TNAG-0735-FCO40-939-Policy-objective-for-the-developing-of-Hong-Kong-in-the-1980-1978 — Page 124

34.

Nor would I argue that we evaluate and review, and check on the validity of the assumptions underlying, our policies and programmes as regularly and as thoroughly as

desirable. But we are at least aware of the need to do so.

Above all, we are conscious of the fundamental importance of

our capital works programmes not only matching the economic and social needs of the community, but also being consistent with the legitimate demands for resources by the private

sector. Here, indeed, we are in something of a dilemma inasmuch as so many of our capital works projects are designed

to provide the essential infrastructural facilities

communications, housing, formed and serviced land, etc.

without which our economy cannot develop and the private

sector prosper. The supply of formed and serviced land for

sale to the private sector is the best illustration of this

point; in the five years ending 1982-83 present plans provide for the expenditure of nearly $2,300 million at current prices

to produce 715 hectares (= 1760 acres) of industrial and

commercial/residential land for disposal to the private sector.

So, unless the public sector is able to command a certain

share of available resources of labour and capital in the

short and medium term, the supply of land available to the

private sector in the longer term will be prejudiced.

35.

Finally, I would mention that Miss Dunn, unlike

some press and radio commentators, correctly interpreted His

Excellency when she said that "the Government's present

thinking was based on the assumption" and not necessarily

on the expectation "of a continuation of the trend growth

rate of the economy of 9% per annum in real terms". This is

not a matter of semantics and, as His Excellency stressed,

"the need for flexibility and adaptability in the design and

implementation of our programmes in changing circumstances

is of course well understood".

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/II Government