MEASURES introduced by the Government to soften the impact of the recession and the significance of United States President Bill Clinton's visit to China were the main focus of commentary in the Chinese press.
Ta Kung Pao hails the measures as a sign the SAR Government has successfully moved away from the constraints of 'positive non-interventionism' to respond flexibly to the economic crisis in a practical manner while abiding to principles and taking care of people's livelihood.
Oriental Daily says the measures show the Government has made a commendable breakthrough from the principle of prudent financial management. The paper notes that the Financial Secretary said it was not a big problem for the Government to have a small deficit this year in view of the large surplus it had last year.
This is a revolutionary interpretation of the 'living within our means' principle, says the paper.
Hong Kong Economic Journal says measures such as refunding rates, lowering diesel duties and reducing export levies are welcome, but they would have won more applause had they been introduced earlier. However, the paper condemns the move to freeze the salary of senior civil servants, because they are not political appointees and their pay should not be made a political issue. If changes are desired, then either the principal officials should become ministers or a separate adjustment mechanism should apply to senior officials, says the paper.
The Journal says it is perplexed by the Government's decision to freeze land sales for nine months without abolishing its target of producing 85,000 housing units a year. 'The 85,000 target is aimed at suppressing property prices while freezing land sales is aimed at halting further price falls. The two aims are contradictory,' the paper said.
Apple Daily says while it is reasonable to reduce land supply now, it is wrong to halt land sales. This is because the Government has not given up the 85,000 target. The market is wondering if it will sell more land nine months later to make up the shortfall. Rather than freezing land sales, the paper says the Government should lay down a clear land sales programme for the next three years so that potential buyers can plan accordingly.
