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"This substantial increase underlines our determination to help and encourage industry to go upmarket."
On the establishment of a science park to enhance scientific and technological research in Hong Kong, Mr Chau said the Government had spent two years to conduct a feasibility study on the project.
The Government would be consulting widely on its findings in the coming months and would submit detailed proposals to the Legislative Council.
Mr Chau said the Financial Secretary had established a Task Force to chart a course for the further expansion of Hong Kong's service industries.
"The Task Force will be reviewing what we can do to provide a regulatory and administrative environment conducive to the future development of our service industry," he said.
On his informal meeting with Chinese State Councillor and Minister of the State Science and Technology Commission, Dr Song Jian, during his visit to Beijing last week to attend the Asia Pacific Economic Co-operation's Ministerial Meeting on Science and Technology, Mr Chau said they had reached a preliminary consensus that China and Hong Kong should co-operate more in developing Hong Kong's applied research and technology capabilities.
He said: "The objective is to enable Hong Kong manufacturers to go towards higher technology and higher value-added products by using the vast reservoir of scientific personnel available in China."
"Both sides would work out the details of how to proceed with a study to establish the applied research and development needs of Hong Kong, with a view to enabling both sides to determine the mode and scope of co-operation in this area," said Mr Chau.
End/Thursday, October 12, 1995
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