HARD LESSONS AND RADICAL REFORMS
This time it is different in scale, but I believe we will again pull through to delight our friends and amaze the rest of the world.
In the style that has made its private citizens famous, the government is playing an entrepreneurial role. We believe the recession in 1998 presented us with an unrivalled opportunity to undertake more radical reform and investment. We are pressing ahead with our infrastructure programme, which will see $235 billion spent over the next five years on major road, rail, land reclamation, housing and sewage disposal projects. (That is, 50 per cent more than was spent on the airport core programme over the past seven years.) These projects will consolidate our position as the pre- eminent transport and communications centre in the region. They will also provide more than 100 000 new jobs.
Our major infrastructure projects rely heavily on the involvement of overseas expertise and advice. The expatriate community about 485 000 (including domestic helpers), or about 7 per cent of the population has over the years made important contributions to the economy and Hong Kong's unique, cosmopolitan culture. One reason for our success is that citizens of so many nations have made their homes here. And that is why Hong Kong will always be Asia's premier international city.
Given our special relationship with the Mainland, Hong Kong will continue to be the most vital link between the international community and China while at the same time developing further in its own right as a leading regional business centre and Asia's most cosmopolitan city.
Now that we can look back on it, 1998 was surely a year to remember. Many of the lessons were far from pleasant but, so long as we learn from them, we can only grow and improve.