Reporter: There is a widened income gap in the previous few years. What kind of policies are going to introduce to tackle this problem?

Financial Secretary (designate): As you can see, the latest unemployment figure has improved to an all-time best of 4.3% for quite a long time and we have also noticed there has been an all-time highest level in terms of people employed in our economy. That says quite a lot about how well we are doing. But I think we also realise that because of the change in our economy going into a higher value-added economy that there may be some mismatches here and there and that may affect some of the lower level occupations. We need to do quite a bit more to help some of these unemployed people, some of the people who may be left out in the change of the economic structure. And of course, there are a lot of the younger and older people also require quite a bit of help. We need to do a lot in those areas.

Reporter: You mentioned already the problem linked to the price differential of A shares in Shanghai and the possibility of mainlanders to use QDII and other avenues to buy into much cheaper, same company shares here in Hong Kong. To what extent would it be possible to hammer out timely kind of mechanism that makes sure that others … from Shanghai is not spilling over into Hong Kong.

Financial Secretary (designate): I think I understand what you are asking. The two prices are quite different. Until then, unless there is conversion between the two there will not be any opportunity for arbitrage. I think, meanwhile, the two different markets would remain two different markets.

Reporter:  You have mentioned that you understand more about the difficulties about being the Secretary for Justice. For your new term, will Article 23 legislation be one of your main challenges to handle?

Secretary for Justice (designate): As you know, the Basic Law has provided that under Article 23 the SAR will on our own legislate in that connection. There is no question that we have to do it. However, as the Chief Executive has already said, we have to find the appropriate time to do it. At the moment there is no concrete timetable so far as the Article 23 legislation is concerned.

Reporter:  A question for Mr Tsang or for both of you, Mr Tang, if you wish. It's long been expected that when this day came each of you would be sitting in different chairs but they got switched somewhere along the way. Mr Tsang, when you decided to become Director of the Chief Executive's Office there was much speculation that you would become the Chief Secretary and that hasn't happened. Is this the deal that you signed on for, and if not, how do you feel about it?

Financial Secretary (designate): I didn't sign any deal. When I took up the job as Director of the Chief Executive's Office the main reason for that was that I thought it was an interesting job. After 16 months in that job it proves that every single minute was exciting and really well worth the money. I also heard there was a lot of speculation that you have identified. In fact the Chief Executive has only invited me to become Financial Secretary; he didn't invite me to take up any other job so I am quite happy that I am doing that.

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

(to be continued)

Ends/Saturday, June 23, 2007
Issued at HKT 14:56

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