Issued by Hong Kong Special Administrative Region Government Information Services
Garden Road, 5th-8th Floors, Murray Building, Hong Kong. Tel: 2842 8777
Thursday, Januray 22, 1998
CONTENTS
========
1. CE's transcript
2. No speculations on Budget
3. Statement of SPEL on Sun Hung Kai
4. Govt officials meet CA Pacific investors' representatives
5. Govt to invest over $100 billion in transport
infrastructure
6. New building of HKETO in San Francisco officially opened
7. CE visits Central and Western District
8. Director of Lands' annual meet-the-media session
9. Advisory Committee to SFC appointment
10. CLEIC Chairman reappointed
11. Guidelines to avoid fish poisoning
12. Update on avian flu
13. Consumer Price Indices for December 1997
14. HK's latest foreign currency assets figures released
15. Energy Advisory Committee meeting
16. Second meeting of the Estate Agents Authority
17. Awards for Industries in its tenth year
18. Flooding risks to reduce in Sha Tin and Tai Po
19. Viewing platform reopens tomorrow
20. Arrangement for Lok Ma Chau Crossing during Lunar New Year
21. Public reminded to plan cross-boundary journeys earlier
22. Closure of Civic Centres during Lunar New Year
23. Care for the elderly
1. CE's transcript
***************
Following is the transcript (English part) of the
media session by the Chief Executive, Mr Tung Chee Hwa,
after visiting the Central and Western District this
(Thursday) afternoon:
Reporter: There is a survey suggesting that satisfaction
with the Hong Kong Government ... There might be some
complaints ..., apart from laissez-faire and hands-off,
when is the Government going to ... some sort of effort
into improving ...?
Mr Tung: The way you were listening I thought you
understood every word I said.
Reporter: Fifty per cent.
Mr Tung: Well, I think you know the Government is really
very concerned about what's happening today, about what's
the adverse effect on ordinary citizens of Hong Kong. We
care very much what has happened. As you know, we are
going to put up two hundred thirty-five billion dollars in
infrastructure development over the next four to five
years. This is an amount fifty per cent larger than the
investment in the whole airport core programme. And I
believe it is through these sort of activities which would
help to create employment, which would help to improve our
efficiency, of our transport system, to improve our
environment. These are the things the Government will do
to create economic activities. Very positively we are
doing it. Of course, you cannot see the result tomorrow,
but these are coming on stream, we're pushing very hard.
And what is good is that Hong Kong has the means to do it,
with the financial means to do these things. And on top
of that, we are looking at all other alternatives, other
all possible avenues to see what else we can do to
alleviate some of the difficulties. But we'll always do
it within a fundamental principle, that is a conservative
fiscal management policy which has been so successful for
so long. We will maintain that approach at all times.
Reporter: Mr Tung, a survey which has shown that public
confidence has dropped ...?
Mr Tung: Well, you know the financial down-turn is as the
result of the turmoil all around us, and as a result of
our determination to maintain the linked exchange rate,
interest rate has gone up. And therefore, there is now
beginning in Hong Kong an adjustment period for ourselves.
And obviously many people are suffering the pain from the
declining property market, stock market, increasing
unemployment rate, and this is very understandable. But I
can assure you that the Government -- all my colleagues
and myself-- are looking at all these issues very, very
carefully, and very, very closely and that the important
thing is that, we maintain confidence of our future. And
I am very confident of our future because we have the
strength financially to weather the storm and that as
soon as the financial turmoil around us ebbs away, I think
the recovery should not be far away.
End
2. No speculations on Budget
*************************
In response to a story carried by Ming Pao today
(Thursday) which purported to have obtained information on
the 1998-99 Budget from a government source, the Press
Secretary to the Financial Secretary categorically denied
that there have been any disclosure by relevant officials
regarding the contents of the Budget.
"The Financial Secretary is still working on his
Budget and will be delivering it to the Provisional
Legislative Council on February 18. We will not comment
on any speculations," the Press Secretary added.
End
3. Statement of SPEL on Sun Hung Kai
*********************************
Secretary for Planning, Environment and Lands, Mr
Bowen Leung, today (Thursday) made the following
statement in response to press enquiries regarding the
announcement by Sun Hung Kai (SHK) Properties Group on
works stoppage for some of its planned development
projects:
"According to our information, construction work
covered by building covenants for land purchased from the
Government or for land for which lease modification has
been approved and premium paid, the company is proceeding
as normal. We shall be contacting SHK to find out more
information about the sites mentioned in its statement.
"Some of these sites may require planning permission
or negotiation on lease modification, for which actions
have not been completed. Changes to the work programme is
a matter of commercial decision by SHK."
End
4. Govt officials meet CA Pacific investors' representatives
*********************************************************
The Administrative Assistant to Financial Secretary,
Mr Thomas Chow; and Principal Assistant Secretary for
Financial Services, Mr Bryan Chan, today (Thursday) met
with some representatives of C A Pacific investors to
discuss various problems relating to the liquidation of
the company.
The investors' representatives were assured that the
Financial Secretary, as well as all organisations and
government departments concerned, had been watching
closely the development of the liquidation of CA Pacific
and would do all they could to help resolve the problems
faced by the investors.
They were also assured that the Securities and
Futures Commission (SFC) would conduct a thorough
investigation into the incident as a matter of urgency and
that the Police would spare no effort to investigate into
the complaints. The Administration would also relay their
requests to the provisional liquidators to release the
result of their preliminary investigation as early as
possible.
Mr Chow urged all C A Group investors concerned to
register with the SFC or the Group's provisional
liquidators and supply them with information to facilitate
the liquidators' work.
End
5. Govt to invest over $100 billion in transport
infrastructure
*********************************************************
The Government will invest $110 billion on the three
priority rail projects and another $25 billion on roads in
the next five years with a view to building up a strategic
transport infrastructure network in Hong Kong, the
Secretary for Transport, Mr Nicholas Ng, said today
(Thursday).
The three rail projects, namely the West Rail, the
MTR Tseung Kwan O Extension and the Ma On Shan Link and
Hung Hom to Tsim Sha Tsui Extension, are under various
stages of active planning and will be completed between
2002 and 2004.
Funding for the road works has also been secured.
These include the widening of the Tolo Highway; widening
of Choi Hung Road; widening of the Eastern Island Corridor
between North Point and Sai Wan Ho; and improvement to Kam
Tin Road.
He added that the Government was also constructing
the section of Route 5 between Tsuen Wan and Cheung Pei
Shan Road and undertaking studies for the construction of
the Sham Tseung Link and Route 9, running from Tsingyi to
Lai Chi Kok.
"We hope to be able to finalise very soon our
preliminary study on the Central Kowloon Route linking
West Kowloon and Southeast Kowloon."
Speaking at the year-end media briefing, Mr Ng said
the Government was planning to do more in the future to
set out the blueprint for transport infrastructure for
Hong Kong for the coming decades.
"For this purpose, we are undertaking the Third
Comprehensive Transport Study to assess the overall
transport needs. We are also embarking on the Second
Railway Development Study to map out a network for a rail
system for Hong Kong."
The studies are expected to be completed before the
end of 1999.
Mr Ng said: "Because of the constraint on road
construction imposed by our scarce land resources, we
would clearly need to give a higher priority to rail
transport in the long run.
"Our policy will be to develop rail transport to the
extent that is economically viable to reduce reliance on
road transport.
"On the other hand, we will examine the needs of our
strategic road network so that future economic development
in Hong Kong would be adequately supported and Hong Kong's
strategic position in the South China region can be fully
explored."
On transport services, Mr Ng said there were
significant improvements in the franchised bus service
network.
He hoped to further improve these network and other
transport services such as ferry, taxis and public light
buses, and complete the negotiations on the franchises
which would come to an end in this year and next.
These include the franchise of the China Motor Bus
Company, the Star Ferry and the Hongkong and Yaumatei
Ferry.
He said the Administration was negotiating with the
China Motor Bus Company over future arrangements and the
Executive Council would be consulted on the way forward in
due course.
He added that the Administration also planned to
complete the Taxi Trade Review within this year.
On traffic management, Mr Ng said to further improve
the safe use of roads and to improve traffic flow, the
Government would continue its programme of traffic
management measures through the introduction of Area
Traffic Control system.
Mr Ng said the Government would commission further
studies to explore new technology which could be
introduced to improve traffic monitoring and management.
The Administration would also actively study the
user pays principle and the feasibility of building more
road crossing facilities such as pedestrian foot-bridges
and subways so as to separate pedestrian from road
traffic, he added.
End
6. New building of HKETO in San Francisco officially opened
********************************************************
The new building of the Hong Kong Economic and Trade
Office (HKETO) in San Francisco is officially opened by
the Chief Secretary for Administration of the Hong Kong
Special Administrative Region, Mrs Anson Chan, this
(Wednesday, US time) afternoon.
The six-storey building on 130 Montgomery Street, the
heart of Financial District, was acquired by the Hong Kong
Government in 1995 as a permanent office for the HKETO.
Speaking at the opening ceremony, Mrs Chan said that
this is an indication of the long term commitment to the
already strong and close economic and trade ties between
Hong Kong and the United States, and particularly in San
Francisco.
About 200 local dignitaries, consular corps and
Government officials attended the ceremony and seven
proclamations, including those from Secretary of State for
California Bill Jones, US Senator Barbara Boxer, and San
Francisco Supervisor Mabel Teng were received.
Built in 1929, the building was designed in the "Arte
Moderne" style by the O'Brien Brothers and W D Peugh,
Architects and Engineers. It is listed in the San
Francisco Planning Code as a Category I historic building,
a rating just below that of Historic Landmark status.
The building has now undergone extensive renovation
as well as seismic retrofitting to meet modern safety
standards.
Mrs Chan is on her last leg of the HK*USA'98
promotion tour where she will update local business
partners and friends on economic and political
developments after the handover, and to promote business
confidence in Hong Kong.
She will give a keynote address to some 600
businessmen, academics and politicians at a luncheon
jointly organized by the Commonwealth Club, the World
Affairs Council of Northern California, the Hong Kong
Association of Northern California and the HKETO in San
Francisco tomorrow (Thursday, US time).
End
7. CE visits Central and Western District
**************************************
The Chief Executive, Mr Tung Chee Hwa, visited
Central and Western District today (Thursday) to see the
latest infrastructure developments and the living
conditions of bedspace apartment residents in the
district.
Accompanied by the acting Director of Home Affairs,
Mr Lui Hau-tuen, Mr Tung first went to Pier 3 of Central
Reclamation Area where he was briefed by the Project
Manager, Hong Kong Island and Islands Development Office
of the Territory Development Department, Mr Cheung Tai-
yan; and the Project Manager of the Mass Transit Railway
Corporation, Mr Russell Black, on the latest developments
in the area, the Airport Railway, its Hong Kong Station
terminal and related property development.
Mr Tung noted that the reclamation and roadworks
might have caused inconvenience to residents in the
district. "However, these projects will benefit them in
the long run and that the traffic condition will be
greatly improved when the roadworks are completed by the
middle of the year," he said.
His next stop was at the dried seafood shops on Des
Voeux Road West. He joined other shoppers in sampling
some of the traditional dried foodstuff favoured at Lunar
New Year feasts.
Mr Tung then proceeded to visit a bedspace apartment
occupied by singletons at Cadogan Street in Kennedy Town.
Mr Tung said, "I know that these bedspace apartments
provide cheap and convenient accommodation to some
grassroots singletons."
"But we are very concerned about the safety of these
apartments and a licencing system has been implemented to
monitor and ensure that they meet certain fire safety
standards.
"To help address the accommodation demand by
grassroots singletons, the Home Affairs Department has set
up many hostels for them to improve their living
standards.
"Additionally, the department has started a project
to construct a 16-storey singleton hostel in Sham Shui Po
with a capacity of 312 places. Each lodger will be
provided with a partitioned room, equipped with basic
facilities. The hostel will be completed around July this
year.
"We also understand that some areas in Kennedy Town
have already been included in the Urban Redevelopment
Projects undertaken by the Land Development Corporation.
The redevelopment will bring a modern and new appearance
to the Central and Western District," he added.
Before concluding the visit, Mr Tung met with the
provisional district board members and community leaders
of Central and Western District to exchange views on
district issues and future development.
The District Officer (Central and Western), Mrs
Charlotte Li, also accompanied Mr Tung on the visit.
End
8. Director of Lands' annual meet-the-media session
************************************************
Following is the speaking notes of the Director of
Lands, Mr Robert Pope, at his annual meet-the-media
session today (Thursday):
1997 was undoubtedly an unforgettable year as Hong
Kong was returned to China on July 1. As for us in Lands
Department, the transition was smooth with the SARG
agreeing to grant leases of 50 years from the date of
grant with a ground rent of 3 per cent of RV and to
continue with most of the previous policies on land
administration.
Since July the department has been working very hard
on making land available to meet the Chief Executive's
pledge to make 85,000 flats available each year. In 1997
we executed land transactions that will produce 45,600
flats in 3-5 years. This is made up of 6,200 flats from
sales of land by auction and tender, 22,200 units from
exchanges and modifications and 17,200 flats from private
treaty grants excluding assisted housing. This compares to
28,300 units produced from land transaction in 1996. The
department is now on the internet
(http://www.info.gov.hk/landsd/) and details of our
current land sales programme are available from our web
page so should anyone want to obtain that information
quickly they can do so.
Land grants to enable development of the Airport
Railway Station at Tai Kok Tsui (i.e. the Olympic Station)
and the Hong Kong Station were executed in January and May
1997; the lease for MTR Lot No.2 for the Lantau and
Airport Lines from Central to Chek Lap Kok were executed
in June; and land grants for Tung Chung Town Lot Nos. 4
and 5 were also executed in March and June respectively.
We will be publishing our new 5 year land disposal
forecast in March which will be site specific for the
first two financial years and will indicate general land
disposal under broad user categories for the following
three years. I can confirm that there will be no cut back
in the land sales programme because of the current
economic turmoils.
On land acquisition, we acquired some 36 hectares of
land in the New Territories for various public works
projects which included resumption of 12.7 hectares of
land for Phase II of the Tung Chung New Town Development.
This represents some 600 private lots. In addition, the
final resumption work for the Airport Railway related
developments in Tung Chung New Town involving 268 private
lots is well under way. For the Shenzhen River Improvement
Works, we have so far resumed 8.4 hectares of land or 110
private lots. In the urban area, resumption work for MTR
Quarry Bay Congestion Relief was completed within a tight
time schedule and our LDC Section has continued to work
closely with the Land Development Corporation. Land
resumption and clearance were successfully completed for
two projects, one at Argyle and Shanghai Streets, and the
other at Queen Street. The LDC has recently submitted
resumption applications for two further schemes, one at
Wanchai Road and Tai Yuen Street, and another at Waterloo
Road and Yunnan Lane. We are expecting two further
applications which would involve sites in Kennedy Town and
Tsuen Wan. The department has a great demand on its
services for land resumption and there is a limit to how
much work we are able to undertake within our staff
resources. As indicated last year to enable us to take on
more work and to improve our performance on land
resumption we have proposed that some work be contracted
out to private consultants and this is scheduled to be
considered by Finance Committee shortly.
A new Railway Development Section has been set up in
the department to deal with work arising from the West
Rail project, on which work has commenced, and also for
MTRC's Tseung Kwan O Extension and the Qurray Bay relief
works. Every effort is being made to have the land
available within the very tight time-frames laid down. In
that connection we have arranged for some of the work
associated with West Rail to be undertaken by KCRC and
their consultants. This arrangement is so far working out
well and if it proves to be successful we will consider
using a similar approach for other major projects.
The consultancy to establish a register of man-made
slopes, i.e. "SIMAR" which I mentioned last year, was let
in June 1996 and is now well under way (about 18,000
slopes completed). We aim at completing the study in 1999
and publicising the results in the following year. We are
now working on the setting up of a slope maintenance unit
with seconded staff from the Geotechnical Engineering
Office of the Civil Engineering Department to manage those
slopes for which maintenance responsibility cannot be
identified (about 2,200 government slopes initially, which
would grow to about 8,000 upon completion of the study).
As regards environmental blackspots in the New
Territories, our dedicated Task Force has completed work
in both the Ha Tsuen Container Action Area and the Pat
Heung Pilot Action Area cleaning up some 79 hectares of
private land in addition to clearing and landscaping 475
blackspots on Government land. For the next few years,
the Task Force will be directing its attention to new
Action Areas in North District, Tin Shui Wai, Tuen Mun and
So Kwun Wat.
On a different but slightly related subject, I
understand that some members of the public have expressed
concern in the control of display of publicity materials
at public venues. We have in fact since 1995 started a
pilot scheme in Wan Chai District, which aims at
regulating through service contractors the display of
these materials to designated spots. The scheme has
proved to be successful and we now intend to implement it
on a territory-wide basis.
On survey and mapping, two special tasks were
completed during the year. The first one was the
electoral boundary plans for the 1998 Legislative Council
Election. And the second one was the aeronautical charts
for the operation of the new airport. In addition, with
funds provided by Jockey Club, a Tourist Information
Enquiry System is being developed. The system will
contain useful map and tourist information to facilitate
visitors to Hong Kong to find their way around. It will
be handed over to the Tourist Association upon completion
in mid 1998.
As regards our continuing endeavours to provide a
more efficient service to the public, we have conducted a
consultancy study on consents and Deeds of Mutual Covenant
which was completed in November. Recommendations by the
Consultants are being put in place and will no doubt
result in applications for consent and approvals of Deeds
of Mutual Covenant being processed more quickly.
Apart from improving efficiency, we are actively
committed to developing a customer-service culture.
Starting from last year, we are providing focused and
enhanced training for the staff, especially the front-line
staff; we are upgrading our public reception counters with
a view to providing a comfortable service environment to
our clients; and we have installed a telephone enquiry
hotline on "Consent to sell Residential Units" from 1
November. Members of the public can now dial 2147 5475 to
obtain information on consents to sell uncompleted
residential units issued by the Department over the past
six months and up to date information on cases pending
approval. It operates 24 hours a day and messages are in
English and Cantonese.
Subject to any other points which my colleagues may
wish to add, I am ready for questions from the floor.
End
9. Advisory Committee to SFC appointment
*************************************
The Secretary for Financial Services, Mr. Rafael Hui,
announced today (Thursday) that the Financial Secretary
had been pleased to appoint Mr. David Carse , Deputy Chief
Executive (Banking) of the Hong Kong Monetary Authority
(HKMA) as a member of the Advisory Committee to the
Securities and Futures Commission (SFC) for 16 months from
February 1, 1998 to May 31, 1999.
The appointment has been made by the Financial
Secretary acting under delegated authority from the Chief
Executive in respect of section 10 of the SFC Ordinance.
The membership of the Advisory Committee also
includes the Chairman of the SFC and his deputy, with the
Chairman of the SFC presiding at the Committee's meetings.
Other Members of the Advisory Committee are Messrs Henry
Cheong, Paul Gallagher, Liang Xiao-ting, Leong Ka-chai,
Linus Cheung , Stephen Hui, Peter Clarke, Andrew Lo ,
Sydney Leong and Dr Alex Wu .
Mr Hui remarked that the Mr. Carse's appointment
would certainly supplement the close working relation
between the HKMA and SFC and enhance the regulatory regime
of the respective sectors.
The Advisory Committee is a statutory committee
established under section 10 of the SFC Ordinance (Cap.
24) to advise the SFC on policy matters regarding the
performance of any of its functions.
End
10. CLEIC Chairman reappointed
**************************
The Government announced today (Thursday) that the
Chief Executive has re-appointed Mr Wong Fook-hum, Ronny,
SC, as Chairman of the Criminal and Law Enforcement
Injuries Compensation Boards (CLEIC) for one year with
effect from January 19, 1998.
The appointment will be published in the Gazette
tomorrow (Friday).
Mr Wong has served on the Boards since 1991 and has
been Chairman since 1995.
Welcoming the re-appointment of Mr Wong as Chairman
of the Boards, a spokesman for the Health and Welfare
Bureau said: "The commitment and experience of Mr Wong
will be instrumental in the successful operation of the
CLEIC scheme."
The Criminal Injuries Compensation Board and the Law
Enforcement Injuries Compensation Board are responsible
for administering the Criminal and Law Enforcement
Injuries Compensation Scheme. The aim of the Scheme is to
provide cash assistance to those victims suffering
injuries, or their dependants in case of deaths, arising
from a criminal offence involving the use of violence or
the action of law enforcement officers using a weapon in
the execution of their duty. The Scheme is non-means
tested.
The following is an updated membership list of the
Boards :
Chairman
Mr Wong Fook-hum, Ronny, SC JP
Members
Mr Au Yeung Sung-fan
Mr Chan King-sang, Edward, SC
Mr Chan Wai-to
Mr Cheung Man-ping, Mervyn
Mr Chow Wai-kam, Raymond, JP
Mr Chun Fei-pang
Mr Chung Wai-hung, Gerard
Dr Fan Sheung-tat
Mr Ho Fei-chi, Stephen, B.H
Mr Hung Ling-man, Raymond
Mr Kwok Lam-kwong, Larry
Mr Lam Kin-pui
Miss Dorothy Lau Wai-ling
Mr Leung Chung-por, David
Mr Liao Cheung-sang, SC, JP
Ms Lo Kit-yee, Katherine
Mr Lo Wei-on, Nicholas
Mr Ma Tao-li, Geoffrey, SC
Ms Mok Oi-lai, Alice, SC
Dr Shiu Kin-ying, Patrick
Dr Tam Wing-kun, JP
Mr Tsui Fuk-sun, Michael
Miss Tsui Pui-man, Winnie
Miss Tsui Suet-mui, Connie
Miss Wan Lai-yau, Deborah, JP
Mr Wong Chi-keung, Johnny
Mr Wong Chun, Justein, JP
Mr Yau Chung-wan
Mr Yu Benjamin, SC
End
11. Guidelines to avoid fish poisoning
**********************************
The Agriculture and Fisheries Department (AFD) has
devised a set of guidelines to help the general public to
distinguish coral reef fish which might contain
ciguatoxin.
An AFD spokesman said today (Thursday) that the
guidelines contain useful information for members of the
public to judge which species and sizes of coral reef fish
would be vulnerable to ciguatera poisoning.
"Based on the information provided in the guidelines,
seafood traders and members of the public should exercise
discretion in importing and consuming coral reef fish to
minimise the chance of food poisoning," he said.
The guidelines are as follows -
All cultured marine fish are free from ciguatoxin. Common
cultured species include -
Brown-spotted Grouper
Green Grouper
Gold-lined Seabream
Mangrove Snapper (usually < 3 catties)
Russel's Snapper
Pampanos
Purple Amberjack
Past ciguatera poisoning cases revealed that a very
small number of the following coral reef fish species may
contain ciguatoxin:
Species Size
------- ----
Black Fin Red Snapper/ >5 catties
Mangrove Snapper
Tiger Grouper > 7 catties
Humphead Wrasse >10 catties
Giant Grouper >10 catties
Flowery Cod > 7 catties
He stressed that most of the marine fish supplied in
Hong Kong are free from ciguatoxin.
"Out of the 28,000 tonnes of live marine fish
consumed by the Hong Kong people in 1997, about 80 per
cent were cultured in Hong Kong and overseas countries.
They are all free from ciguatoxin," the spokesman said.
He pointed out that coral reef fish accounted for
only eight per cent of live marine fish consumed in Hong
Kong.
"Comparing the figures from the number of food
poisoning incidents each year with the quantity of coral
reef fish consumed, it was found that only a small number
of large coral reef fish were associated with ciguatera
poisoning incidents," he said.
He stressed that it was therefore inappropriate to
impose a ban on the importation of live coral reef fish
into Hong Kong.
End
12. Update on avian flu
*******************
The Department of Health (DH) announced today
(Thursday) that there was no new case of influenza A
(H5N1) today.
The total number of cases stands at 18 confirmed
cases.
The conditions of these cases remain the same as of
January 16.
End
13. Consumer Price Indices for December 1997
****************************************
The Census and Statistics Department released today
(Thursday) the Consumer Price Index (CPI) figures for
December 1997.
The year-on-year rate of increase in the CPI(A) was
4.8 per cent in December 1997, lower than that of 5.1 per
cent in November.
The year-on-year rates of increase in the CPI(B) and
Hang Seng CPI were also lower in December than in November
-- 5.2 per cent against 5.4 per cent for the CPI(B) and
5.8 per cent against 5.9 per cent for the Hang Seng CPI.
The Composite CPI, which is compiled based on the
combined expenditure pattern of households covered by the
three sub-indices, showed a year-on-year increase of 5.2
per cent in December 1997, lower than that of 5.4 per cent
in November.
The lower year-on-year rates of increase in the
CPI(A) and CPI(B) in December than in November were mainly
due to lower year-on-year increase in housing rentals.
Meanwhile, the decrease in the prices of outerclothing
amidst more substantial price discounts offered in the
winter sales in December 1997 also contributed.
As for the Hang Seng CPI, the slower increase in
December than in November was mainly due to lower prices
of outerclothing.
Analysed by component, higher year-on-year rate of
price increase than the overall average in December was
recorded for housing (7.2 per cent in CPI(A) and 9.0 per
cent in Composite CPI).
Meanwhile, those components with lower year-on-year
rates of price increase than the overall average were
durable goods (1.4 per cent in CPI(A) and 1.0 per cent in
Composite CPI); fuel and light (1.6 per cent in CPI(A) and
1.8 per cent in Composite CPI); food (excluding meals
bought away from home) (2.2 per cent in CPI(A) and 2.4 per
cent in Composite CPI); miscellaneous services (4.0 per
cent in CPI(A) and 3.0 per cent in Composite CPI) and
meals bought away from home (4.6 per cent in CPI(A) and
4.2 per cent in Composite CPI).
Comparing December 1997 with November 1997, the
CPI(A) and CPI(B) increased by 0.3 per cent and 0.2 per
cent respectively. The corresponding increases for the
Hang Seng CPI and Composite CPI were both 0.2 per cent.
For the three months ended December 1997, the CPI(A)
and CPI(B) were, on average, higher by 5.1 per cent and
5.5 per cent respectively over a year earlier. The
corresponding increases for the Hang Seng CPI and
Composite CPI were 5.8 per cent and 5.5 per cent.
For 1997 as a whole, the CPI(A) and CPI(B) were, on
average, higher by 5.7 per cent and 5.8 per cent
respectively than 1996. The corresponding increases for
the Hang Seng CPI and Composite CPI were 6.1 per cent and
5.8 per cent.
The seasonally adjusted monthly rates of increase in
the CPI(A) and CPI(B) averaged at 0.5 per cent and 0.4 per
cent respectively during the three months ended December
1997. The corresponding increases for the Hang Seng CPI
and Composite CPI were 0.6 per cent nd 0.5 per cent.
Further details are shown in Tables 1-2 and Charts 1-
4.
More details are given in the "Consumer Price Index
Report" for December 1997, which is available at $28 per
copy from the Government Publications Centre, Ground
Floor, Low Block, Queensway Government Offices, 66
Queensway, Hong Kong; or from the Publications Unit of the
Census and Statistics Department, 19th floor, Wanchai
Tower, 12 Harbour Road, Wan Chai, Hong Kong. For local
and overseas mailings, contact should be made with the
Information Services Department, 28th floor, Siu On
Centre, 188 Lockhart Road, Wan Chai, Hong Kong.
For enquiries about the indices, please telephone the
Consumer Price Index Section of the Census and Statistics
Department on 2805 6403.
End
14. HK's latest foreign currency assets figures released
****************************************************
The Hong Kong Monetary Authority (HKMA) announced
that the official foreign currency assets of Hong Kong,
including those held in the Land Fund, were US$92.8
billion at the end of December 1997. At the end of
November, the total size of the foreign currency assets
was US$96.5 billion. In terms of foreign currency
reserves ranking, Hong Kong remains the third largest in
the world, after Japan and Mainland China (Table 1).
As at the end of December, the foreign currency
assets held in the Exchange Fund were US$75.3 billion (end-
November: US$79.1 billion) and in the Land Fund were
US$17.5 billion (end-November: US$17.4 billion). The
total foreign currency assets of US$92.8 billion represent
about 10 times the currency in circulation or about 45% of
Hong Kong dollar M3; one of the highest in the world.
The fall in foreign currency assets in December can
be attributed to the decline of Hong Kong dollar interest
rates in December. Short-term capital attracted to the
Hong Kong dollar by high interest rates in November
reversed in December, bringing reserves to the level
comparable to that at the end of October (Tables 2 and 3).
"Monthly figures of the foreign currency assets are
likely to show short-term variations due to seasonal and
interest rate fluctuation," said an HKMA spokesman.
Including outstanding forward transactions, the
foreign currency assets held in the Exchange Fund and the
Land Fund were US$75.6 billion (end-November: US$79.5
billion) and US$17.6 billion (end-November: US$17.4
billion) respectively (Tables 4 and 5).
Table 1
Foreign Currency Reserves Ranking
US$ billion As at end of
(1) Japan 220.8 December 1997
(2) China 139.9 December 1997
(3) Hong Kong 92.8* December 1997
(4) Taiwan 83.1 November 1997
(5) Germany 81.7 November 1997
(6) Singapore 74.4 November 1997
(7) Spain 69.4 November 1997
(8) US 68.5 November 1997
(9) Italy 57.5 November 1997
(10) Brazil 52.4 October 1997
Source: HKMA, IMF, Reuters
* Detailed breakdown at Tables 4 and 5.
Table 2
Foreign Currency Assets and Interest Rate Movements
(Exchange Fund)
(US$ billion)
End of period Average
Forex assets 1-month Hibor
December 1996 63.8 5.47%
January 1997 65.9 5.17%
February 1997 63.8 5.38%
March 1997 63.4 5.54%
April 1997 63.6 5.69%
May 1997 66.6 5.97%
June 1997 67.6 6.31 %
July 1997 66.1 6.31%
August 1997 69.5 7.22%
September 1997 71.4 7.49%
October 1997 74.0 10.24%
November 1997 79.1 9.66%
December 1997 75.3 7.29%
Table 3
Total Foreign Currency Assets
(Exchange Fund and Land Fund)
(US$ billion)
End-July 1997 81.7
End-August 1997 85.3
End-September 1997 88.1
End-October 1997 91.4
End-November 1997 96.5
End-December 1997 92.8
Table 4
Exchange Fund
Foreign Currency Assets
(US$ billion)
Excluding Net Including
forward forward forward
transactions transactions transactions
End-January 1997 65.9 5.2 71.1
End-February 1997 63.8 4.3 68.1
End-March 1997 63.4 4.3 67.7
End-April 1997 63.6 4.0 67.6
End-May 1997 66.6 1.8 68.4
End-June 1997 67.6 2.1 69.7
End-July 1997 66.1 2.5 68.6
End-August 1997 69.5 0.1 69.6
End-September 1997 71.4 0.3 71.7
End-October 1997 74.0 0.4 74.4
End-November 1997 79.1 0.4 79.5
End-December 1997 75.3 0.3 75.6
Table 5
Land Fund
Foreign Currency Assets
(US$ billion)
Excluding Net Including
forward forward forward
transactions transactions transactions
End-July 1997 15.6 0.1 15.7
End-August 1997 15.8 0.1 15.9
End-September 1997 16.7 0.4 17.1
End-October 1997 17.4 (0.1) 17.3
End-November 1997 17.4 0 17.4
End-December 1997 17.5 0.1 17.6
Note: The Land Fund was established on 1 July 1997.
Figures prior to that date are therefore not available.
End
15. Energy Advisory Committee meeting
*********************************
The Energy Advisory Committee at its meeting today
(Thursday) was briefed on use of LPG taxis in Hong Kong.
Members noted that a one-year trial period has just
commenced in late 1997 and will last till November 1998 to
collect local data on the operating costs and maintenance
requirements of LPG vehicles. Members were also informed
that the preliminary feedback from both the drivers and
the passengers was satisfactory.
The Committee noted that LPG vehicles can be used
safely on a large scale in Hong Kong and the risks
associated with LPG filling facilities can be controlled
to an acceptable level through suitable design and
stringent location and operation requirements. The major
benefit of switch from diesel vehicles to LPG vehicles is
the improvement in air quality.
Members were also briefed on the outcome of the
Conference of the Parties to the United Nations Framework
Convention on Climate Change at Kyoto, Japan in December
1997 with particular regard to the emission of greenhouse
gases in Hong Kong.
To reduce greenhouse gas emissions, the Government is
focusing on promotion of the use of natural gas for power
generation, energy efficiency including Demand Side
Management, energy conservation, renewable energy and
waste to energy incineration.
The Committee, chaired by Professor Charles KAO Kuen,
advises the Government on energy policy matters, including
energy efficiency and conservation.
End
16. Second meeting of the Estate Agents Authority
*********************************************
The Estate Agents Authority (EAA) held its second
meeting today (Thursday) to consider a mission statement
and a tentative work plan for the EAA in 1998.
The EAA's mission is to promote professionalism of
the estate agency trade, enhance protection for consumers
and encourage fair and honest property transactions. To
achieve this mission, the EAA will have a heavy schedule
ahead.
"1998 is a busy year for the EAA. We have considered
a proposed work plan for the Authority at today's meeting.
Our target is to issue transitional licences to the trade
at the end of 1998. A two-year transitional period will
be allowed during which the trade will be required to
upgrade themselves in order to convert their transitional
licences into full licences before 2001," Mr Marvin Cheung
Kin-tung, Chairman of the EAA said.
"The two-year transitional period will allow the
trade reasonable and sufficient time to meet the full
licensing requirements," he added.
In order to meet the tentative date for the issue of
transitional licences by the end of 1998, the EAA's key
tasks ahead are to -
- set licensing requirements for the issue of
transitional licences and full licences;
- prescribe procedures in connection with application
for the grant of licences;
- draw up rules and practising guidelines to regulate
the conduct and practice of the trade that will be imposed
on them upon the issue of transitional licence;
- discuss with educational/vocational training
institutions to facilitate the provision of training
courses for the trade and consider the need for an
examination/assessment system.
Four Standing Committees ( Practice Committee,
Licensing Committee, Training Committee and Disciplinary
Committee) have been established under the EAA to examine
the above matters. They will submit their recommendations
to the EAA in due course.
"We will listen to the views of the trade and the
public. Consultation and publicity will be arranged
around mid-1998 on our proposed licensing requirements and
transitional arrangements. We hope to be able to issue
transitional licences by the end of this year," Mr Cheung
said.
End
17. Awards for Industries in its tenth year
***************************************
The Director-General of Industry, Mr Francis Ho,
today (Thursday) urged manufacturers to enter the 1998
competition of the Hong Kong Awards for Industry - Hong
Kong's highest and most prestigious award in the
manufacturing sector.
Inaugurated in 1989, the Industry Awards are in their
tenth year.
"This year marks the 10th anniversary of the Awards
scheme, which has from strength to strength over the past
nine years, from two award categories in 1989, to the
current seven; and from 16 entrants (in the company-based
categories) in 1990 to 98 companies in 1997.
Participation in this year's competition will be
particularly meaningful with added glamour and appeal," Mr
Ho said.
A series of publicity activities will be launched to
raise public awareness of the tenth anniversary of the
Hong Kong Awards for Industry.
Posters will be placed at selected MTR and KCR
stations. In addition, roadshows will be held at popular
shopping plazas, premises of leading organisers of the
Awards Scheme and at selected MTR stations.
"The continued success of the Hong Kong Awards for
Industry depends heavily on the generous support of our
sponsors. The donation also shows consistent increase
over the years, reaching a record of $4.4 million in 1997.
This year, I hope to have even more companies and
organisations coming forward and lending support to the
scheme both in spirit and in kind.
" The increase in number of entries and sponsorship
over the years speaks for the increasing popularity of the
Scheme among manufacturers and those businessmen who would
like to contribute to the manufacturing development in
Hong Kong," he added.
The Awards Scheme now covers seven categories, each
of which will be run by a different organisation.
The Consumer Product Design Award category, organised
by the Federation of Hong Kong Industries, encourages
innovative design in consumer products.
The Machinery and Equipment Design Award category,
administered by the Chinese Manufacturers' Association of
Hong Kong, encourages upgrading in the design and
production of machinery and equipment.
The Productivity Award category, run by the Hong Kong
Productivity Council, promotes endeavours to achieve
improved productivity.
The Quality Award category, organised by the Industry
Department, recognises quality achievements in
manufacturing operations.
The Environmental Performance Award category, run by
the Private Sector Committee on the Environment, promotes
a wider appreciation of the importance of environmental
protection among Hong Kong companies.
The Export Marketing Award category, organised by the
Hong Kong Trade Development Council, recognises the
importance of export marketing strategies, methods and
techniques in expanding and opening markets abroad.
The Technological Achievement category, run by the
Hong Kong Industrial Technology Centre Corporation,
underscores the importance of technological development
and application of new technologies in Hong Kong's
manufacturing sector.
Entries are carefully assessed and evaluated and
the best entry in each category will be presented the Hong
Kong Awards for Industry.
Organisers of the various categories also give out
additional awards in each category or confer certificates
of merit on deserving entries.
The closing date for entries in all seven categories
is April 15. The presentation ceremony of the 1998 Awards
will be held towards the end of the year at the Hong Kong
Convention and Exhibition Centre.
As regards the Quality Award organised by the
Industry Department, the Director-General of Industry said
: "The competition is open to Hong Kong-based companies
whose products have been wholly or partially manufactured
in Hong Kong during the year prior to the closing date for
entries. All applicants must have a valid local business
registration certificate," he said.
Mr Ho said entries for the Quality Award will be
evaluated on two main criteria, namely product quality and
quality management system.
"The criteria will include such considerations as
fitness for purpose of the products, consistency of
performance, appearance, value for money and safeness.
Companies will also be judged on the effectiveness of the
their quality management systems in all aspects of their
operation, from the design stage to after sales service."
he said.
"Other managerial considerations will include vision
and mission statements, human resource development and
customer satisfaction awareness," he added.
Enquiries on the Quality Award can be made to the
Quality Services Division of the Industry Department on
2829 4809.
End
18. Flooding risks to reduce in Sha Tin and Tai Po
**********************************************
The Drainage Services Department has commissioned a
consultancy study to recommend ways to improve the
stormwater drainage systems in Sha Tin and Tai Po.
Speaking after signing an agreement with Binnie
Consultants Limited today (Thursday), the Assistant
Director of Drainage Services (Operations and
Maintenance), Mr Raymond Cheung Tat-kwing, said the study
would recommend both short and long-term measures to
reduce flooding risks in the area.
"Short-term measures involving minor improvement
works will be carried out as soon as possible to provide
immediate relief for localised flooding problem," Mr
Cheung said.
"Long-term improvement measures will involve the
upgrading and extension of the existing systems. They
will be put in place from the year 2002 to take account of
future developments in the two districts," he added.
The study will examine the existing stormwater
drainage system in Ma On Shan, Sha Tin and Tai Po in a
comprehensive manner.
Closed-circuit televisions and manhole surveys will
be used to examine and assess the conditions and
adequacies of the existing system. It will also develop a
computerised asset management system to facilitate future
planning, management and operation of the drainage system.
The study will be completed in 21 months at a cost of
$9.18 million.
It is the sixth of a series of seven Drainage Master
Plan (DMP) studies covering all floor prone areas in the
territory. Their recommendations will form the basis for
future upgrading and improvement of the drainage systems.
The first DMP study began in January 1996. All the
studies are scheduled for completion before the end of
1999.
End
19. Viewing platform reopens tomorrow
*********************************
The upper viewing platform adjacent to the Lantau
Link Visitors Centre will reopen tomorrow (Friday) on the
completion of landscape enhancement works.
The viewing platform, a popular place for viewing the
Lantau Link, has been closed for four weeks for works to
provide a more comfortable environment for visitors.
These include the construction of an elevated deck on the
platform and the provision of more seats. A memorial
plaque commemorating the opening of the Lantau Link has
been erected and two binoculars viewing stands installed.
Meanwhile, the Lantau Link's festive lighting which
was switched on before Christmas will continue until after
the Chinese New Year. It features a combination of green,
magenta and white, creating a visual impact in keeping
with the festive spirit.
Until February 1 (Sunday), the festive lighting is on
from 6 pm to 11 pm or 12 midnight. It will be extended to
1 am on January 27, 28, 29 and 30. Normally, Lantau Link
lighting is on from 8 pm to 10 pm.
The Lantau Link Visitors Centre located at the North
West Tsing Yi Interchange and the Airport Core Programme
Exhibition Centre at Ting Kau will close for the public
holidays on January 28, 29 and 30.
The viewing platform will remain open on the public
holidays for visitors to view the Lantau Link.
The following is the Lantau Link lighting schedule
over the next 10 days :
Date: Time:
23 January 1998, Friday 6:00pm - 11:00pm
24 January 1998, Saturday 6:00pm - 12:00 midnight
25 January 1998, Sunday 6:00pm - 11:00pm
26 January 1998, Monday 6:00pm - 12:00 midnight
27 January 1998, Tuesday 6:00pm - 1:00am the next day
28 January 1998, Wednesday 6:00pm - 1:00am the next day
29 January 1998, Thursday 6:00pm - 1:00am the next day
30 January 1998, Friday 6:00pm - 1:00am the next day
31 January 1998, Saturday 6:00pm - 12:00 midnight
1 February 1998, Sunday 6:00pm - 11:00pm
End
20. Arrangement for Lok Ma Chau Crossing during Lunar New Year
*********************************************************
Cross-boundary lorry drivers are advised that the Lok
Ma Chau/Huanggang crossing control point will open from 7
am to 10 pm daily from January 27 (Tuesday) to February
11.
The round-the-clock service will be resumed on the
night of February 12.
Speaking on the arrangement, a spokesman for the
Transport Department said today (Thursday): "The
arrangement is adopted because the volume of cross-
boundary traffic over the Lunar New Year period is
expected to be very low.
"Similar arrangement was also implemented at the Lok
Ma Chau/Huanggang crossing point last year."
Details of the opening hours are as follows:
Date Lunar Calendar Operating hours
---- -------------- ---------------
Jan 27 (Lunar New Year's Eve) Close at 10 pm
Jan 28 (First day to 7 am to 10 pm
to Feb 11 fifteenth day)
Feb 12 (Sixteenth day) Open at 7 am and
resume 24-hour
operation
End
21. Public reminded to plan cross-boundary journeys earlier
*******************************************************
The Transport Department today (Thursday) advised
passengers who intend to use the cross-boundary shuttle
bus service between Lok Ma Chau and Huanggang before and
during the Lunar New Year holiday should plan their
journeys earlier to avoid last minute rush.
Speaking on this, a spokesman for the department
said: "While peak demand for the service is usually in the
evening, it is envisaged that the patronage will increase
significantly before and during the Lunar New Year
holiday.
"Therefore, passengers are advised to make their
journeys during the less busy hours in early daytime.
"This will help avoid over-crowding at the terminus
and facilitate regulation of the service to suit passenger
demand."
The frequency of the service will be enhanced in the
morning and afternoon to cater for passenger demand when
necessary.
The spokesman also reminded that the cross-boundary
shuttle bus service, operates between 7.30 am and 8.30 pm,
will not be extended.
"Past experience revealed that passengers who rush
for the last few departures in late evening may not be
able to board the shuttle buses.
"Arrangements will be made to display notices and to
make announcement at Sheung Shui and Yuen Long bus termini
to advise passengers to make use of other cross-boundary
transport services as appropriate," he added.
End
22. Closure of Civic Centres during Lunar New Year
**********************************************
The following is issued on behalf of the Provisional
Regional Council (Pro RC):
The Regional Services Department announced today
(Thursday) that the Pro RC civic centres which do not have
any public functions on the Lunar New Year's Eve and the
New Year's day will be closed.
On the Lunar New Year's Eve (Tuesday, January 27),
all Pro RC venues will be closed after 5.00 pm and URBTIX
services will be suspended for all civic centres.
On the Lunar New Year's Day (Wednesday, January 28),
all Pro RC venues will be closed for the whole day.
End
23. Care for the elderly
********************
Elderly people in Tsuen Wan and Kwai Tsing who have
joined the social networking scheme were presented gift
packages at a Lunar New Year celebration organised by the
Social Welfare Department today (Thursday).
The Chairman of the Elderly Commission, Mr Tam Yiu-
chung, said at the function that the territory-wide
project had mobilised the community to care for the needy
elderly, particularly those living alone.
He urged more people to concern for the elderly
either by joining volunteer movement or by paying more
attention to their neighbouring single elderly.
Speaking at the same function, the Director of Social
Welfare, Mr Andrew Leung Kin-pong, said more than 13,000
elderly people and over 6,000 volunteers had participated
in the scheme.
Mr Leung pointed out that the scheme, introduced for
more than a year, was well supported by the community with
volunteers coming from younger elderly, housewives and
young people.
"In view of the recent cold spell," he said, "the
volunteers have been asked to make more frequent contacts
with the elderly to advise them to keep warm."
Mr Leung also paid tribute to the Chow King Fu Siu
Fong Charity Trust Fund for a $150,000 donation for the
purchase of 5,000 gift packages for distribution to the
needy elderly in the territory.
The gift packages contain hats, scarves, Chinese
medicine and other daily necessity items.
Mr Tam and Mr Leung later visited three elderly
people in the district, accompanied by the volunteers.
End
