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Exco members seek to calm fears

Genevieve Ku

Executive Councillors yesterday dismissed fears the Government had violated the policy of non-intervention.

Banker Antony Leung Kam-chung said the Government had always increased or reduced land supply according to prevailing conditions.

'If you look at the land sales policy and then say that the Government is changing its policy and intervening in the economy, I think that's total rubbish.' He said different financial policies were needed in different economic situations and that a budget deficit was not a measure of a government's performance.

'The deficit is kind of a response of the time. The US Government has had deficit budgets in the past - can you say you have no confidence in the United States?' Mr Leung said.

When asked whether the Government's change of mind would send a bad message to foreign investors, Mr Leung said: 'I think it's a good signal that the Government is responsive.' Exco member Yang Ti Liang admitted that a change in the laissez-faire policy could spark fears among international investors.

'But whenever you have a principle, it doesn't mean it can't be changed forever. Hong Kong is now in an emergency and we need some urgent measures to relieve the situation.'

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