1990-10-31 37:25 0.1.9
P.99
17.
Clearly
the
construction of the replacement
airport and the related transport
transport infrastructure does
involve a very
substantial financial commitment. But Τ
wish to underline the fact that investment in the airport
programme is investment in Hong Kong's future. When
completed, the airport and related facilities will bring to
Hong Kong long term economic
egonomic and financial benefits far
greater than the cost o the investment, and these benefits
will be enjoyed well int the next century.
18.
Turning to the past, the key factor enabling us to
decide to
to proceed with the airport
the airport programme was and is
Hong Kong's financial strength,
I have in mind, first, the
very substantial reserves of over $70 billion which we have
built up in recent years through prudent management. This
compares with reserves only $24 billion five years ago.
Secondly, I have in ming the Special Administrative Region
Government Land Fund. hile the SAR Government Land Fund
will not be part of the reserves until July 1997, it
consists of income from land sale premia which previously
would have gone into
he reserves. The Land Fund is
clearly of relevance when assessing the long term strength
of Hong Kong's finances and particularly the strength of
the financial situation which the SAR Government
inherit on its establishment in 1997.
will
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