Chief Executive Donald Tsang has hailed the 2007-08 Budget as an embodiment of the "always people first" concept of governance, adding its initiatives to improve employment, the economy, and people's livelihood are proactive and pragmatic.

Mr Tsang said it has made the most of opportunities arising from a growing economy and introduced innovative ideas to sustain growth, create jobs, help the disadvantaged and improve people's livelihood.

"Given our fiscal position, the Budget has proposed a series of tax concessions and one-off relief measures that will benefit different sectors. It fulfills the Government's pledge to place wealth in the hands of the people," he said.

Budget backed: Chief Secretary for Administration Rafael Hui and Executive Council non-official member Leung Chun-ying say the Budget benefits all sectors of the community.

Noting Hong Kong's economy has been growing for the past few years and employment has hit successive new highs, Mr Tsang urged that the community make the most of the situation and work together to build a harmonious, prosperous and beautiful Hong Kong.

Fair share

Chief Secretary Rafael Hui said the Budget has achieved the key objective of returning wealth to the people without compromising prudent financial management. It benefits almost all sectors of the community, he added.

When asked about the stock market's performance in the past few days, Mr Hui said: "Adjustments will happen from time to time, there will be ups and downs.

"I do not consider the latest adjustments in the global financial markets in any way will affect the medium-term forecast of the Financial Secretary as set out in his Budget."

Executive Council non-official member Leung Chun-ying said the Budget is pragmatic, having considered all the needs and the principle of prudent management. It deserves support from all sectors of the community, he said.