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Following is a transcript (English part) of a stand-up briefing by the Financial Secretary, Mr Antony Leung, after the ExCo meeting this (June 19) morning:

Reporter: Do you think the fare rises (as proposed by the MTRC and KCRC) are reasonable? Do you think there is a need to set up an objective fare setting mechanism for the MTRC now that it is a partially privatised company?

Financial Secretary: As said right now, the two railway companies have their mechanisms for adjusting their fares, and I am sure they will take into account the views of many sectors. Clearly they have to take into account the interests of the shareholders, the credit rating agencies and also the investment analysts. On the other hand, I am sure they would also be consulting the public, listening to the views of the community as well as taking into account the situation of the developments in the economy and I am quite sure that they would after due considerations make the right decisions.

(Please also refer to the Chinese part of the transcript.)

End/Tuesday, June 19, 2001

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