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Finance chief in vow on competitive edge

Peter So

The financial secretary pledged to enhance competitiveness in next month's budget as he began district consultations on his blueprint.

John Tsang Chun-wah said the economic climate had changed dramatically since he delivered his first budget last year. As a result, this year's speech would address the economic downturn and loss of jobs.

'The most important mission of my second budget will be helping people to overcome hardship amid the financial tsunami,' Mr Tsang said. He warned that the coming year would be a tough one and that the financial meltdown was not yet over.

He would look to three principles in drawing up the budget - giving priority to measures that could create work effectively, considering measures that could enhance Hong Kong's competitiveness and social quality, and considering measures that could stimulate economic growth and benefit the long-term economy.

Mr Tsang said he would organise four district consultations to collect suggestions. After yesterday's session in Yau Ma Tei, he said he had heard 'inspiring suggestions', which covered help to small and-medium sized businesses, women's employment and tax relief.

He also said some participants had urged him to announce rates concessions and to raise the tax allowance for parents and children. But he gave no promises.

About 30 protesters, mainly elderly, protested outside the venue, calling for more benefits.

Mr Tsang's busy schedule of budget consultations started earlier yesterday, with a dialogue session with hundreds of secondary school students in Tai Po. The students mainly gave suggestions on the development of creative industries.

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