A NEW proposal for financing the multi-billion-dollar airport and airport railway projects, which sees the Hongkong Government shouldering a much greater share of capital injection into the plan, has been forwarded to China. In a major departure from previous practice, the new proposal was passed on to the Chinese side secretly a few weeks ago and officials yesterday remained tight-lipped on the new funding scheme. The airport negotiations have remained stagnant since the Joint Liaison Group (JLG) Airport Committee adjourned its October meeting, just before the row began over political changes planned for the territory. Initiatives to resume contacts on the airport plan were set in motion after encouraging signals from Beijing that it still wants the Chek Lap Kok project to go ahead. Most analysts agree that without Beijing's assent, it would be difficult for the Government to win sufficient international interest in the vast infrastructure programme to guarantee financing or completion on time. A government spokesman asked about the preparation of a new set of figures would only confirm that officials were in contact with the Chinese side concerning the airport and the airport railway. ''We have been discussing the overall financing plan. At this stage, it is not helpful to go into details of discussions,'' he said. It is understood that British and Chinese team leaders JLG, Mr Tony Galsworthy and Mr Guo Fengmin, have had informal discussions. In its second financing package submitted to Beijing last September, the Government proposed raising the amount of equity injection into the Airport Authority and the Mass Transit Railway Corporation by $40 billion, thereby addressing Beijing's objectionto allowing the corporations to call up such an amount later, if they needed it. But it was proposed that the Government and the Special Administrative Region (SAR) Land Fund would each put in half of the $40 billion. Noting China's dissatisfaction at using the funds of the future SAR, the new proposal suggests splitting the $40 billion in a proportion that has the Hongkong British Government shouldering the lion's share of additional cash pumped in. However, the necessity to invest land premiums generated from property development along the airport railway remains a key feature of the latest funding formula. The British side also sticks to its plan that borrowings by the two corporations should be considered as private borrowings, instead of government loans as China has indicated. Under the Memorandum of Understanding on the new airport projects, if the total amount of government borrowings to be repaid by the future SAR government exceeds $5 billion, China's consensus would be required. Although the Chinese side has had at least two weeks to digest the new package, there is still no date for resuming formal talks at the Airport Committee. Sources conceded that the outcome of the third round of talks over the 1994/95 electoral arrangements being held in Beijing this weekend could affect China's decision on holding the airport negotiations. Yesterday's first session lasted three hours with the two sides emerging tight-lipped on any progress. British chief negotiator, Sir Robin McLaren, only described the talks had been conducted ''normally'', adding the two sides were approaching the discussion in a positive spirit. Sir Robin also dispelled worries that the visit of his predecessor, Sir Percy Cradock, to Beijing next Thursday would affect the on-going Sino-British talks. His counterpart, Mr Jiang Enzhu, the Chinese Vice Foreign Minister, expected the talks would continue to make progress if the two sides stuck to the mutually agreed basic principles. Mr Jiang also said that the recent agreement reached by the JLG on the launch of the pay-TV was an encouraging sign for the talks. A Chinese source said Beijing had shown sufficient sincerity in restoring co-operation with Britain by consenting to the franchises for Wharf Cable TV and Hongkong Electric. The source said the Chinese Government was also adopting a positive attitude towards the new airport project and thus it wanted to resume consultation with the British side over the financing arrangements. Meanwhile Mr Galsworthy said that China's blessing for Hongkong's long-awaited pay-TV licence, the scheme of control agreement for Hongkong Electric and the New Territories West landfill contract, would definitely be conducive to the resumption of the diplomatic body's work. But, he declined to say whether Chinese endorsement on these projects would help the Sino-British talks on the electoral arrangement.