(Xinhua)
Updated: 2008-02-27 16:06

HONG KONG  -- Hong Kong Special Administrative Region (HKSAR)  government Financial Secretary John Tsang vowed here Wednesday to return wealth to the people with a basket of proposals in his Budget after the city forecast a record surplus.

Tsang revealed in his first Budget presented to the Legislative Council that a record surplus of 115.6 billion HK dollars (about 14.82 billion US dollars) and a surplus of 63.7 billion HK dollars (8.17 billion US dollars) in the Operating Account was forecast in the fiscal year 2007-2008.

"I hope that this Budget will lessen people's burden and help them handle their various challenges," Tsang told the Legislative Council as he delivered his Budget.

The financial secretary's package of initiatives and concessions aim to help the disadvantaged, enhance Hong Kong's competitiveness and ensure sustainable development.

To return the wealth to the people, Tsang proposed to allocate additional resources to promote long-term economic and social development, support disadvantaged groups and prepare for future challenges.

According to Tsang's proposals, measures will be implemented in investing in infrastructure, promoting more efficient use of land and resources, reinforcing pillar industries, tapping new markets, developing human capital and improving the environment.

Over the past two years, the HKSAR government has approved a significant number of infrastructure projects and public works contracts.

Tsang said he believed that more employment opportunities will be created in the construction industry in the next few years as these projects reach their construction peaks.

Discounting the upfront endowment of 21.6 billion HK dollars (2. 77 billion US dollars) to the West Kowloon Cultural District Authority, the estimated expenditure on infrastructure projects will be 21.8 billion HK dollars (2.79 billion US dollars) for 2008-2009.

Tsang said the HKSAR government will increase land supply in the 2008-2009 fiscal year with the increasing demand for residential and commercial properties following the economic upturn, vowing to adopt a more proactive and flexible approach in the use of land resources.

In order to free some land in the central business districts for developing commercial offices, Tsang said the HKSAR government will study the relocation of three government office buildings at the Wan Chai waterfront to new districts such as the Kai Tak Development Area and Tseung Kwan O.