Mr President, Honourable Members and fellow citizens,
I move that the Appropriation Bill 2019 be read a second time.
Introduction
2. This is the second Budget of the current-term Government, my third since I became Financial Secretary. It has been prepared against the backdrop of profound changes in the global political and economic landscape, a complicated and volatile external environment and heightened uncertainties.
3. As a small and totally open economy, Hong Kong has been susceptible to economic headwinds over the past few months, as evidenced by notable slackening growth and diminishing confidence of enterprises in the future outlook. Under such circumstances, it is all the more important for us to have a sound judgement of the prevailing global political and economic landscape, and set the direction for Hong Kong's economic development with due regard to our own strengths. I will take this opportunity to share my views in the Budget.
4. Every cloud has a silver lining. Even though we are not out of the woods yet, we have every confidence in our future.
5. Given the public and the business community's concerns about Hong Kong's economic outlook, I prepared this year's Budget along the direction of "supporting enterprises, safeguarding jobs, stabilising the economy, strengthening livelihoods". In fact, to support the implementation of various measures, including those proposed in the Policy Address, I will provide new resources ready for use of about $150 billion in this Budget, with additional resources earmarked for various purposes. This demonstrates our determination to enhance public services, support enterprises, relieve people's burden and invest for the future. Resources will be allocated as appropriate to support these measures. I will provide details in the ensuing parts of my speech.
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