Hongkongers to enjoy ‘dividends’ of Northern Metropolis, John Lee promises
City leader stresses importance of using public funds to accelerate development of I&T, housing megaproject, citing 2001 case of science park
Chief Executive John Lee Ka-chiu made the pledge on Sunday as his innovation minister said he believed that several companies joining the initiative would enjoy preferential land prices this year.
Lee also urged his finance chief, Paul Chan Mo-po, to use the government’s funds wisely as Hong Kong planned to set aside money to create entities that would manage the various industrial parks forming part of the 30,000-hectare (74,130-acre) megaproject.
The city leader made the remarks in a televised interview in response to a question about whether spending public money on the Northern Metropolis would exacerbate or prolong the deficit.
The latest budget, which was unveiled in February, forecast a HK$67 billion (US$8.6 billion) deficit for the financial year ending in March.
In his reply, Lee stressed the need for investment and cited the use of public funds to help establish the Hong Kong Science and Technology Park in 2001 as part of efforts to boost the city’s digital competitiveness.