BACABI/56
THE NEW HONG KONG AIRPORT
August 1991
The British Prime Minister, Mr John Major, will visit Peking on 2 September 1991, where he and the Chinese Prime Minister, Mr Li Peng, will sign the Memorandum of Understanding on a new airport in Hong Kong. Mr Major will also visit Hong Kong. The Memorandum of Understanding has been widely acclaimed, both in Hong Kong and internationally, as a good and workable agreement. It has given a major boost to confidence in Hong Kong, with gratifying effects on the property and stock markets and on business order books.
Status and Needs of Hong Kong
In recent years, Hong Kong has developed into one of the world's busiest ports and a regional centre for manufacturing, commerce and trade. It has secured a leading role among the economies of South-East Asia by its capacity for seizing opportunities and adapting rapidly to changing economic circumstances. Political and economic developments in China
over the last decade have led to a major revival in Hong Kong's role as an entrepôt, handling much of China's external trade. The Territory's location at the mouth of the Pearl River makes it an ideal trade and communications centre to serve the rapidly developing Guangdong Province.
To support this development, Hong Kong has expanded its basic infrastructure, including port, airport and transport facilities, in line with growing demands. Expansion has until now followed an incremental approach, with the advantages of expediency, speed of implementation and a limited requirement
for advance funding.
This paper has been prepared for general briefing purposes. is not and should not be construed or quoted as an expression
of Government policy.
It
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