17 PORT DEVELOPMENT
HONG KONG, one of the world's busiest container ports, handled nearly 13.4 million twenty-foot equivalent units (TEUs) of containers in 1996. This represents an increase of some 7 per cent over 1995.
Handling this container cargo and many other cargoes which come and go by means other than containers added significantly to Hong Kong's economy. Studies by the Government's Census and Statistics Department and Planning Department have indicated that port-related industrial and commercial enterprises contribute some 20 per cent towards Hong Kong's GDP and provided employment for 600 000 of its workforce. Matching supply of port facilities with demand will, hence, ensure economic growth and optimise employment opportunities for the community. Forecasts of future growth are, therefore, important.
The Port Cargo Forecasts published during 1996 predicted that by the year 2016 there would be a demand for Hong Kong to handle 39 million TEUS a year. This is equivalent to handling five TEUS every four seconds, every minute of every hour of every day.
To cope with this demand the territory is planning a completely new container port on Lantau Island with twice the capacity of the present port at Kwai Chung.
Building this new port, on a series of artificial islands stretching south-east from Lantau, will be one of the world's biggest civil engineering projects.
The new port is vital, not only for Hong Kong, but for southern China, one of the fastest industrialising areas in the world. Some 70 per cent of cargo passing through Hong Kong is entrepôt trade with China.
Despite the upgrading of Chinese port facilities, Hong Kong is likely to remain the hub port for the region well into the next century.
As has been the case with the existing container port, all the new terminals will be built and operated by private enterprise. Hong Kong is the only major port in the world not run by a port authority. This is a system which has worked well to make Hong Kong not only one of the busiest, but also one of the most efficient ports in the world.
Port Development Board
Hong Kong was founded as a port for the China trade just over 150 years ago. Since then it has flourished, not only as a port, but as a centre of demand-led, free market economics. Its port has grown along with its own economy and that of China.
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