Tomorrow's policy Address is set to resemble a supplementary budget for piecemeal actions to stimulate the flagging economy, more than a traditional lengthy speech boasting the administration's achievements and long-range visions.
Officials have been telling the public that Tung Chee-hwa's speech will not contain any ''big bang'' measures. Instead, the Chief Executive is expected to stitch together a package of largely incremental measures to accelerate small infrastructure projects, strengthen education and training, assist business operations and widen the social-security net. He may also unveil how the central Government is to complement Hong Kong's efforts by facilitating better cross-border traffic of human and other resources.
His address is likely to pivot on the much talked-about plan to pump more than $50 billion into construction projects to immediately create thousands of jobs. Other measures suggested range from a $1.3 billion assistance scheme for small- and medium-sized enterprises, to supplying primary schools with native English-speaking teachers. The latter arrangement will cost about $400 million a year. Small plans such as this are expected to dominate the speech.
Mr Tung is also expected to expound on Financial Secretary Antony Leung Kam-chung's philosophy of differentiating between worthwhile investments and additional spending. But this is hardly in line with the mood for substantial tax rebates and concessions.
As business trends forecaster John Naisbitt puts it in his book Megatrends Asia: ''Leadership involves finding a parade and getting in front of it.'' Mr Tung is, of course, eager to jump on the right bandwagon too. However, the SAR leadership does not appear convinced that hefty government spending, especially in the form of welfare or tax relief, will really make much difference.
After all, Japan and South Korea have been trying to do exactly that for years without much success. And many Singaporeans are not impressed by their government's recent gesture to grant them so-called official shares.
