Hong Kong Chief Executive Donald Tsang commended on Wednesday the 2006-07 Budget, saying it fully realized the principles of strong and people-based governance.

Hong Kong Financial Secretary Henry Tang presented the Hong Kong Special Administrative Region (HKSAR) government's budget to the Legislative Council earlier in the day.

The Chief Executive said Hong Kong's robust economic rebound over the last two years and the effectiveness of the government's cost-saving measures have enabled it to balance the Budget three years ahead of schedule.

Tsang thanked members of the civil service for their efforts in cutting costs and enhancing efficiency in recent years, without which eliminating the deficit would not have been possible.

He said it was a painstaking process and its success depended on the understanding and support of Hong Kong people. Now that the economy had revived, however, the government would not be complacent, but would continue to move Hong Kong steadily forward so that the community at large could share the benefits of prosperity.

"The 2006-07 Budget has struck the right balance, promoting economic growth by investing vigorously in Hong Kong's future, while also providing tax relief to ease the burden of the middle class and taking good care of the underprivileged," the Chief Executive said.

"The essence of strong governance is making the most of all opportunities that arise, while people-based governance aims at building a harmonious society. I encourage the community to join hands to achieve these goals."

Source: Xinhua