WEDNESDAY, MARCH 6, 1991
"IT IS BECAUSE WE HAVE SUCH A STRONG FINANCIAL BASE THAT WE ARE ABLE TO CONTEMPLATE THE MAJOR INFRASTRUCTURAL BUILDING PROGRAMME THAT LIES AHEAD OF US.
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EXPLAINING HIS STRATEGY FOR FINANCING THE OVERALL PROGRAMME OF CAPITAL WORKS, THE FINANCIAL SECRETARY POINTED OUT THAT WE WERE STILL AT THE PRELIMINARY STAGES OF A LONG TERM PROGRAMME, BEGINNING WITH THE NEW AIRPORT PROJECT AT CHEK LAP KOK.
"WHILST PRIORITY IS BEING GIVEN TO THE AIRPORT, I SHOULD STRESS THAT WE HAVE ALSO MADE PROVISION FOR A HIGH LEVEL OF INVESTMENT IN OTHER MAJOR INFRASTRUCTURAL AREAS - THE PORT, THE ENVIRONMENT, WATER SUPPLY, AND TRANSPORT.
"AND WE ARE CONTINUING TO INVEST SUBSTANTIALLY IN OTHER PROGRAMME AREAS SUCH AS EDUCATION, SOCIAL SERVICES AND NEW TOWNS DEVELOPMENT, THE FINANCIAL SECRETARY SAID.
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"THAT SAID, THE CONSTRUCTION OF THE NEW AIRPORT AND THE RELATED TRANSPORT INFRASTRUCTURE DOES INVOLVE A LARGE FINANCIAL COMMITMENT.
"I DO NOT THINK I NEED ELABORATE YET AGAIN UPON THE ARGUMENTS FOR PROCEEDING; THE IMPORTANCE OF THE NEW AIRPORT TO THE CONTINUED ECONOMIC GROWTH OF HONG KONG IS, I KNOW, FULLY UNDERSTOOD BY THIS COUNCIL.
"WHEN COMPLETED, THE AIRPORT WILL BRING LONG-TERM BENEFITS FAR GREATER THAN THE COST OF THE INVESTMENT, HE SAID.
"
THE FINANCIAL SECRETARY SAID THE IMPORTANCE OF THE NEW AIRPORT WAS SUCH AS TO JUSTIFY ACCEPTING THE LEVEL OF CAPITAL EXPENDITURE ENVISAGED AND, FOR A LIMITED PERIOD OF TIME; DEVIATING FROM THE GOVERNMENT'S BUDGETARY GUIDELINES TO DO SO.
"WE WILL ENSURE THAT OBSERVANCE OF THE GUIDELINES IS REINSTATED ONCE EXPENDITURE HAS PEAKED, HE STRESSED.
HK'S RESERVES TO STAND AT HISTORICALLY HIGH FIGURE
HIGH
HONG
KONG'S RESERVES ARE EXPECTED TO STAND AT AN HISTORICALLY FIGURE OF $72.7 BILLION AT THE END OF 1990-91, THE PINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID TODAY (WEDNESDAY).
THE
"BASED ON THE DRAFT ESTIMATES, AND AFTER REVENUE MEASURES, RESERVES AT THE END OF 1991-92 WILL REPRESENT OVER 60 PER CENT OF THE ESTIMATED EXPENDITURE.
"THIS POSITION IS EXTREMELY HEALTHY BY COMPARISON WITH THAT MOST OTHER ECONOMIES, SAID SIR PIERS WHEN PRESENTING BUDGET.
HIS
OF 1991-92
/HE EXPLAINED
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