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WEDNESDAY, NOVEMBER 8, 1989
"AND
IF THE MARKET IS TO BE DEVELOPED FOR THE BENEFIT OF THE ECONOMY AS A WHOLE, RATHER THAN FOR THE BENEFIT OF A SMALL MINORITY, THEN THERE MUST BE STANDARDS AND SAFEGUARDS." SIR PIERS SAID.
"THERE IS A CAREFUL BALANCE TO BE STRUCK AND I BELIEVE WE SHALL ACHIEVE IF REGULATORS AND MARKET PLAYERS DISCUSS AND DEBATE TOGETHER IN A CONSTRUCTIVE MANNER. THEY HAVE BEEN DOING SO AND I HAVE NO DOUBT THAT THEY WILL CONTINUE TO DO SO," HE ADDED.
THE FINANCIAL SECRETARY SAID THE DEVELOPMENT OF SELF REGULATION WAS AN IMPORTANT STATUTORY OBJECTIVE OF THE SECURITIES AND FUTURES COMMISSION. AND ADDED: "THIS IS ONE AREA то WHICH 1 AND COMMISSION ARE FULLY COMMITTED.
THE
EXPANSION OF KAI TAK AIRPORT'S CAPACITY
THE GOVERNMENT'S DECISION TO BUILD A NEW INTERNATIONAL AIRPORT AT CHEK LAP KOK, AS THE KEY ELEMENT IN THE COMPREHENSIVE DEVELOPMENT STRATEGY, WILL DO MUCH TO ENSURE HONG KONG'S CONTINUED ECONOMIC GROWTH AND PROSPERITY WELL INTO THE NEXT CENTURY. THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS. SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SIR PIERS SAID BEFORE THE NEW AIRPORT WAS BUILT, IMPROVEMENTS MUST BE MADE TO KAI TAK AIRPORT SO THAT IT COULD HANDLE THE GROWTII IN TRAFFIC.
HE SAID THERE WAS A LIMIT, BECAUSE OF OBVIOUS GEOGRAPHICAL CONSTRAINTS, AS TO HOW MUCH THE EXISTING CAPACITY OF KAI TAK COULD BE EXPANDED TO DEAL WITH HIGH GROWTH.
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A CONSULTANCY COMMISSIONED TO EXAMINE THE AIRPORT'S ABILITY WITH FORECAST TRAFFIC GROWTH CONCLUDED THAT UNLESS VARIOUS IMPROVEMENTS WERE MADE TO KAI TAK, THE AIRPORT COULD REACH THE LIMITS OF ITS CAPACITY AS EARLY AS 1993, THE FINANCIAL SECRETARY SAID.
"WE HAVE ACCEPTED THE CONSULTANTS' RECOMMENDATIONS THAT A MAJOR PROGRAMME OF IMPROVEMENT WORKS SHOULD BE UNDERTAKEN, HE SAID.
OVER THE NEXT FIVE YEARS, AT AN ESTIMATED COST OF ABOUT $3 BILLION, KAI TAK'S CAPACITY WOULD BE EXPANDED THROUGH A PROGRAMME OF WORKS AIMED PRIMARILY AT EXPANDING APRON FACILITIES TO PROVIDE MORE SPACE FOR AIRCRAFT PARKING, SIR PIERS SAID.
"THE FIRST TWO ADDITIONAL FULLY SERVICED PARKING BAYS SHOULD BE AVAILABLE IN EARLY 1992. ONCE COMPLETED, THE AIRPORT'S CAPACITY WILL BE INCREASED FROM 20 MILLION TO 24 MILLION PASSENGERS A SAID.
YEAR, HE
"THIS SHOULD