In his Policy Address, the Chief Executive of the HKSAR outlined his plans for HK. From the financial standpoint the most important being a reduction in tax rates, and the building of massive infrastructure projects to facilitate the integration with the Mainland. The following is an extract.
10 Major Infrastructure Projects for Economic Growth
“Infrastructure development can bring about huge economic benefits... the value added would be more than $100 billion annually. In addition, some 250 000 additional jobs would be created.”
South Island Line: Construction to start in 2011
The Sha Tin to Central Link: Will connect the Northeast New Territories and Hong Kong Island via East Kowloon. Construction to start in 2010
The Tuen Mun Western Bypass and Tuen Mun-Chek Lap Kok Link: Upon completion in 2016, will link Deep Bay in Shenzhen, the Northwest New Territories and Hong Kong International Airport
The Guangzhou-Shenzhen-Hong Kong Express Rail Link: Construction of high-speed rail link between West Kowloon and Guangzhou will start in 2009
Hong Kong-Zhuhai-Macao Bridge: Aim to complete financial arrangements in the near future
Hong Kong-Shenzhen Airport Co-operation: Will study the feasibility of a rail connection between Hong Kong International Airport and Shenzhen Airport
Hong Kong-Shenzhen Joint Development of the Lok Ma Chau Loop: Will work with the Shenzhen authorities to develop the Lok Ma Chau Loop
West Kowloon Cultural District: Aim to enact legislation in mid-2008 so West Kowloon Cultural District Authority can be established as soon as possible
Kai Tak Development Plan: First cruise terminal berth expected to be operational in 2012
New Development Areas (NDAs): Will plan for NDAs to provide quality living space in the northern New Territories
Asian shares advanced following gains on Wall Street, with Shanghai closing at a record high while Hong Kong rose on banking-sector strength.
The HK stock market must have liked the policy direction as it rose to close at 28,569 with the Chinese financials leading the way.
Market Indices
Australia All Ordinaries 6744.60 + 0.85%
Bombay Sensex* 18658.25 + 2.07%
Hong Kong Hang Seng 28569.33 + 1.21%
Japan Nikkei 17177.89 + 0.10%
Shanghai Composite 5771.46 + 0.97%
Singapore STI 3814.45 - 1.33%
South Korea Composite 2041.12 + 1.34%
Taiwan Weighted** 9639.83 - 0.80%
*Intraday trading
**Market closed for holiday
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment