John Tsang, financial secretary of the Hong Kong Special Administrative Region (HKSAR), presented the budget speech for the fiscal year 2008-2009 at the Legislative Council on Wednesday.

Delivering his first budget speech as financial secretary, Tsang said Hong Kong recorded a growth of 6.3 percent in gross domestic product (GDP) in 2007 in spite of unfavorable external economic environment including the sub-prime problem.

"In 2007 the Hong Kong economy was vibrant," he said.

Tsang said Hong Kong registered a growth of 7.9 percent in exports and a growth of 7.8 in domestic private consumption spending while the latest unemployment rate fell to 3.4 percent, the lowest since the first quarter of 1998.

Hong Kong would see a record budget surplus of 115.6 billion HK dollars (14.82 billion U.S. dollars), much higher than previous forecasts, Tsang said.

The financial secretary said he would put forward a number of proposals in the speech, including some programs to benefit the public.

(Xinhua News Agency February 27, 2008)