a structural reduction, as successive years of fiscal deficits result in a rundown of the reserves, and as the anticipated rate of return on investment income is likely to drop alongside low inflation in the years ahead.
49. 在開支方面，「專責小組」指出政府開支價格變動欠缺彈性，這情況在通縮期尤其凸顯。過去三 年，整體經濟物價 [1]下跌百分之十二，而政府開支的物價 [2]基本上仍維持不變。香港人口老化，亦會使社會保障援助金的需求日增。此外，政府在近年經濟低 迷的時候，刻意採取了反經濟周期的財政政策。如當經濟復蘇時，不採取對應措施，我們的財政政策便 會與經濟環境脫節，使財政出現結構性的問題。
49. On the expenditure front, the Task Force pinpointed price rigidity in government expenditure, which is particularly severe in times of deflation. Over the past three years, the general price level of the economy[1] has fallen by 12%, whereas the price of government expenditure[2] has remained basically unchanged. Furthermore, our ageing population will increase the demand for social security payments. In the recent years of economic downturn, the Government has also consciously embraced counter-cyclical fiscal policies. As the economy recovers, measures to redress these will have to be taken. Otherwise, our fiscal policies would be out of line with the economy, and this would exacerbate the structural problem in our finances.
[1] 整體經濟物價是指本地生產總值的平減物價指數。
[1] Price changes in the economy refer to the GDP deflator.
[2] 政府開支的物價是指政府消費開支的平減物價指數。
[2] Price changes in government expenditure refer to the Government Consumption Expenditure deflator.
50. 「專責小組」認為如果政府沿用以往的收支模式，財赤問題將會日趨惡化，估計至二ＯＯ八/Ｏ九 年度更會耗盡所有的財政儲備。這情況顯然是不可接受的。
50. The Task Force was of the view that, were the prevailing revenue and expenditure policies to continue, the Government would face ongoing and persistent fiscal deficits. It estimated that the fiscal reserves would be depleted by 2008-09. Obviously, this scenario is unacceptable.
51. 稍後，我將提出解決財政赤字的方案。在此之前，讓我先討論四個與公共財政管理有關的課題， 就是公共開支佔經濟的比重、比較開支增長與經濟增長的準則、綜合帳目和經營帳目的收支平衡，以及 財政儲備的用途和水平。
51. Later on, I will propose measures to restore fiscal balance. Let me first discuss four issues concerning the management of public finances, namely public expenditure as a share of the economy, basis for comparison of growth in expenditure and the economy, consolidated and operating balances, and purpose and level of fiscal reserves.
52. 在八十年代中期，公共開支[3]佔經濟的比重[4]約百分之十六；九十年代中期，這個比重還只是 約百分之十七；但在二ＯＯ一/Ｏ二年度卻上升至百分之二十二。這是因為自一九九八年起面對經濟逆 境，政府顧及社會的需要，刻意採用反經濟周期的財政政策，容許開支的增長在短期內高於經濟趨勢。 此外，公共開支價格變動欠缺彈性，在通縮期基本上只升不跌。
52. The share of public expenditure[3] in the economy[4] averaged around 16% in the mid-1980s, about 17% in the mid-1990s, but rose to 22% in 2001-02. This is due to the fact that, in the face of economic downturn since 1998, the Government has consciously adopted a counter-cyclical fiscal policy, by keeping expenditure growth above the trend growth of the economy. In addition, due to rigidity in the prices of public expenditure, they have continued to rise despite deflation in the economy.
[3] 公共開支是指政府開支，再加上營運基金及房屋委員會的開支，以及由獎券 基金支付的款項。公共開支大部分為政府開支。以二ＯＯ一/Ｏ二年度為例，政府開支約佔公共開支的 百分之八十八。
[3] Public expenditure comprises government expenditure and expenditure by the Trading Funds, the Housing Authority and payments from the Lotteries Fund. Government expenditure accounts for the majority of public expenditure. In 2001-02, for example, government expenditure accounts for about 88% of public expenditure.
[4] 公共開支佔經濟的比重是以公共開支佔本地生產總值的百分比來量度。
[4] The share of public expenditure in the economy is expressed as a percentage of GDP.
53. 要維持香港的競爭力，我們必須控制公共開支佔經濟的比重，以免佔用過多社會資源，妨礙私人 市場發展。我的目標是在二ＯＯ六/Ｏ七年度，將公共開支佔經濟的比重控制在百分之二十或以下。
53. The growing share of public expenditure in the economy consumes scarce resources that could otherwise be used by the private sector more efficiently. To maintain Hong Kong's competitiveness, we must contain public expenditure as a percentage of GDP. My target is to reduce this share to 20% of GDP or below by 2006-07.
Basis for Comparison of Growth in Expenditure and the Economy
54. 政府開支增長與經濟增長之間的比較，可從實質和現金價格 (又稱名義價格)兩個不同的角度衡量。簡單而言，我們的日常收支就是以現金價格計算，而實質價格則 是一個經濟學上的概念，指扣除物價變動後的數值。
54. Government expenditure and economic growth can be measured in both real and money (or nominal) terms. In a nutshell, our recurrent revenue and expenditure are accounted for in money terms, whereas "real" is an economic concept, referring to value after discounting price movement.
55. 政府開支的物價變動和整體經濟的物價變動是不一樣的，其中一個主要原因是政府開支中員工開 支所佔的比重較高，而工資的升幅通常高於經濟物價變動。單此一項已導致政府開支物價升幅高於整體 經濟物價升幅。此外，政府開支亦包括綜援金和退休金，由於兩者在通縮期沒有隨整體經濟物價下調， 所以進一步拉闊政府開支與整體經濟在物價方面的距離。這解釋了為什麼過去十年，政府開支物價上升 了百分之七十二，而整體經濟物價則只上升了百分之二十九。這亦解釋了為什麼雖然政府開支實質增長 大致與經濟實質增長相若，但用現金價格計算，政府開支增長卻超越經濟增長。以一九九八/九九至二 ＯＯ一/Ｏ二年度為例，以現金價格計算，政府開支累積增長為百分之十七，而本地生產總值則累積下 跌百分之五。
55. Price movement in government expenditure does not follow that of the economy. This is mainly attributable to the higher wage content of government expenditure. Wages tend to increase faster than the general price level in the economy, which means that the price of government expenditure grows faster than the general price level. Government expenditure also includes pension and social security payments, and these have not adjusted downwards with the general price level in times of deflation. The differential between the government expenditure price level and the general price level thus widens further. Over the past decade, the government expenditure price level has risen by 72% but the general price level only by 29%. As a result, although in real terms the growth in government expenditure has been broadly in line with GDP growth, it has overshot in money terms. From 1998-99 to 2001-02, government expenditure recorded a cumulative growth of 17% in money terms, while GDP registered a cumulative fall of 5%.
56. 我會致力控制以現金價格計算的政府開支增長，因為政府開支和收入都是以現金價格計算。當 然，我亦會同時控制實質價格計算的政府開支增長。
56. As both government revenue and expenditure are accounted for in money terms, I shall strive to control the growth of government expenditure in money terms, in addition to controlling it in real terms.
57. 政府收支可從兩個層次衡量。第一是綜合帳目，即所有開支和收入，包括經常和非經常收支。第 二是經營帳目，簡單而言，即經常收入和開支。兩種帳目達致收支平衡同樣重要。對投資者和國際評級 機構而言，經營帳目收支平衡可能更為重要。
57. Government revenue and expenditure can be measured on two levels. One is the Consolidated Account, which comprises all revenue and expenditure, including recurrent and capital revenue and expenditure. The other is the Operating Account, which, put simply, includes only recurrent revenue and expenditure. It is important to achieve a balance in both accounts, but for investors and international rating agencies, the operating balance sometimes is even more important.
58. 在經營帳目下，財政儲備投資收益是一項重要的收入來源。過去四年，投資收益平均佔經營帳目 收入的百分之十三。由於預計財政儲備結餘和回報率都會下跌，投資收益會逐年減少。就經營帳目而 言，我們除關注在計及投資收益後的盈餘或赤字外，亦須留意未包括投資收益前的情況，這道理可從我 們日常的家庭理財得知。以一個家庭為例，政府的經常收入就好比工資收入，財政儲備就好比家庭的銀 行存款，而投資收益就好比存款利息。一般而言，一個家庭的經營帳目收支平衡，是指工資足以支付家 庭的日常開支。若一個家庭要動用存款利息，才足以應付日常開支，則須加倍小心，因為存款利息並不 穩定，一旦利率下調，利息收入會受影響。若出現入不敷支，便需要動用存款的本金，當存款用盡後， 恐怕需要舉債度日。
58. Investment income from the fiscal reserves has been a major source of revenue for the Operating Account, contributing on average 13% in each of the past four years. This income source is expected to decrease as a result of the declining fiscal reserves and the lower return on their investment. Accordingly, we should focus not only on the deficit or surplus after taking investment income into account, but also on that before its inclusion. Let me illustrate this point with reference to daily family financial management. The recurrent revenue of the Government can be compared to the wage income of a family, the fiscal reserves to a bank deposit, and investment income to interest earnings. Generally speaking, a family's operating account is balanced when the wage income is adequate to cover its daily expenses. If a family has to draw on interest earnings to meet its daily expenses, then it has to be very much on the alert because interest earnings, being susceptible to interest rate movements, are not stable. If its income is insufficient to cover daily expenses and the family has to draw on the principal of the deposit, I am afraid that it will have to survive on debt once the deposit is depleted.
59. 政府在非經常收支方面，過去十年中有七年錄得赤字。非經常開支主要用於基建工程，大部分倚 賴土地收入來支付。隨着本港地產業出現調整，政府預計未來土地收入將不足以應付政府的非經常開 支。雖然政府可出售資產，但這並不能提供長期而穩定的收入。長遠而言，我們需要在經營帳目取得盈 餘，幫助支付部分的非經常開支，以確保整體收支平衡。
59. In seven out of the past ten years, the Government has run a capital account deficit. Capital expenditure is mainly on infrastructural projects, and is principally funded by land premiums. As Hong Kong's property sector undergoes consolidation, land premiums in future will likely be inadequate to meet capital expenditure. Although the Government can sell some of its assets, this cannot provide a stable source of revenue in the long term. Therefore, to ensure consolidated balance, we need to achieve surpluses in the Operating Account over the longer term to finance a part of capital expenditure.
60. 自一九九八/九九年度，政府已經連續四年錄得經營赤字。此外，在過去五年，綜合帳目有三年出 現赤字。這情況不能長期持續下去。我的目標是在二ＯＯ六/Ｏ七年度，恢復綜合和經營帳目收支平 衡。
60. We have had operating deficits for four consecutive years since 1998-99. In three of the past five years, the Consolidated Account has also recorded a deficit. This cannot go on forever. My target is to achieve consolidated and operating balances by 2006-07.
61. 在預算案諮詢過程中，很多人表示政府應根據目前的經濟和公共財政環境，重新釐定財政儲備的 合適水平。
61. During my Budget consultations, I heard suggestions for the Government to revise the target level of fiscal reserves in the light of the prevailing conditions of the economy and public finances.
62. 自從亞洲金融風暴爆發後，金融管理局已逐步落實一系列措施，強化港元匯率的穩定。另外，外 匯基金現有三千億元的累積盈餘，加強了捍衛港元匯率穩定的能力。我認為財政儲備已無須與貨幣供應 量掛鈎，我們只須預留一筆相等於政府十二個月開支左右的儲備，以應付政府開支的日常和應急需要。 雖然財政儲備已無須與貨幣供應量掛鈎，但特區政府的財政儲備，將會繼續存放於外匯基金內，令到外 匯基金有更充足的資源去支持港元及金融穩定。
62. In the wake of the Asian financial crisis, the Hong Kong Monetary Authority has implemented a series of measures to reinforce the stability of the Hong Kong Dollar exchange rate. In addition, the accumulated surplus of the Exchange Fund has now reached $300 billion. These developments have greatly enhanced the Exchange Fund's ability to maintain exchange rate stability. I see no further need to link the level of fiscal reserves to money supply. In my view, it should be sufficient to have fiscal reserves equivalent to around 12 months of government expenditure to meet operating and contingency requirements. Although it is no longer necessary to link the level of fiscal reserves to money supply, the Government's fiscal reserves will continue to be placed with the Exchange Fund, thereby providing even more resources for the Exchange Fund to maintain the stability of the Hong Kong Dollar and our monetary system.
63. 現在讓我具體講述政府如何在中期內解決財赤的問題。首先，我估計二ＯＯ一/Ｏ二年度的綜合赤 字為656億元，相等於本地生產總值的百分之五點二，遠高於原先預算的30億元赤字，主要是因為土地 收入及財政儲備投資收益遠較先前估計為低，而原先預算在本財政年度出售的部分地鐵股份，由於投資 環境發生變化而延遲推出。我估計在本年三月三十一日，政府的財政儲備結餘為3,698億元，大約相等 於政府十九個月的開支。
63. Let me now elaborate on the Government's plan to solve the deficit problem in the medium term. First, I forecast a consolidated deficit of $65.6 billion for 2001-02 (equivalent to 5.2% of GDP), far larger than the original estimate of $3 billion. This is due mainly to revenue from land premiums and investment income from our fiscal reserves falling far short of our original forecasts. Furthermore, the secondary offering of Mass Transit Railway shares originally planned for this financial year has been postponed to the next because of changes in investment market conditions. I estimate the fiscal reserves to be $369.8 billion by 31 March this year, roughly equivalent to 19 months of government expenditure.
64. 我先前表示，希望在二ＯＯ六/Ｏ七年度，公共財政能達到三個目標，就是：
64. Earlier, I set three targets for our public finances in 2006-07 -
• 第一，綜合帳目恢復收支平衡；
• first, restore balance in the Consolidated Account;
• 第二，經營帳目恢復收支平衡；及
• second, attain a balanced Operating Account; and
• 第三，將公共開支佔經濟的比重控制在百分之二十或以下。
• third, reduce public expenditure to 20% of GDP or below.
我會按部就班，透過減慢政府開支增長和適當開源，實現這些目標。我認為這既顧及香港的經濟情況， 又能解決公共財政的問題。
I aim to achieve these targets step by step through reducing the growth of government expenditure and modestly raising revenue. I believe this is a practical strategy commensurate with our economic condition.
65. 就二ＯＯ二/Ｏ三年度財政預算案而言，因應經濟情況，我決定容許政府開支，比二ＯＯ一/Ｏ二 年度原來預算實質增長百分之二，比修訂預算實質增長百分之七點七，高於二ＯＯ二年百分之一的實質 經濟增長預測。
65. Having regard to the current state of our economy, I have decided to allow government expenditure in 2002-03 to grow by 2% in real terms over the original estimate for 2001-02, or 7.7% over the revised estimate, higher than the forecast economic growth of 1% in real terms for 2002.
66. 計及香港經濟在未來幾年應逐漸好轉及需要在中期達致收支平衡，我計劃在二ＯＯ三/Ｏ四至二Ｏ Ｏ六/Ｏ七年度，將政府開支的實質增長定於每年平均百分之一點五，比同期的經濟增長預測為低。
66. From 2003-04 to 2006-07, I will reduce the real growth in government expenditure to an average of 1.5% each year, lower than the forecast economic growth rate. I believe Hong Kong's economy should have picked up by then and such a reduction will be necessary to restore fiscal balance in the medium term.
67. 我剛才表示，需要控制以現金價格計算的政府開支增長，而員工開支佔政府經營開支的比重高達 七成。鑑於嚴峻的財政狀況，在編製政府中期開支預測時，開支的計算基礎是，公務員可能減薪百分之 四點七五，以及資助機構在員工開支方面的資助金可能以同樣幅度下調。提出可能減薪百分之四點七 五，是考慮到各級公務員自一九九七年七月以來獲得不同的累積加薪幅度。
67. I have mentioned earlier that it is necessary to control the growth of government expenditure in money terms. Personnel-related expenses account for 70% of government operating expenditure. Given our serious fiscal position, I have assumed in the Medium Range Forecast, for financial planning purposes, that civil service pay will be cut by 4.75% and the salary-related portions of subventions to the various organisations will also be reduced by the same rate. This assumed 4.75% pay cut has taken into account the respective cumulative pay rises for civil servants of different ranks since July 1997.
68. 按照現時機制，每年政府會參考私營機構薪酬趨勢調查的結果、政府的財政狀況及其他因素，才 作出公務員薪酬調整的決定。今年度的私營機構薪酬趨勢調查的結果將於五月公布，屆時，政府會根據 現行機制在考慮所有因素後，作出最後決定。任何公務員減薪的決定會通過立法程序落實。假設減薪在 今年十月一日起實施，並假設減幅為百分之四點七五，政府在二ＯＯ二/Ｏ三年度可減少開支約30億 元，全年可減少開支約60億元。
68. Under the existing mechanism, the Government will consider, among other things, the results of the private sector pay trend survey and its own budgetary position before deciding on an annual civil service pay adjustment. We will continue to adopt this mechanism and make a final decision after the outcome of this year's survey is known in May. Any decision on a civil service pay cut needs to go through the legislative process before it can be implemented. Assuming that the pay cut takes effect from 1 October this year and that the level of reduction is 4.75%, the Government will achieve savings of about $3 billion in 2002-03 and about $6 billion in a full year.
69. 上個月，我與公務員中央評議會和多個公務員工會的代表見面，我瞭解他們的立場。我相信政府 的同事和資助機構明白，政府面對嚴峻的財政狀況，長期財赤對香港各方面發展都會造成負面影響。事 實上，不少同事主動向我表示，願意與市民共渡時艱。
69. Last month, I met with representatives of the civil service central consultative councils and a number of civil service staff unions. I appreciate their position. I believe many colleagues in the civil service and the subvented organisations understand that we are facing a serious fiscal situation and that persistent fiscal deficits will adversely affect Hong Kong as a whole. In fact, many colleagues told me that they were willing to stand by the rest of the community in this time of difficulty and share the burden.
70. 政府亦會嚴格控制各級公務員人手的增長。政府在去年提出將公務員編制減至十八萬一千左右。 通過政府各部門、各職系的努力，我們在二ＯＯ二/Ｏ三年度可如期達到目標。
70. In addition, we will stringently contain the growth of the civil service in all ranks. Last year, the Government proposed to reduce the civil service establishment to around 181000. Thanks to the efforts of all departments and grades, we will achieve this target as scheduled in 2002-03.
71. 此外，政府會檢討各項服務的需求，釐定優先次序，調配資源。各部門亦須採取措施，減省工 序，精簡架構和人手，以騰出資源應付新需要。政府會繼續利用市場力量，加強與私營機構合作，以不 同方式為市民提供更好、更快的服務。
71. We will also review the demand for services and our priorities for the deployment of resources. Departments will streamline procedures, simplify structures and economise on manpower in order to release resources to meet additional needs. Furthermore, we will make use of market forces and strengthen our co-operation with the private sector to provide better and more efficient services to the public through various means.
72. 假設公務員從今年十月一日起調低薪酬，以現金價格計算，二ＯＯ二/Ｏ三年度政府開支，比二Ｏ Ｏ一/Ｏ二年度原來預算增長百分之零點六，比修訂預算增長百分之六點二。至於二ＯＯ三/Ｏ四至二Ｏ Ｏ六/Ｏ七年度的政府開支增長，以現金價格計算，每年平均為百分之一。我有信心到二ＯＯ六/Ｏ七年 度，公共開支佔經濟的比重將降至百分之二十。
72. Assuming that civil service pay is cut from 1 October this year, government expenditure in 2002-03 will increase in money terms by 0.6% over the original estimate, or 6.2% over the revised estimate, for 2001-02. Average annual growth of government expenditure from 2003-04 to 2006-07 will be 1% in money terms. With the foregoing measures for controlling expenditure, I am confident that public expenditure will fall to 20% of GDP in 2006-07.
73. 不過，要在中期內回復收支平衡，除控制政府開支增長外，亦要適當開源。
73. Nevertheless, in order to restore fiscal balance in the medium term, we need to increase revenue in addition to controlling the growth of government expenditure.
74. 考慮到現時的經濟情況，我認為不適宜在二ＯＯ二/Ｏ三年度，作重大的稅收改變。我唯一的加稅 建議是提高葡萄酒的稅率，另外，我亦建議減低煙酒的免稅額。這兩項建議不會影響民生，亦不會拖慢 經濟復蘇。
74. Under present economic conditions, I consider it inappropriate to make any major changes on the revenue front in 2002-03. My only tax increase proposal is a modest increase in the duty rate on wine. I also propose to reduce the quantities of duty-free tobacco and still wine that local residents may bring back to Hong Kong. These two proposals have no bearing on livelihood and will not hinder economic recovery.
75. 我建議調高葡萄酒稅率，由目前的百分之六十加至百分之八十。我估計這可為政府全年帶來7千萬 元的額外收入。有關葡萄酒的稅收是根據出廠價格而徵收的，加稅只會輕微影響葡萄酒的零售價格。行 政長官已經簽署《公共收入保障令》，並經已刊登憲報，有關稅收建議在今日下午二時三十分生效。政 府會盡快向立法會提交有關加稅草案。
75. I propose to increase the duty rate on wine from 60% to 80%. I estimate that this will generate additional revenue of $70 million in a full year. This proposal will have only a mild effect on the retail prices of wine, as the level of duty is determined on the basis of ex-factory prices. The new duty rate became effective at 2:30 p.m. today in accordance with a Public Revenue Protection Order signed by the Chief Executive and published in the Gazette. We will introduce the related legislation into this Council as soon as possible.
76. 我建議將本地居民入境時可攜帶的煙草免稅額降低百分之四十，新的免稅數額將為六十支香煙、 或十五支雪茄、或七十五克煙草。至於免稅酒方面，則下調百分之二十五，由目前的一公升減至七百五 十毫升，即等於一般瓶裝酒的標準容量。我估計這項建議全年可為政府增加約3億3千萬元的稅收。
76. I propose to cut by 40% the quantities of duty-free tobacco that Hong Kong residents may bring back. The new duty-free quantities will be 60 cigarettes or 15 cigars or 75 grammes of tobacco. For duty-free still wine, the quantities that Hong Kong residents may bring back will be cut by 25%, from one litre to 750 millilitres, the standard size of a bottle of wine. I estimate that this proposal will generate additional revenue of about $330 million in a full year.
77. 上述的控制開支增長和開源方案，並假設公務員減薪百分之四點七五，仍不足令經營帳目在二Ｏ Ｏ六/Ｏ七年度恢復平衡。我們還須由二ＯＯ三/Ｏ四年度開始，每年開源或節流20億元，由二ＯＯ四/ Ｏ五年度開始，每年額外開源或節流35億元，以及由二ＯＯ五/Ｏ六年度開始，每年再額外開源或節流 35億元。
77. With the foregoing measures to control expenditure and increase revenue and the assumed 4.75% civil service pay reduction, we would not yet be able to restore balance in the Operating Account in 2006-07. We still need to increase recurrent revenue or reduce recurrent expenditure by $2 billion from 2003-04 onwards, with another $3.5 billion required from 2004-05 onwards and a further $3.5 billion from 2005-06 onwards.
78. 另外，要在二ＯＯ六/Ｏ七年度達致整體收支平衡，我們還須在中期內，在非經常項目開源(例如 出售政府資產)或節流200億元。
78. To achieve overall fiscal balance in 2006-07, we also need to increase capital revenue (e.g. by the sale of government assets) or reduce capital expenditure by $20 billion over the medium term.
79. 考慮過各界的意見後，我建議徵收邊境建設稅。不少議員和市民均同意，向使用陸路關口設施的 旅客收取適當的稅項，原則上是合理的。目前旅客使用機場，以及使用政府碼頭往內地及澳門，均須繳 付稅項或費用予政府。香港和內地經濟關係日益密切，特區政府將投放大量資源改善陸路關口的設施， 促進兩地人員和貿易流通。收取適量的邊境建設稅，可協助支付投放於改善邊境設施的開支。
79. Having considered the views of various sectors of the community, I propose to introduce a Boundary Facilities Improvement Tax. Many Members of this Council and citizens agree that it is in principle justifiable to impose a tax at a modest level on passengers departing from Hong Kong through land crossings. At present, passengers departing through Hong Kong International Airport or people leaving by sea for the Mainland and Macau through our marine ferry terminals are required to pay a flat-rate tax or fixed fee to the Government. As our economic links with the Mainland strengthen, we will allocate substantial resources to improve our land crossing facilities to remove constraints on the flows of people and trade between the two places. The collection of a Boundary Facilities Improvement Tax at a reasonable rate will help finance the improvement of boundary facilities.
80. 政府將研究實施邊境建設稅的細節，包括適當的豁免措施，務求在二ＯＯ二/Ｏ三年度向立法會提 交條例草案，期望能在二ＯＯ三/Ｏ四年度正式開徵邊境建設稅。假設邊境建設稅訂在18元的水平，預 計全年可為政府增加大約10億元的收入。
80. The Government will look into the details of implementation, including appropriate exemption arrangements, for the Boundary Facilities Improvement Tax. We aim to introduce a bill into the Legislative Council in 2002-03 so that this tax can come into effect in 2003-04. Assuming that the Boundary Facilities Improvement Tax is set at $18, it can generate an estimated additional revenue of approximately $1 billion a year.
81. 除了邊境建設稅外，政府還須考慮其他的開源或節流方案，以填補我先前提及的差額數目。
81. Apart from the Boundary Facilities Improvement Tax, the Government has to consider other options for raising additional revenue or reducing expenditure to make up the shortfall that I mentioned earlier.
82. 在開源方面，「稅基廣闊的新稅項事宜諮詢委員會」剛發表報告。對鄭慕智主席和委員會其他成 員的努力和貢獻，我謹表示衷心的感謝。諮詢委員會建議政府開徵「商品及服務稅」和海陸離境稅 (即邊境建設稅)，調高差餉徵收率，以及削減薪俸稅個人免稅額。除諮詢委員會提出的建議外，政府亦 會考慮其他的開源方案。此外，政府現正研究如何更有效打擊非法足球博彩活動，其中個別方案可能為 庫房帶來額外收入。
82. As regards increasing revenue, the Advisory Committee on New Broad-based Taxes has recently released its report. I would like to express my sincere thanks to Mr Moses Cheng, Chairman of the Advisory Committee, and all its members for their work. The report's recommendations include the introduction of a Goods and Services Tax and a Land and Sea Departure Tax (akin to the Boundary Facilities Improvement Tax), an increase in rates, and a reduction in personal allowances under salaries tax. Apart from these recommendations, the Government will consider other options for raising additional revenue. The Government is considering how to tackle illegal soccer betting more effectively, including options that may bring additional revenue to the Treasury.
83. 我知道社會各界關注「商品及服務稅」的建議。鑑於香港的經濟現況，行政長官和我已清楚表示 不會在經濟低迷時開徵「商品及服務稅」。不過，政府仍會繼續研究開徵此稅項的具體事宜，以備不時 之需。
83. I understand the community's concern about the recommendation for a Goods and Services Tax. The Chief Executive and I have stated clearly that the Government will not introduce such a tax while there is a downswing in the economy. Nevertheless, the Government will continue to study the details of a Goods and Services Tax for implementation as and when necessary.
84. 現在，讓我集中講述二ＯＯ二/Ｏ三年度的政府開支預算。預算的基礎已包括了假設公務員減薪百 分之四點七五，以及資助機構在員工開支方面的資助金可能以同樣幅度下調。
84. Let me now focus on the expenditure estimates for 2002-03. These estimates have taken into account the assumed 4.75% civil service pay reduction and the corresponding reduction in subventions for salary-related expenses to subvented organisations.
85. 我已預留充足資源落實行政長官的治港藍圖，包括具體落實去年十月施政報告所宣布的政策和服 務承諾。
85. I have earmarked adequate resources to implement the Chief Executive's vision for Hong Kong, including the policies and performance pledges announced in his Policy Address last October.
86. 在二ＯＯ二/Ｏ三年度，政府的經常開支總額為2,049億元，較二ＯＯ一/Ｏ二年度修訂預算實質增 長百分之五。當中，教育預算為493億元，增長百分之八；衞生為324億元，增長百分之四；社會福利為 321億元，增長百分之九；輔助服務為284億元，減少百分之二；保安為248億元，增長百分之二；基礎 建設為118億元，增長百分之四；環境及食物為90億元，增長百分之十；經濟為88億元，增長百分之十 二；社區及對外事務為76億元，增長百分之三；房屋為6億元，減少百分之一。
86. In 2002-03, total recurrent government expenditure will amount to $204.9 billion, an increase of 5% in real terms over the revised estimate for 2001-02. Recurrent expenditure for Education is estimated to be $49.3 billion, an increase of 8%; for Health $32.4 billion, an increase of 4%; for Social Welfare $32.1 billion, an increase of 9%; for Support $28.4 billion, a decrease of 2%; for Security $24.8 billion, an increase of 2%; for Infrastructure $11.8 billion, an increase of 4%; for Environment and Food $9.0 billion, an increase of 10%; for Economic $8.8 billion, an increase of 12%; for Community and External Affairs $7.6 billion, an increase of 3%; and for Housing $0.6 billion, a decrease of 1%.
87. 至於政府非經常開支，在二ＯＯ二/Ｏ三年度預算為494億元，較二ＯＯ一/Ｏ二年度修訂預算實質 增長百分之二十一，主要因為撥款成立持續教育基金，支援中小企業及增加基建開支。就基建開支而 言，二ＯＯ二/Ｏ三年度預算為285億元，較二ＯＯ一/Ｏ二年度修訂預算實質增長百分之十五。由二Ｏ Ｏ三/Ｏ四至二ＯＯ六/Ｏ七年度，視乎工程進度，政府每年的基建開支將為250至300億元。
87. Government capital expenditure in 2002-03 is estimated to be $49.4 billion, representing an increase of 21% in real terms over the revised estimate for 2001-02. This is due mainly to provisions for setting up the Continuing Education Fund, support for small and medium enterprises and increased spending on capital works. Expenditure on capital works is estimated to be $28.5 billion, an increase of 15% in real terms over the revised estimate for 2001-02. From 2003-04 to 2006-07, expenditure on capital works will be in the range of $25 to $30 billion per year, depending on progress of individual projects.
88. 在預算案諮詢過程中，市民和議員大都希望政府能在經濟低迷時，體察市民的處境，共渡時艱。 行政長官和我都同意，在政府的整體財政許可下，在一些與民生有關的項目作出一次性的寬免。
88. In the course of Budget consultations, Members of this Council and many citizens expressed the hope that the Government would show concern over the community's hardship in this time of economic difficulty. The Chief Executive and I both agree that, the Government's overall financial position permitting, we will provide some one-off concessions related to people's livelihood.
89. 在去年十月發表的施政報告，行政長官決定減免二ＯＯ二年度應繳差餉，以每戶二千元為上限。 為進一步減輕市民，尤其是中產階級的負擔，我決定將寬減額提高至五千元。原先的二千元寬減，已令 市民的差餉負擔減少50億元，現在將寬減的數額增加至五千元，將令市民的差餉負擔再減少26億元。
89. In his Policy Address last October, the Chief Executive decided to ease the burden on all ratepayers by reducing the amount of rates payable in 2002. The maximum amount to be waived for each rateable tenement is $2,000. To provide further relief to our citizens, especially middle-income earners, I have decided to raise the maximum amount to $5,000. The previous concession of $2,000 reduced the load on ratepayers by $5 billion. With an increase in the concession to $5,000, their burden will be reduced by another $2.6 billion.
Reducing Water and Sewage Charges and Trade Effluent Surcharge
90. 我建議寬免住宅用戶的水費及排污費一年，分別以八百元和二百元為上限；至於非住宅用戶方 面，我亦建議寬免水費及排污費一年，分別以三千二百元和八百元為上限，藉此減低工商業的經營成 本。現時有部分樓宇需要用淡水沖廁，我建議寬免沖廁用水費一年，以八百元為上限。現時，從事三十 種指定行業的商戶需要繳交工商業污水附加費，我建議劃一減費百分之三十，為期一年。上述的寬免措 施涉及金額約13億元。
90. I propose to waive water and sewage charges for domestic households for one year, subject to maximum amounts set at $800 and $200 respectively. As for non-domestic consumers, I also propose to waive their water and sewage charges for one year, subject to maximum amounts set at $3,200 and $800 respectively, so as to help reduce the operating cost of the industrial and commercial sectors. As some premises still use fresh water for flushing, I also propose to waive such flushing charges for one year, subject to a maximum amount set at $800. Currently, operators in 30 specified trades are required to pay a trade effluent surcharge. I propose to reduce this surcharge by a flat rate of 30% for one year. The foregoing concessions will cost about $1.3 billion.
91. 為了進一步減輕營商人士的經營成本，我建議免收商業登記證費用一年，這項建議會令政府少收 約13億元。
91. To help further reduce the operating cost of businesses, I propose to waive the business registration fee for one year. This proposal will cost about $1.3 billion.
92. 超低硫柴油的稅務優惠至今年三月底將告屆滿。在考慮到運輸行業經營困難，我建議第三次延長 有關優惠一年至二ＯＯ三年三月底，超低硫柴油的稅率將維持在每升1. 11元。這項建議會令政府少收 12億元。
92. The duty concession for ultra low sulphur diesel is due to expire on 31 March this year. In view of the operating difficulties of the transportation industry, I propose to extend this concession, for the third time, for another year to 31 March 2003, maintaining the duty rate of ultra low sulphur diesel at $1.11 per litre. This proposal will cost $1.2 billion.
93. 為免加重市民及工商業的負擔，我決定凍結政府收費一年，至明年三月底。不過，這項措施不適 用於各營運基金的收費，以及政府根據收回全部成本原則，向某些公營部門或企業所提供的服務。這措 施也不包括正計劃推出的新收費項目。
93. To avoid adding to the burden of the community, I have decided to freeze government fees and charges up to the end of March next year. However, this measure will not apply to fees and charges levied by trading funds, nor to services provided at full cost to certain public entities. Nor will it apply to any new fees that are in the pipeline.
94. 實施以上連串的寬減措施後：
94. With the implementation of the above concessions -
• 全港約八成半，共二百三十多萬戶，將一年無須繳納差餉；
• About 85% or more than 2.3 million ratepayers will pay no rates for one year;
• 全港約八成的家庭以及商戶，將一年無須繳交水費和排污費；
• About 80% of households and business consumers will pay no water and sewage charges for one year;
• 全港約一萬五千個需要繳交工商業污水附加費的用戶，每戶平均少繳四 千元；
• Each of the 15000 or so businesses currently required to pay the trade effluent surcharge will on average pay $4,000 less;
• 六十多萬個商戶，將一年免繳商業登記證費用；及
• Over 600 000 business operators will be exempted from the business registration fee for one year; and
• 運輸業可繼續得到超低硫柴油的稅務優惠。
• The transportation industry will continue to benefit from the duty concession for ultra low sulphur diesel.
95. 這些寬免覆蓋面極廣，各個階層的市民和工商業同樣能夠受惠，涉及的寬免總數達64億元。
95. These extensive concessions will benefit the general public and the business community alike. The total cost of these concessions will amount to $6.4 billion.
96. 建議的水費、排污費、工商業污水附加費、商業登記證費用和超低硫柴油稅務的寬免措施，都須 通過附屬法例實施。政府將盡快提交有關附屬法例，希望議員支持政府的建議。
96. Implementation of the proposed concessions on water and sewage charges, the trade effluent surcharge, the business registration fee and the duty on ultra low sulphur diesel is subject to the passage of subsidiary legislation. We will introduce the subsidiary legislation into this Council as soon as possible. I hope that Members will support these proposals.
97. 除了上述提高二ＯＯ二年度差餉寬免額至五千元之外，剛完成的租值重估顯示，去年十月應課差 餉的平均租值較前一年下跌百分之六，市民的差餉負擔因而進一步減輕。
97. Apart from my proposal to raise the maximum amount of rates to be waived to $5,000 for each rateable tenement in 2002, the recently-completed revaluation exercise has also indicated that average rateable values fell by 6% last October compared with a year earlier. The burden of rates payments on citizens has thus been further alleviated.
98. 在失業率高企的時候，十五至二十四歲的青少年的失業情況特別令人關注。他們一般缺乏工作經 驗，在經濟不景的時候，要找到工作實不容易。
98. In this time of high unemployment, the lack of jobs for young people aged between 15 and 24 is of particular concern to us. When the economy is sluggish, as such people generally have little or no working experience, it is difficult for them to secure employment.
99. 為協助他們裝備自己，提高他們的競爭力，我決定撥款4億元，推行一個為期兩年的見習就業計 劃，為約一萬名青少年提供在職培訓。按個別行業的需要，見習期為六個月至一年不等。僱員在見習期 內必須學習有關行業的知識和技能，在見習期滿將獲發證書，以便他日繼續進修或工作。見習期間政府 將每月向僱主提供培訓津貼，並要求僱主向僱員發放薪金。政府將於稍後與有關行業和培訓機構商議詳 情，我希望商界能夠積極配合。
99. To assist them to raise their employment prospects, I have decided to allocate a one-off sum of $400 million for the implementation of a two-year scheme to provide on-the-job training for about 10000 young people. Training periods will range from six to 12 months, depending on the needs of individual industries. During this time, the trainees will acquire knowledge and skills relating to their chosen industry. Upon completion of their training, they will receive a certificate which will enable them to continue their studies or find employment. For the period of training, we will provide a monthly subsidy to employers who will be required to pay the trainees' wages. We will work out details of the programme with the relevant industries and training institutions. I urge the business sector to participate actively in the scheme.
100. 計入所有建議的開支及收入項目後，並假設公務員減薪百分之四點七五及相應減低資助機構的資 助金，我預計二ＯＯ二/Ｏ三年度的開支及收入總額分別為2,598億元及2,146億元，綜合赤字為452億 元，等於本地生產總值的百分之三點六。經營帳目在未計算財政儲備投資收益前，預計赤字為620億 元，若計入投資收益，則為493億元。預計明年三月底財政年度結束時，財政儲備結餘為3,256億元，相 等於政府十五個月的開支。
100. Total expenditure for 2002-03, including the expenditure initiatives which I have announced today and assuming that civil service pay is reduced by 4.75% and subventions to the various organisations are reduced correspondingly, will amount to $259.8 billion. I estimate that, after implementation of my revenue proposals, total revenue will be $214.6 billion. The consolidated deficit will be $45.2 billion, equivalent to 3.6% of GDP. The operating deficit will be $62.0 billion before, and $49.3 billion after, inclusion of investment income from the fiscal reserves. At 31 March 2003, the fiscal reserves are forecast to be $325.6 billion, equivalent to 15 months of government expenditure.
101. 當所有上述的開源節流建議都得以落實，以及如期採取進一步措施填補差額數目，預計政府的財 政狀況如下[5]：
101. When all the foregoing expenditure-control and revenue-raising measures are implemented and when we have taken further measures to make up the shortfall as targeted, the Government's fiscal position[5] will be as follows -
未計入財政儲備投資收益的經營盈餘/(赤字)
Operating surplus/(deficit) before investment income from fiscal reserves
已計入財政儲備投資收益的經營盈餘/(赤字)
Operating surplus/(deficit) after investment income from fiscal reserves
綜合盈餘/(赤字)
Consolidated surplus/(deficit)
綜合盈餘/(赤字)佔本地生產總值的百分率
Consolidated surplus/(deficit) as % of GDP
[5] 有關預測的假設和詳細數據，請參閱附錄A。
[5] Please refer to Appendix A for the assumptions and details of the forecast.
102. 預期政府在二ＯＯ六/Ｏ七年度綜合及經營帳目都會恢復收支平衡，屆時財政儲備結餘為2,712億 元，相等於政府十二個月的開支。
102. The Government will achieve operating and consolidated balances in 2006-07, at which time the fiscal reserves are forecast to be $271.2 billion, equivalent to 12 months of government expenditure.
103. 能夠領導編製這份財政預算案，是我的光榮。在過去三十年的工作生涯中，常常要出外公幹。每 次身在外地，總是想着回來。回到香港，便知道回到了家。這裡有地道雲吞麵，有大排檔奶茶，有既嘈 吵而又熱鬧的茶樓，有比全世界任何一個城市更璀璨迷人的夜色 － 萬家燈火，而每一盞燈都代表一種熱、一種光。
103. It has been my great honour to lead the preparation of this Budget. Over the past 30 years, I have often travelled on business. Whenever I was away, however, I longed to return to Hong Kong, my home town. In Hong Kong we have the wonton noodle, "daipaidong" tea, and noisy but lively tea houses. Also, the night scenes that surround our harbour are so colourful, dazzling and enchanting and can be found in no other place in the world. So many lights. I see each light as a symbol of the energy and brilliance of this great city.
104. 香港是我們成長的地方。我們許多人還記得，小時候，因為「制水」拿着水桶在街上輪候，因為 要幫補家用而一家人「穿膠花」、「貼公仔」，日子就這樣一天一天的熬過了。
104. We have all grown up in Hong Kong. Many of you may still remember the days of water rationing, when we had to queue up in the street, bucket in hand, waiting for our turn, and the times when the whole family had to assemble plastic flowers or put stickers on toys to make ends meet. We have moved on past all those times now.
105. 香港是一個生氣蓬勃，生機處處的地方，只要肯努力，便會找到理想。我們珍惜的香港，是一個 關愛、互相尊重、非常自由和各自各精彩的地方。今日香港遇到風浪，正是你我都可以出一分力的時 候。我相信在座的議員、同事、傳媒，以及議事廳外的市民，都有這個心願。而我見到許多市民，面對 困難時，都選擇咬緊牙關，抬起頭，踏實苦幹。我們一定會闖出一個新天地。
105. Hong Kong is a vibrant and dynamic place. With determination and hard work, we can achieve our goals. The Hong Kong that we treasure is caring, full of mutual respect, very free and a great believer in diversity. Today we are in the rough. It is high time for all of us to pitch in. I believe that this is the wish of Members, my government colleagues, the media and citizens outside this Chamber. In these difficult times, I see many people rising to the challenge, working harder and holding their heads up high. I am confident that we will scale new heights.
106. 跟很多地方相比，香港的前景充滿希望。這希望亦是建基於祖國的強大和繁榮昌盛。九七回歸之 後，我們不再被歷史原因分隔在祖國以外。「一國兩制」下，香港回到祖國的家庭，繼續建設國家。香 港一向活潑、自由、兼容、進取，香港因歷史而成為東西文化匯聚的明珠，我們在不斷向前發展的同 時，亦為中國與世界接軌擔當前鋒。
106. Compared with so many other places, Hong Kong has a promising future. This is founded on the strength and prosperity of our hinterland. Since reunification in 1997, we are no longer separated from our motherland by an accident of history. With the implementation of "One Country, Two Systems", Hong Kong has returned to her embrace. We will continue to help build our nation. Hong Kong has always been an energetic, free, liberal and enterprising city. History made us the pearl of the convergence between East and West. As we forge ahead, we have a special role to play at the vanguard of our motherland's integration with the rest of the world.
107. 我希望與各位議員、同事，以及廣大市民一起，再創繁榮，為香港、為祖國貢獻力量。
107. I look forward to working with Members of this Council, my government colleagues and the whole community, to revitalise our economy and to contribute to Hong Kong and our nation.
108. 最後，我以一段大家都熟悉的歌詞[6]，與大家共勉：
108. In closing, I would like to share with you the following lyrics[6] -
「放開彼此心中矛盾
"Of one mind in pursuit of our dream
理想一起去追
All discord set aside
同舟人世相隨
With one heart on the same bright quest
無畏更無懼
Fearless and valiant inside
同處海角天邊
Hand in hand to the ends of the earth
攜手踏平崎嶇
Rough terrain no respite
我地大家用艱辛努力寫下
Side by side we overcome ills
那不朽香江名句」
As the Hong Kong story we write."
[6] 歌詞摘錄自「獅子山下」
[6] The lyrics are extracted from the theme song of "Under the Lion Rock" which is in Chinese. The English translation is for the purpose of this Speech.