The 2003-04 Budget Speech

Contents	Paragraph
Introduction	1-5
Economic Performance and Current Situation
Economic Performance	6
Fiscal Deficit	7-8
Causes of our Fiscal Deficit	9-18
The Urgency of Solving the Deficit Problem	19-22
Development and Prospects	23
Big Market, Small Government	24-27
Building Hong Kong into a Regional Metropolis	28-31
Developing Human Resources and Infrastructure
Human Resources	32-34
Infrastructure	35-36
Enhancing Core Industries	37
Financial Services	38-42
Logistics	43-46
Tourism	47-49
Producer and Professional Services	50
Creative Industries, High-Tech Industries	51-52
Increasing Employment Opportunities	53
Economic Prospects	54-55
Public Finances
2002-03 Outturn	56
The Targets and Pace for Eliminating the Deficit	57-59
Controlling Public Expenditure
Operating Expenditure	60-61
The Size and Pay of the Civil Service	62-64
Expenditure on Social Welfare	65-66
Doing More With Less	67
Flexible Financial Management	68-69
Estimates of Expenditure
Allocation of Operating Expenditure	70-72
Estimates of Capital Expenditure	73
Public Expenditure	74
Raising Revenue
Considerations	75-76
Salaries Tax	77-84
Profits Tax	85-87
Property Tax	88
Motor Vehicles First Registration Tax	89-91
Air Passenger Departure Tax	92
Betting Duty	93
New Taxes
Boundary Facilities Improvement Tax	94
Football Betting Duty	95
Tax Concessions
Charitable Donations	96
Fund Management	97-99
Debt Instruments	100
Duty on Ultra Low Sulphur Diesel	101
Rates	102
Revenue Implications	103
Government Fees and Charges	104
Capital Revenue	105-106
Government Bonds	107-108
Assessment and Conclusion
Consolidated Account	109-111
Fiscal Reserves	112-113
Revenue-raising and Expenditure-cutting Measures vis-a-vis Economic Growth	114-115
Concluding Remarks	116-118