HongKongLegislativeCouncil 25thMarch1970
TherewasapleafromhonourableMembersrelatingtotheneedforformalGrossNationalProductfigures.SuchfiguresareveryinexacteveninthemostsophisticatedcountriesIthinktheydonothaveagreatdealofmeaning,evenasabasisofcomparisonbetweeneconomies.Thatothercountriesmakeuseofthemisnot,Ithink,necessarilyagoodreasontosupposethatweneedthem.But,althoughIamnotentirelyclearwhatpracticalpurposetheywouldserveinHongKong,Iamsuretheywouldbeofinterest.Isuspectmyself,however,thattheneedarisesinothercountriesbecausehightaxationandmoreorlessdetailedGovernmentinterventionintheeconomyhavemadeitessentialtobeabletojudge(ortohopetobeabletojudge)theeffectofpolicies,andofchangesinpolicies,ontheeconomy.OneofthehonourableMemberswhospokeonthissubject,saidoutright,asaconfirmedplanner,thathethoughtthattheyweredesirablefortheplanningofourfutureeconomicpolicy.Butweareinthehappyposition,happieratleastfortheFinancialSecretarywheretheleverageexercisedbyGovernmentontheeconomyissosmallthatitisnotnecessary,norevenofanyparticularvalue,tohavethesefiguresavailablefortheformulationofpolicy.Wemightindeedberighttobeapprehensivelesttheavailabilityofsuchfiguresmightlead,byareversalofcauseandeffect,topoliciesdesignedtohaveadirecteffectontheeconomy.Iwouldmyselfdeplorethis.
Theotherconcernseemsrathertobeforourinternationalprestige.IfwehadformalGNPstatistics,Isupposewecouldboastofoureconomicprogressinmorepreciseandauthoritative,evenifnotveryaccurate,figuresandtherebypreventothersfrombelittlingus;butIcannotseeanygreatvalueinthat.Itisthefactofourprogressthatisimportant.
........ButIfeelmyselfthat,inHongKong,GNPandothernationalaccountsareapropersubjectforacademicratherthanofficialresearch;asitwasindeedinothercountriesatatimewhentherelationshipofGovernmenttotheeconomywasnotdissimilarfromourstoday.Weshouldbehappytogiveanyassistancewecaninfurtheranceofsuchresearch.