Updated at 4.30pm: The Government and Hong Kong's two railway corporations are planning to invest $600 billion in infrastructure development, Chief Executive Tung Chee-hwa said on Wednesday.
Mr Tung made upgrading infrastructure a key focus of his Fifth Policy address on Wednesday afternoon.
''In developing our knowledge skills, we must not overlook the need to upgrade our hard and soft infrastructure, pushing ahead with large-scale projects and improving our business environment to take account of the changing economic landscape,'' he explained.
The Government was already investing over $400 billion in more than 1,600 projects. Most of these are to be completed in the next nine years.
''The main focus of our public works programmes will be on transport, land formation, port, housing, tourism-related developments, education, hospitals and improvements to the environment,'' he said.
Mr Tung said the SAR's two railway corporations the MTRC and KCRC were currently working on six projects - West Rail, the MTR Tseung Kwan O Extension, the Ma On Shan Line, the KCR Extension to Tsim Sha Tsui, the Penny's Bay Rail Link and the Sheung Shui to Lok Ma Chau Spur Line.
''These projects are due to be completed in stages between 2002 and 2007 at a total cost of about $100 billion.