CONCLUSION

In conclusion, Mr Speaker, Sir, our economy is now growing robustly in all sectors. The 1985 recession is well behind us. We have moved into a new phase of economic development.

We have had three very good years in a row. In the coming years, let us keep up the momentum of progress. Our objective is to strive for high growth for as long as it is sustainable. The fiscal measures proposed in this Budget reflect the growth strategies which the Government has adopted to achieve this.

The tax incentives are aimed at promoting high value-added activities and offshore services, to exploit our advantageous location, excellent infrastructure, and first rate workers. At the same time, it is hoped that the procreation incentives will encourage earlier child bearing and alleviate our population problem.

We can all be cheerful this year, about the good years we have had and the bright prospects for the coming year. Although there are uncertainties ahead, as there always will be, the general outlook for the future is encouraging. We have made a dramatic turnaround from the 1985 recession. It is a splendid testimony of the ability of our people to adapt to changing economic circumstances. I have strong confidence in our being able to keep up the momentum of our progress. Provided we continue to watch our competitiveness closely, we shall within the next decade achieve developed country status.

Mr Speaker, Sir, I beg to move. [Applause]

Mr Speaker: The Question is, "That Parliament approves the financial policy of the Government for the financial year 1st April, 1990 to 31st March, 1991." In accordance with paragraph (1) of Standing Order No. 84, the debate now stands adjourned.

Debate to be resumed on what day, Dr Hu?

Dr Richard Hu Tsu Tau: On Monday, 12th March, 1990.

Mr Speaker: So be it.