XN000022-1987-03-19 — Page 24

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THURSDAY, MARCH 19, 1987

HOWEVER, HE NOTED THAT ONLY $25 MILLION WOULD BE ALLOCATED FOR THE IMPROVEMENT WORKS IN THE YEAR 1987-88, THE FIRST YEAR OF THE FIVE-YEAR PLAN. HE SAID THIS AMOUNT WAS FAR FROM ENOUGH.

+I HOPE THAT THE GOVERNMENT WILL CONSIDER INCREASING THE FUNDS SO AS TO SUBSTANTIALLY IMPROVE THE INADEQUACIES IN THIS ASPECT,+ HE SAID.

TURNING TO INDUSTRIAL DEVELOPMENT, MR LAU SAID THE INDUSTRIAL SECTOR WAS NOT DULY TAKEN CARE OF AS THE BUDGET DID NOT INCLUDE ANY TAX CONCESSION FOR THE DEPRECIATION OF PLANT AND MACHINERY.

+WE MUST NOT FORGET THAT WITH INTENSIFYING COMPETITION IN OUR OVERSEAS MARKETS, A FAVOURABLE CALCULATION METHOD FOR DEPRECIATION WILL DEFINITELY BE EXTREMELY BENEFICIAL TO DOMESTIC PRODUCTS, PARTICULARLY WHEN THE LOCAL ECONOMY IS BECOMING MORE AND MORE DEPENDENT ON INDUSTRIAL DEVELOPMENT, HE SAID,

TURNING TO THE IDEA FOR BUILDING AN INTERNATIONAL AIRPORT MR LAU SAID THAT SUCH A PROJECT WOULD HAVE A SIGNIFICANT POLITICAL VALUE APART FROM EASING AIR TRANSPORT IN FUTURE.

THE PROJECT WOULD UNDOUBTEDLY BE AN IMPORTANT ECONOMIC JOINT VENTURE AMONG CHINA, BRITAIN, HONG KONG AND EVEN OTHER OVERSEAS COUNTRIES.

+ IN OTHER WORDS, WITH THE CONSTRUCTION OF AN INTERNATIONAL AIRPORT, A SOLID FOUNDATION WILL BE LAID FOR HONG KONG'S ECONOMIC PROSPERITY AND SOCIAL STABILITY, HE SAID.

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