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Following is the transcript of the remarks by the Chief Executive, Mr Tung Chee Hwa, to the media in Beijing today (March 6):

This is a Budget that has taken into account the current economic situation and should be able to meet the needs of the community as a whole. I am confident that by standing together and working together, we would be able to balance the Budget and resolve the deficit issue within five years.

We have a competent civil service that has served the community with dedication, and has served the community well. I hope and I believe that civil servants will stand by the people during this period of difficulties. Over the next few months, after consulting the civil service unions, we will make a decision on civil service salaries in accordance with the established mechanism and relevant policy considerations.

The Budget has proposed a series of wide-ranging measures to relieve hardship of the people. These measures have taken into consideration people's livelihood and the business environment with the aim of promoting economic activities in the interest of the community as a whole. Furthermore, we have initiated a youth work experience and training scheme to help young people enhance their competitiveness.

In short, this is a Budget that all of us should support. Thank you.

(Please also refer to the Chinese portion of the transcript.)

End/Wednesday, March 6, 2002

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