$600b set aside for infrastructure development
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.
''We are also planning other new projects, such as the Sha Tin to Central Link, the Island Line Extensions, the Kowloon Southern Link, the Regional Express Line, the Port Rail Line and the Northern Link which will involve expenditure of around $100 billion. Work is expected to be completed in stages from 2008 to 2016.
''In all, the Government and the two railway corporations will be investing $600 billion in infrastructure reflecting our confidence in Hong Kong's long-term prospects,'' he said.
''Not only will this investment help Hong Kong maintain its status as a regional transportation and business hub, it will generate many jobs.''
The chief executive said the Government was also embarking on major infrastructure links with Guangdong to strengthen economic co-operation.
''We have mutually agreed the target for completing the Shenzhen-Hong Kong Western Corridor is 2005. We are working to speed up the flow of people across the boundary at the Lo Wu control point by improving soft infrastructure and facilities, and are extending the facilities at the Lok Ma Chau crossing.'' He said construction of the Hong Kong side of the Deep Bay Link would begin in 2003. The Sheung Shui to Lok Ma Chau Spur Line was due to be finished by 2007.
'' We also hope an express rail service will be built to link Hong Kong, Shenzhen and Guangzhou,'' added Mr Tung.
The mainland section of the link was already planned. ''For our part, early stage design of the express railway from Hung Hom to Shenzhen is now being prepared. This will connect to the proposed Shenzhen-Guangzhou express line. ''When completed, the trip between Hong Kong and Guangzhou via Shenzhen will take just 60 minutes,'' Mr Tung explained.
He said other major works in progress included: Castle Peak Road improvements, work on Container Terminal 9 back up facilities, Phase I of Hong Kong Disneyland and the Science Park in Pak Shek Kok.
''We also plan to launch shortly projects such as Route 9 Tsing Yi to Sha Tin section, Route 10 linking North Lantau and Yuen Long Highway, the South East Kowloon Development and Central Reclamation Phase III,'' he added.