"I believe very strongly in the low-tax regime because that is why Hong Kong has been successful and that is what we will continue to try to do in the years ahead. I think if we move away from a low-tax base, we would be in real trouble as a city, or as Asia's world city. Whether the tax base needs to be broadened, there have been talks about this and the Government is looking at these options, but the fundamental issue is that we need to keep the tax low. That is very clear."

Joint Business Community Luncheon, 12 January 2004.