Policy Address

Ten Major Infrastructure Projects

96.       The current-term Government's strategy of promoting economic growth through infrastructural development entails the undertaking of 10 major infrastructure projects.  The projects are now being gradually implemented.  Among them, the Hong Kong-Zhuhai-Macao Bridge, the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Kai Tak Development Plan Stage 1 have commenced construction.  We are pressing ahead with the planning, design and consultation for the MTR Sha Tin to Central Link so that construction can commence as soon as practicable.  The planning and design of the South Island Line (East) will also be completed soon and the construction works are expected to commence next year.  Apart from the 10 major infrastructure projects, we have also forged ahead with government works projects to improve our urban environment and create employment opportunities.  Annual expenditure on capital works projects has climbed from $20.5 billion in 2007-08 to an estimated $49.6 billion this financial year.  The amount will exceed $50 billion for each of the next few years.  With these projects, and initiatives such as Operation Building Bright, the employment situation in the construction industry has improved remarkably.  The unemployment rate in the construction industry has dropped from a post-tsunami peak of 12.8% to the recent 7%.

The Six Industries

97.       Last year, I accepted the recommendations of the Task Force on Economic Challenges for the development of six industries where Hong Kong enjoys clear advantages.  They are medical services, environmental industries, testing and certification, education services, innovation and technology, and cultural and creative industries.  We are gradually implementing the relevant measures.  This is a long-term industrial development plan which can put Hong Kong on a path towards a diversified and high value-added economy.  We will continue to monitor the development of these six industries, with emphasis on integration with the Mainland market, so as to inject new impetus into our economy.

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