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Mr Lam said that at the end of December 1996, the Government's seven ACP projects were 94 per cent complete, while the new airport, the airport railway and the Western Harbour Crossing were 74 per cent, 65 p cent and 97 per cent complete respectively.
"The three reclamation projects at Tung Chung, West Kowloon and Central under the ACP will all be completed by June 1997 as scheduled. The airport and the airport railway remain on target for completion in April and June 1998 respectively," he added.
Mr Lam described the ACP as "a solid example of international partnership and co-operation in one of the largest infrastructure projects in the world”.
He said that in line with Hong Kong's traditional free trade and "open door" policy as an international centre of trade, finance, aviation and communications, the Government encouraged international participation in ACP projects.
The ACP had drawn participation from 18 countries around the world, including Japan, UK, China, the Netherlands, France, Belgium, Spain, Australia, the United States, New Zealand, Germany, Italy, South Africa and Austria. By the end of December 1996, a total of 170 major contracts valued at more than $95.8 billion had been awarded.
"We have operated on the basis of a level playing field in the award of contracts. No country or company is given preferential treatment, and no restrictions of any kind are imposed on grounds of nationality. This approach stems from the basic principle of fair and open competition which is fundamental to Hong Kong's economic
success.
"The level playing field approach will continue after the change of sovereignty on July 1, 1997," he noted.
Mr Lam pointed out that rigorous cost control on works and an effective project management system had ensured that the ACP would be completed on time and within budget.
"While many major infrastructure projects overseas have been hit by massive cost over-runs, we have been able to reduce costs and to have done it twice. We also have managed to reduce the ACP budget from $163,730 million to $156,364 million," he said.