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The rail-plus-property model in financing railway construction has served Hong Kong well, the Secretary for Transport and Housing, Ms Eva Cheng, told transport ministers and other senior official members of Asia-Pacific Economic Co-operation (APEC) on September 14 (San Francisco time).
Attending the 7th APEC Transportation Ministerial Meeting for the third day in San Francisco, Ms Cheng shared with member economies the successful experience of one of Hong Kong's financing models for railway projects at a panel entitled "Physical REI: Financing Transportation Infrastructure" in the afternoon.
"Hong Kong relies heavily on public transport, with railways serving as a backbone," said Ms Cheng. "Every day, 90 per cent of people make use of public transport, amounting to about 12 million passenger journeys. Among this, about 36 per cent, equivalent to more than 4 million passenger journeys, travel on our 220-kilometre-long well-developed and well-connected railway network.
"Similar to other mass transit systems in the world, the development of railways involves huge capital investment. It will not be financially viable without some form of financial assistance from the Government."
Some advantages of the rail-plus-property model outlined by Ms Cheng included prompt implementation of rail projects to meet public transport needs and expectations without competing for public funds with other public works projects; better integration of railway development into urban design and planning; a fair balance of risks and benefits for both the Government and railway operators; and enabling passengers to enjoy convenient and reliable railway services at reasonable prices.
Being the only woman transport minister in the 21 APEC economies, Ms Cheng was also invited to speak at a special panel that discussed the role that women play in the transportation field.
Ms Cheng briefed members on the ever increasing and important contributions Hong Kong women make in community development, whether economically, politically or socially.
She said, "Hong Kong is a fiercely competitive meritocracy, whether in the public or private sectors. In the pursuit of efficiency, we strictly adhere to the 'best person for the job' principle."
At the close of the APEC Transportation Ministerial Meeting, the Ministers agreed to continue to enhance regulatory co-operation and to promote green growth and innovation in transportation, as well as to foster closer regional economic integration.
Before concluding her US visit, Ms Cheng attended as guest of honour the 25th anniversary of the Hong Kong Economic and Trade Office, San Francisco, celebrating the office's silver jubilee with the local community.
Ends/Thursday, September 15, 2011
Issued at HKT 16:40
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