Hong Kong Acting Chief Executive and Administrative Secretary Donald Tsang said Wednesday it is the first time in over 50 years that expenditure has fallen.

Tsang hailed the 2005-06 Budget presented to the Legislative Council by Financial Secretary Henry Tang Wednesday, saying the budget shows the government has succeeded in containing operating expenditure.

Tsang said it is a prudent, balanced and comprehensive budget, taking into account Hong Kong's long-term interest, and he is confident it will win public support.

He said he is glad to see that Hong Kong's economy has recovered steadily and good performances can be seen in all sectors. He praised concessions relieving the burden on taxpayers.

Source: Xinhua