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"The total amount of debt to be raised by our new airport and railway project alone is expected to be in the region of HK$23 billion.

"The Hong Kong investor base is likely to broaden along with the increasing number of pension funds, retirement schemes and insurance companies in Hong Kong," he added.

Citing the Mandatory Provident Fund Schemes for Hong Kong's workforce as an example, Mr Tsang said the size of the funds contribution was estimated to be HK$40 billion per annum or about four percent of Hong Kong's, gross domestic products. "Accumulation of funds of this size invested in the economy will form a significant block of new capital and will result in a deepening and broadening of the Hong Kong debt market," he said.

Mr Tsang said the government's philosophy that private sector initiatives should lead the development of the market would continue.

"At the same time, the Government will continue to play its part in putting in place a market infrastructure which is up to international standards and attractive to both investors and borrowers," he said.

End

Refugee Co-ordinator holds talks in Hanoi on VM issue

The Refugee Co-ordinator, Mr Brian Bresnihan, held talks with the Vietnamese authorities in Hanoi today (Monday), a government spokesman said.

United Nations High Commissioner for Refugees and the British Embassy were also represented at the meeting.

The spokesman said the discussions were technical in nature and centred on ways of accelerating the clearance of Vietnamese migrants (VMs) for return to Vietnam and the simplification of the procedures involved.

Commenting on the talks, Mr Bresnihan said it was inevitable in a repatriation programme involving so many people that procedural difficulties would arise.