12
WEDNESDAY, OCTOBER 31, 1990
THIS MEANS CONTROLLING THE SIZE OF THE INCREASING PRODUCTIVITY.
CIVIL SERVICE, AND
THAT IT WILL FOR NEW OR EXISTING ACTIVITIES
"TO PROVIDE A LITTLE REASSURANCE I SHOULD ADD NEVERTHELESS STILL BE POSSIBLE TO MAKE SOME PROVISION IMPROVED SERVICES, PARTLY BY CARRYING OUT SOME MORE COST-EFFECTIVELY," HE SAID.
WAS TRUE
ON THE CAPITAL EXPENDITURE FRONT, SIR PIERS SAID IT THAT THE GOVERNMENT WAS GIVING PRIORITY TO AIRPORT CORE PROJECTS, THAT IT WOULD HAVE TO BE PARTICULARLY PRUDENT OVER NEW PROGRAMMES SIGNIFICANT CAPITAL EXPENDITURE IMPLICATIONS.
AND
WITH
PERSPECTIVE. WE HAVE "BUT IT IS IMPORTANT TO KEEP THIS IN
SOCIAL ALLOWED FOR COMMITMENTS IN OTHER AREAS TOO, SUCH AS EDUCATION,
NEW TOWN DEVELOPMENT. SERVICES, THE ENVIRONMENT, WATER SUPPLY AND
"CAPITAL
EXPENDITURE
ON NON-AIRPORT
PROGRAMME AREAS
IS
PROJECTED TO BE A MASSIVE $140 BILLION AT 1990 PRICES IN THE PERIOD UP TO 1997," HE SAID.
SIR PIERS SAID CLEARLY HONG KONG WOULD FACE A BUDGETARY DEFICITS AS CAPITAL EXPENDITURE BUILT UP AND THIS PERIOD.
FEW YEARS OF PEAKED OVER
WHY WE
"THIS IS TO BE EXPECTED, AND IS PRECISELY ONE OF
HAVE BUILT UP SUCH CONSIDERABLE RESERVES.
THE REASONS
"DRAWING
THESE
RESERVES
INVESTMENTS
ON
INFRASTRUCTURAL WHICH WILL ALLOW THE CONTINUED GROWTH OF OUR ECONOMY THE CONTINUED PROSPERITY OF HONG KONG IS TO SOME EXTENT HE SAID.
то
PAY
FOR
AND
++
INEVITABLE,
SIR HOWEVER,
PIERS SAID, THERE
OPTION THAT THE THAT IS BORROWING.
IS ANOTHER GOVERNMENT WILL NEED TO CONSIDER FURTHER, AND
TRANSIT AND
"BORROWING BY STATUTORY CORPORATIONS SUCH AS THE MASS RAILWAY CORPORATION IS ALREADY A WELL-ESTABLISHED WAY OF FUNDING, CLEARLY ONE OF THE METHODS THAT THE AIRPORT AUTHORITY IS USE.
LIKELY TO
JUDICIOUS "ALSO,
WE MUST NOT LOSE SIGHT OF THE POSSIBILITY OF
A WELL-TRIED METHOD BORROWING BY THE HONG KONG GOVERNMENT ITSELF,
SMOOTHING PUBLIC ELSEWHERE FOR FINANCING MAJOR CAPITAL PROJECTS AND SECTOR CASHFLOW.
"I HAVE MADE NO DECISION YET AS TO WHETHER THIS IS AN OPTION WE MY BUDGET SHOULD ACTUALLY PURSUE, BUT I WILL REVERT TO THE ISSUE IN SPEECH NEXT YEAR, HE SAID.
11
GROWTH COULD
REMAINS
SIR PIERS SAID HONG KONG'S LONGER TERM ECONOMIC ONLY BE SECURED BY ENSURING THAT ITS PHYSICAL INFRASTRUCTURE ADEQUATE TO FACILITATE THE EFFICIENT MOVEMENT OF PEOPLE AND GOODS AND OUT OF HONG KONG.
IN
/"THIS IS