In recent years, there has been exceptional growth in our air cargo quantity. Looking to the future we have plenty of room for further growth. Last yr, the Airport Authority awarded a franchise for the event of an express cargo terminal. The Airport Authority is also exploring alternatives for co-operation with the airport in Shenzhen to develop their potential additional. To strengthen our status as an aviation hub, the Government will work exhausting to secure additional air site visitors rights for Hong Kong. The Special Administrative Region Government has in latest years intensified its co-operation with the Pearl River Delta .
Over the same period, our forecast trend price of overall worth change within the economy is 0% every year and the development growth rate of nominal GDP is 3%. Second, reinforce varied vocational programmes. At current, we offer over $1 billion every year for various coaching and retraining opportunities for these in want. The newly-established Manpower Development Committee will examine tips on how to optimise the use of resources and can launch new training programmes and formats to meet the wants of the labour market better.
Competitiveness in research, product improvement and design. We will set up a Wireless Solution Development Centre and a Digital Media Centre in the Cyberport this 12 months to strengthen help for industries, significantly small- and medium-sized enterprises, in respect of their technical improvement. Apart from facilitating the development of expertise, services and products, it will give a new dimension to the growth of Hong Kong's artistic industries. In order to foster the event of retail bonds and different monetary
To read more about nigoal visit nigoal789merchandise, we will introduce a bill to amend the Companies Ordinance by July to simplify the procedures for the registration and issue of prospectuses. We will make tax proposals to assist the development of the bond market and the fund management industry. We believe that a free market will lead to optimal distribution of resources, promote financial development and create employment alternatives.
The world, with struggle imminent in the Middle East, faces major uncertainties. In Hong Kong, the unemployment price persists at a high degree, and job losses stay a fear. The psychological and material impacts of negative fairness have suppressed demand for consumption and investment. The public has yet to recuperate its confidence in the means forward for our economy and vents its dissatisfaction at the Government. In distinction, the Mainland's economy is growing rapidly, and traders worldwide compete for a share in her markets. Hong Kong, as the most cosmopolitan business city in China and the area, possesses geographical and institutional benefits.
The Commerce, Industry and Technology Bureau and the Home Affairs Bureau will welcome suggestions from those involved on promoting the development of various inventive industries. Second, the Government should proceed to help the market in policy-making as an alternative of participating in it immediately. We will evaluate our regulatory regimes once in a while and modernise rules and rules to guarantee that they remain up-to-date.
The HKMA has additionally established hyperlinks with the Mainland's government bond and worldwide bond settlement techniques so as to scale back the settlement threat of bond buying and selling. The HKMA co-operates actively with central banks
To learn more about ufabet visit ufa168 ทางเข้า มือถือin the area on improvement of an Asian Bond Fund to advertise the growth of Asian bond markets. The Mortgage Corporation, Airport Authority, MTR Corporation and Kowloon-Canton Railway Corporation will step up the issuance of bonds in Hong Kong. I welcome funding banks to boost their fixed-income operations in Hong Kong, together with secondary buying and selling.
They claim there already is illegal betting on local games and a substantial amount of money has gone into the pockets of underground bookmakers. The HKFA can monitor match fixing via using top-class brokers and soliciting help from the ICAC if required. With soccer betting, turnover is getting greater and bigger in Hong Kong. If native video games could become part of it, golf equipment would have each reason to share the jackpot so as to improve their financial state of affairs. As a member of the group, I am nicely aware of the impression of the revenue-raising and expenditure-cutting measures. However, as Financial Secretary, I know very nicely that a persistent fiscal deficit will undermine our monetary stability.
As announced earlier, the Government intends to regulate football betting and introduce a football betting obligation. The Government has reached an settlement with the Hong Kong Jockey Club on a betting obligation, at a price of 50% of gross income. The annual revenue so generated for the Government is estimated to be $1.5 billion.
There is general support in the community for this. Economic growth is a key to fixing the issue. Failure to find a decisive resolution will in turn stifle financial improvement. Economic development in actual phrases picked up considerably, rising from zero.6% in 2001 to 2.3% in 2002, with the primary impetus coming from sturdy growth in exports of products and services. Nevertheless, deflation has been more serious than we anticipated, as evidenced by a drop of 3% in the Composite Consumer Price Index and a pair of.7% in the common worth level of the financial system as measured by the GDP deflator.