13
FRIDAY, JUNE 4, 1993
HE NOTED THAT GOOD COMMUNICATIONS WERE VITAL IF HONG KONG WERE TO REMAIN A THRIVING TRADING ECONOMY.
ACCORDINGLY, HE SAID, HONG KONG HAD EMBARKED ON ITS AIRPORT CORE PROGRAMME TO PROVIDE THE TERRITORY WITH 10 MAJOR INFRASTRUCTURAL PROJECTS, INCLUDING A NEW AIRPORT TO REPLACE THE CROWDED AIRPORT AT KAI TAK.
"THE OVERALL COST OF THE PROGRAMME IS US$21 BILLION IN MONEY OF THE DAY OR OUTTURN PRICES.
REPLACEMENT
AIRPORT
--
AIRPORT
**THE
JUST LIKE JAPAN'S KANSAI INTERNATIONAL
IS ONE OF THE BIGGEST CIVIL ENGINEERING PROJECTS IN THE WORLD AND THE WHOLE PROGRAMME IS CERTAINLY ONE OF THE WORLD'S LARGEST INFRASTRUCTURE DEVELOPMENTS.
**IN ADDITION TO THE AIRPORT, URGENTLY NEEDED RECLAIMED LAND WILL BE PROVIDED ALONG WITH NEW ROADS, RAILWAYS AND BRIDGES LINKED WITH THE EXPANSION OF OUR CONTAINER PORT AS WELL AS TRANSPORT FACILITIES TO CHINA AND A NEW TOWN,' HE SAID.
MR
++
MACLEOD SAID 25 CONTRACTS WORTH OVER US$4.4 BILLION HAD SO FAR BEEN AWARDED, INCLUDING THE SITE PREPARATION CONTRACT FOR THE AIRPORT. THEY WERE ALL ON TARGET FOR COMPLETION ON TIME AND WITHIN BUDGET ESTIMATES.
SO
FAR, HE ADDED, JAPANESE COMPANIES HAD CAPTURED THE LARGEST SHARE OF THESE CONTRACTS, ACCOUNTING FOR 22 PER CENT BY VALUE OR US$945 MILLION (HK$7,373 MILLION).
"GIVEN THEIR POTENTIAL FOR PRIVATE SECTOR PARTICIPATION, THE AIRPORT, THE AIRPORT RAILWAY AND THE THIRD CROSS HARBOUR TUNNEL ARE TO BE UNDERTAKEN BY NON-GOVERNMENT AGENCIES.
BEING SAID.
"THE REMAINING SEVEN PROJECTS IN THE AIRPORT CORE PROGRAMME ARE CARRIED OUT AND FUNDED DIRECTLY BY THE GOVERNMENT, MR MACLEOD
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"WE ARE NOW ENGAGED IN DISCUSSIONS WITH CHINA ON THE FINANCING ARRANGEMENTS FOR THE NEW AIRPORT AND THE AIRPORT RAILWAY.
**HOPEFULLY THESE WILL BE
++
PROJECTS IS NOT IN DOUBT, HE SAID.
SUCCESSFUL. THE NRED FOR THESE
ON HONG KONG'S ECONOMIC PERFORMANCE, THE FINANCIAL SECRETARY SAID THE PLANNING ASSUMPTION FOR THE NEXT FEW YEARS WAS AN AVERAGE ANNUAL REAL GROWTH OF FIVE PER CENT IN OUR GROSS DOMESTIC PRODUCT.
HE ADDED THAT HONG KONG ALSO ENJOYED EFFECTIVE FULL EMPLOYMENT AND THE STOCK MARKET WAS BOOMING.
HONG KONG HAD EARNED ITS ECONOMIC SUCCESS BY HARD WORK AND GENUINE APPLICATION OF LOW TAX, FREE TRADE AND MARKET ECONOMY PRINCIPLES, AND OUR SITUATION IN FAST GROWING ASIA AND ESPECIALLY FAST GROWING CHINA HAD BEEN A GREAT HELP, HE SAID.
/THE SUCCESS,