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Some Members have been skeptical, citing the 9.1% reduction in total expenditure on transport in the 1996/97 estimates. But this needs to be put in perspective bearing in mind that expenditure on transport-related projects in the Airport Core Programme peaked in 95/96. If this is set aside, as it should be, and we focus only on expenditure on roads and other transport projects, this year's estimates actually provide for an increase of $765 million over 1995/96. This represents a real growth of 8.7%.
Mr Deputy President, what has to be recognised is that infrastructural transport projects inevitably require a long lead time from inception to planning, to implementation and, ultimately, to completion. The amount of funding required for new projects should therefore be considered over a longer time span and, what is more, other factors must be taken into account in determining the actual amount of money that needs to be provided in any one financial year. For example, funds may not be required until we are ready to proceed with consultancies or engineering feasibility studies, and, thereafter, the provision spread over a number of years taking into account the actual construction timetable.
I am glad that the Honourable Miriam Lau supports private sector participation in the development of transport infrastructural projects. This is exactly what we have been doing. The Western Harbour Crossing and the Route 3 Country Park Section together cost over $14 billion, are two notable examples. But not all projects are suitable for private sector participation because they may not be commercially viable. Let me stress that there is no question of the Government not proceeding with justified projects simply because we cannot proceed by way of BOT. For example, in the case of Route 16, a major road project linking Tai Wai in the New Territories and West Kowloon, we are now considering the option of funding this project, estimated to cost over $4 billion, under the public works programme.
Mr Deputy President, the Administration's determination to invest in the road infrastructure is reflected in our 5 year forecast with $28.7 billion earmarked up to the financial year 2000/2001. Many other administrations would be envious of this amount of funding for transport and, indeed, the business environment we have developed to attract BOT investments.
Turning now to the Railways, the blueprint for the future has been embossed in the Railway Development Strategy. I acknowledge the strong support for the implementation of our 3 top priority projects, namely the Western Corridor Railway, the Tseung Kwan O extension and the Ma On Shan to Tai Wai link coupled with the Hung Hom to Tsim Sha Tsui loop. Hon Members have commented at length and, in particular, have urged the acceleration of these 3 railway systems.
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