XN000022-1990-04-19 — Page 8

|

~

THURSDAY, APRIL 19, 1990

MR MATHEWS SAID HONG KONG HAD BEEN FACING A CHALLENGE TO BALANCE THE NEED FOR COMMERCIAL FREEDOM, THE ESSENCE OF A SUCCESSFUL CAPITALIST ECONOMY, WITH THE NEED BOTH TO ENSURE AN ORDERLY MARKET PLACE AND TO PROTECT THE PUBLIC, PARTICULARLY CONSUMERS, FROM IMCOMPETENT OR UNSCRUPULOUS BUSINESS BEHAVIOUR.

HE BELIEVED THAT HONG KONG HAD BEEN ACHIEVING THAT BALANCE.

REMARKABLY SUCCESSFUL IN

FINANCIAL SECRETARY OUTLINES PADS

AHEAD MUCH HAS HAPPENED SINCE WE ANNOUNCED THE DECISION TO GO

OCTOBER. SINCE WITH THE NEW AIRPORT AND PORT RELATED PROJECTS LAST

WITH THEN WE

AIRPORT HAVE

AUTHORITY, ESTABLISHED THE PROVISIONAL MYSELF AS CHAIRMAN,

EVENTUAL WE HAVE LAUNCHED A

FOR THE SEARCH CHIEF EXECUTIVE, WE AUTHORITY'S

HAVE COMMENCED

SITE ADDITIONAL

DESIGN REVIEW INVESTIGATION WORK AT CHEK LAP KOK, WE HAVE APPOINTED

THE LANTAU FIXED CROSSING AND THE NORTH LANTAU CONSULTANCIES FOR

MOST EXPRESSWAY AND A FEASIBILITY STUDY FOR THE AIRPORT RAILWAY, AND

BECHTEL AS THE AS RECENTLY,

YOU WILL HAVE SEEN, WE HAVE APPOINTED PROJECT MANAGER. MY PURPOSE IN INVITING YOU ALONG TODAY IS TO GIVE YOU MILESTONES AN UPDATE ON THESE DEVELOPMENTS AND TO SET OUT SOME OF THE TO WATCH FOR AS THIS COMPLEX PROJECT GATHERS MOMENTUM.

то RECAP THE

BUT FIRST BY WAY OF BACKGROUND, I WOULD LIKE REASONS WHY WE HAVE EMBARKED ON THIS MAJOR INFRASTRUCTURAL PROJECT AND WHY WE BELIEVE IT TO BE

ECONOMIC ESSENTIAL TO OUR CONTINUED DEVELOPMENT.

IF WE WE WILL LAYMAN'S

LOST AS IT BUILD

IT IS CLEAR FROM THE VARIOUS DETAILED STUDIES WE HAVE CONDUCTED THAT ΚΑΙ TAK WILL BE SATURATED BY THE MIDDLE OF THIS DECADE. FAIL TO PROVIDE ADEQUATELY FOR OUR INCREASING AIR TRAFFIC, INCUR SUBSTANTIAL ECONOMIC DISBENEFITS. WHAT THIS MEANS IN TERMS IS THAT BUSINESS WILL BE DIVERTED ELSEWHERE, JOBS WILL BE AND, AS A RESULT, THE INCOME FOR OUR WORKFORCE WILL NOT GROW SHOULD. ACCORDING TO OUR CONSULTANTS' ESTIMATES, IF WE DO NOT THE AIRPORT, THESE DISBENEFITS WOULD AMOUNT TO OVER BETWEEN 1996 AND 2010. THERE ARE THUS COMPELLING ECONOMIC REASONS

WITH CHEK

AND LAP KOK AIRPORT PROCEEDING

RELATED INFRASTRUCTURAL

то VITAL

ENSURING THE PROJECTS AS

AS POSSIBLE. THEY ARE QUICKLY

CENTRE CONTINUED GROWTH OF HONG KONG AS A REGIONAL AND INTERNATIONAL FOR TRADE AND FINANCE WELL INTO THE 21ST CENTURY.

HK$100 BILLION

FOR

/TO MEET