The Hong Kong Legislative Council (LegCo) Finance Committee, which has greenlighted 58 projects worth HK$250 billion ($32.18 billion) this year, has continued to serve as a rigorous and effective gatekeeper of public expenditure, paving the way to pragmatic, cost-effective housing and infrastructure projects, Chan Chun-ying, chairperson of the committee, told a news conference on Tuesday summarizing the committee’s work.

The committee has approved funding proposals for eight establishment projects and 28 public works projects this year. Additionally, 22 other funding proposals were approved, amounting to a total commitment of around HK$61.4 billion, with roughly half designated to the subsidy scheme for the abolition of the MPF Offsetting Arrangement, said Chan.

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Members of the committee have taken care to ensure every cent of public money was wisely and properly spent while also taking into account the long-term financial sustainability, Chan said.

He cited as a notable example the committee’s ultimate endorsement of HK$6.8 billion funding request from the Transport and Logistics Bureau to construct Trunk Road T4 in Sha Tin to ease traffic congestion.

The project was approved in May, with 5 percent having been trimmed off the original cost of the proposal of HK$7.1 billion.

The committee has held 35 meetings this year, totaling over 90 hours, with an average of about two hours per meeting spent scrutinizing a project. The deliberation time for certain projects of particular interest to the public reached four hours.

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Yick Chi-ming, chairman of the Establishment Subcommittee, said that establishment proposals approved by the subcommittee are for the purpose of injecting strong momentum into initiatives undertaken by Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu, and include attracting strategic enterprises to Hong Kong, participating in the Greater Bay Area’s development, and driving digital government.

The Public Works Subcommittee also marked a diligent year. As reported at the news conference by Tse Wai-chuen, the subcommittee’s chairman, government expenditure on capital works reached HK$85 billion in the last fiscal year (2023-24).

The subcommittee scrutinized 24 funding proposals on public works during the period, counting a total provision of HK$178.9 billion, which was all approved by the Finance Committee.

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Among the proposals, seven items were in relation to land and housing, registering a greater part of the total commission by HK$95 billion. These included the land formation and infrastructure works of three new development areas under the Northern Metropolis project and the second batch of Light Public Housing projects.

In response to concerns raised by the public over possible project overruns and delays (given the larger-than-expected fiscal deficit recently recorded by the city), Tse pledged that members of the subcommittee will pay closer attention to project costs and cost-effectiveness, with an eye on sustainable development.

Contact the writer at wanqing@chinadailyhk.com