Port expansion essential for economic growth
The implementation of Hong Kong's port development plans will greatly benefit the economies of both Hong Kong and China, Legislative Council members were told today (Monday).
Briefing Legco's Trade and Industry Panel, the Secretary of the Port Development Board, Mr Tony Clark, said by expanding Hong Kong's port according to the strategic development plan, Hong Kong and its community stood to make substantial economic gains. Despite the expansion of Chinese ports there was no viable alternative to expanding Hong Kong's as well.
Hong Kong is the world's busiest container port and last year handled more than 11 million 20-foot equivalent units (TEUs).
Mr Clark said: "Handling those containers alone added $215 billion to the economy in 1994. Handling that cargo is essential to our economy.
"The port and related businesses provide jobs for some 350,000 people, or one in eight of our workforce. The port generates about 20 per cent of our GDP and supports some 20 per cent of all business establishments in Hong Kong.
"In terms of container growth, forecast demand on the port is such that throughput can be expected to treble by the year 2011. The great majority of this growth will be sourced from or destined for southern China.
"This forecast takes into account port development in China."
Mr Clark told Legco members: "If the facilities are not in place to meet demand, not only will there be congestion in Hong Kong's port, and its road approaches, but also the knock-on effect will result in similar congestion in Chinese ports.
"That will seriously delay the development of both Hong Kong's and China's economies and will hurt those service industries whose growth we seek."
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