Hong Kong's top financial official said Wednesday that he would continue managing public finances prudently by keeping expenditure within the limits of revenues, and maintaining a low and simple tax regime.

John Tsang, financial secretary of the Hong Kong Special Administrative Region, said he had stated his principles of management of public finances in the 2008-2009 Budget, including managing public finances prudently by keeping expenditure within the limits of revenues, maintaining a low and simple tax regime, and following the direction of "Market Leads, Government Facilitates".

"I also explained three basic principles that I have strictly adhered to, that are, pragmatism, commitment to society, and sustainability," he said.

"These underlying principles serve the overall interests of Hong Kong," said Tsang when delivering the 2009-2010 budget speech at the Legislative Council.

Tsang believed that public finances should be managed to respond to people's needs and aspirations. He promised in the budget to make good use of the government's resources to assist Hong Kong citizens in overcoming their difficulties, with a view to breaking the vicious economic cycle and minimizing the negative effects of the economic downturn.

Tsang said he would pragmatically review the various economic segments and decisively inject impetus into the economy, in order to bolster market confidence and provide a better environment for enterprises to play to their strengths.

(Xinhua News Agency February 25, 2009)