XN000022-1992-09-14 — Page 4

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MONDAY, SEPTEMBER 14, 1992

HONG KONG REMAINED COMMITTED то COMPLETING THE ACP TO THE FULLEST EXTENT POSSIBLE BY JUNE 30. 1997.

"WE HAVE MADE A GOOD START: 15 WORKS CONTRACTS HAD BEEN LET ON TIME AND WITHIN BUDGET, HE SAID.

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MR YEUNG ALSO SAID THE AIRPORT COMMITTEE, WHICH HAD BEEN SET UP

UNDER THE MOU, HAD INITIATED CONSULTATION ON IMPORTANT MATTERS

RELATING TO THE ACP.

"WE HAVE INITIATED CONSULTATION ON AIRPORT-RELATED CONTRACTS AND FRANCHISES AND ARE GIVING FULL WEIGHT TO THE VIEWS OF THE CHINESE SIDE.

"WE HAVE RECEIVED CERTAIN NEW AND INTERESTING PROPOSALS FROM THE CHINESE SIDE AT LAST WEDNESDAY'S MEETING OF THE AIRPORT COMMITTEE. WE ARE LOOKING AT THESE PROPOSALS SERIOUSLY. WE EXPECT TO REACT TO THEM SOME TIME THIS WEEK," HE SAID.

IN ADDITION, THE GOVERNMENT WAS PLANNING ITS FINANCES WITH FIRM OBJECTIVE OF LEAVING FISCAL RESERVES ON JUNE 30, 1997 OF LESS THAN $25 BILLION.

THE

NOT

AN AIRPORT CONSULTATIVE COMMITTEE WITH MEMBERSHIP BETWEEN THE TWO SIDES HAD ALSO BEEN SET UP.

DISCUSSED

"THE COMMITTEE HAS BEEN SERVICED EFFECTIVELY BY THE NEW AIRPORT PROJECTS CO-ORDINATION OFFICE. OVER THE PAST 10 MONTHS, THE COMMITTEE AND ITS SUB-COMMITTEES HAVE MET 27 TIMES, RECEIVED 29 PRESENTATIONS, AND CONSIDERED 53 PAPERS AND OVER 100 REPLIES то QUESTIONS, HE SAID.

MR YEUNG ALSO STRESSED THAT HONG KONG GOVERNMENT'S PROPOSALS WERE DESIGNED ΤΟ ENCOURAGE PRIVATE FINANCIAL PARTICIPATE FULLY THROUGH LENDING TO THE MTRC AND THE PAA.

INSTITUTIONS то

"IT IS TRUE THAT THE SAR GOVERNMENT WOULD NEED TO ACCEPT OBLIGATIONS IN RELATION ΤΟ CALLABLE EQUITY, BUT THIS IS ALREADY PROVIDED FOR IN THE MOU THE RELEVANT PART OF WHICH SAYS THAT THE CHINESE SIDE WILL TAKE A POSITIVE ATTITUDE TO GUARANTEES.

SMALLER

"THE ONLY DIFFERENCE IN GOING DOWN THE CALLABLE EQUITY ROUTE IS THAT THE FUTURE GOVERNMENT WILL BE LEFT WITH SIGNIFICANTLY OBLIGATIONS THAN IF THE GUARANTEES PROVIDED FOR IN THE MOU HAD BEEN ADOPTED, HE SAID.

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