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WEDNESDAY, JANUARY 26, 1994
"HOWEVER THE GOVERNMENT IS NOT BORROWING ANYTHING AT ALL. WHAT WE ARE DISCUSSING WITH THE CHINESE IS PAA AND MTRC BORROWING IN INTERNATIONAL MARKETS FOR THE AIRPORT AND AIRPORT RAILWAY, IN LINE WITH NORMAL PROJECT FINANCING FOR SUCH LARGE-SCALE INFRASTRUCTURE PROJECTS.
"UNDER THE FINANCING PROPOSALS WHICH THE FINANCIAL SECRETARY OUTLINED TO FINANCE COMMITTEE ON JANUARY 21, THE CORPORATIONS' DEBT WOULD TOTAL $45 BILLION.
"ON A MATTER OF LAW THE HKMAO SPOKESMAN SAID THAT ALL CONTRACTS ASSOCIATED WITH THE NEW AIRPORT THAT STRADDLE JUNE 30, 1997 THAT HAVE NOT BEEN APPROVED BY THE CHINESE SIDE WILL BE INVALID AFTER JULY 1 1 1997.
IN
"IN REPLY TO A SIMILAR STATEMENT MADE BY A HKMAO SPOKESMAN NOVEMBER 1992, THE HONG KONG GOVERNMENT POINTED OUT THAT UNDER THE BASIC LAW, CONTRACTS WHICH ARE VALID UNDER HONG KONG'S EXISTING LAWS WILL CONTINUE TO BE VALID AND RECOGNISED AND PROTECTED AFTER 1997 BY "THE HONG KONG SPECIAL ADMINISTRATIVE REGION, PROVIDED THEY DO NOT CONTRAVENE THE BASIC LAW.
"THAT REMAINS THE GOVERNMENT'S POSITION.
"IN ORDER TO MAINTAIN MOMENTUM ON THE AIRPORT, WE CONSULTED THE LEGISLATIVE COUNCIL ON HOW TO PROCEED IN THE ABSENCE OF A FINANCING AGREEMENT WITH THE CHINESE SIDE. LEGCO OPTED FOR A CONTINUATION OF STEP-BY-STEP APPROACH, VOTING OVERWHELMINGLY BY 38 VOTES ΤΟ TWO FOR THE $1.67 BILLION FUNDING.
THE
"THE AIM IS TO KEEP PROGRESS GOING FOR A FURTHER PERIOD SO THAT WE HAVE MORE TIME TO REACH AGREEMENT WITH THE CHINESE SIDE.
"EVERYONE KNOWS THAT HONG KONG NEEDS A NEW AIRPORT. THE AIRPORT WILL BENEFIT BOTH HONG KONG AND CHINA. HONG KONG PEOPLE NATURALLY LOOK TO CHINA TO CO-OPERATE IN ITS CONSTRUCTION AND IN THE CONSTRUCTION OF THE REST OF THE ACP.
*WE WELCOME THE REITERATION, IN THE HKMAO STATEMENT, OF CHINESE GOVERNMENT'S SUPPORT FOR CONSTRUCTION OF THE NEW AIRPORT THEIR DESIRE FOR RESUMPTION OF THE AIRPORT COMMITTEE TALKS.
THE AND
"THIS WOULD BE VERY MUCH IN THE INTERESTS OF THE PEOPLE OF HONG KONG AND WE VERY MUCH HOPE THAT THEY WILL RESPOND POSITIVELY AND RAPIDLY TO OUR REQUEST FOR A MEETING OF THE AIRPORT COMMITTEE.
"WE FOR OUR PART ARE READY TO MAKE A RENEWED EFFORT TO WORK FOR AN EARLY AGREEMENT."
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