{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-af73c33d.css\" media=\"all\" /\u003e\n\u003cdiv data-title='HONG KONG: WALT DISNEY THEME PARK PRELIMINARY TALKS' data-url='/boclips/videos/5c54d279d8eafeecae1e1f0b' data-video-url='/boclips/videos/5c54d279d8eafeecae1e1f0b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHONG KONG: WALT DISNEY THEME PARK PRELIMINARY TALKS\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHong Kong, 3 March 1999 \u0026amp; File 1.  General view street2.  Building under construction3.  Various people walking along streets4.  Store promoting cut price sale5.  Close-up sign6.  SOUNDBITE: (English) Francis Lui, Hong Kong...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHong Kong, 3 March 1999 \u0026amp; File 1.  General view street2.  Building under construction3.  Various people walking along streets4.  Store promoting cut price sale5.  Close-up sign6.  SOUNDBITE: (English) Francis Lui, Hong Kong University ProfessorFILE7.  Lantau Island - rumoured to be the site of the Disney theme parkMarch 34.  SOUNDBITE: (English) Ian Perkin, Chief Economist of Hong Kong Chamber of Commerce 5. Aerials of Hong Kong6. Various interior Legco building as Tsang delivers budget address7. SOUNDBITE: (Mandarin with English translation) Financial Secretary DonaldTsang 8. Cutaway9. SOUNDBITE: (Mandarin with English translation) Financial Secretary DonaldTsang 10. Pan along audience in galleryEnglish/NatHong Kong's financial secretary says the Walt Disney Company is exploring the possibility of building a theme park in the territory.Donald Tsang, who made the announcement in his budget address on Wednesday, said the project would create thousands of jobs and boost the tourism industry.A Walt Disney spokesman confirmed that the company was in \"preliminary\" talks with the Hong Kong government for a new theme park in the Special Administrative Region. These have been hard times for the once booming economy of Hong Kong.The financial crisis in South East Asia has hit the territory hard and it is now in the grip of its worst recession in years, However, the overall message is optimistic. And on the eve of the Kong's budget speech, a leading Hong Kong academic advised the government not to tamper with market economics by offering more tax breaks to lift the country from the economic crisis .SOUNDBITE: (English)\"If prices follow the market forces and declines significantly then money will flow back to Hong Kong again and Hong Kong's recession can be ended.\"SUPERCAPTION: Francis Lui, Hong Kong University ProfessorThe brightest hope on the horizon is the prospect of a Disney theme park here on Lantau Island.Although talks between Disney and the Hong Kong government are still in the early stages, shares in the company which own this land have already risen sharply.But experts warn that the real benefits of this project could take a long time to filter through. SOUNDBITE: (English)\"Disneyland or Disney world, or whatever it will be, in Hong Kong or Sino-Disney, I think that will be excellent for Hong Kong in the longer term but I think people have to realise that the benefit for such a project would not come immediately.\"SUPERCAPTION: Ian Perkin, Chief Economist of Hong Kong Chamber of CommerceFinancial Secretary Donald Tsang unveiled his budget plans for the coming year against a backdrop of high unemployment and property and land prices, the mainstays of the Hong Kong economy.Working on the theme \"Onward with New Strengths\", this year's budget has been described as his toughest yet.In his speech, he announced a drop of 5.1 percent in the Gross Domestic Product (GDR) last year.He said regional conditions were mostly to blame.SOUNDBITE: (Mandarin with English translation)\"But conditions within the region should improve in due course as the affected economies gradually bottom out. Taking these factors into account, I forecast the total export of goods to decline by 3.7 per cent in real terms this year, compromising a decline of 5 per cent for domestic exports and 3.5 for reexports, as for the exports of services, I  forecast a 3 per cent growth in real terms this year and forecast a growth in tourism as well as other areas.\"SUPER CAPTION: Financial Secretary Donald Tsang Unemployment is also a concern.SOUNDBITE: (Mandarin with English translation)\"Rising unemployment is now a major problem facing most economies in the region, Hong Kong is no exception. Since the third quarter of 1997 the seasonally adjusted rate of employment in the local economy has jumped from low of 2.2 per cent to the latest  5.8 per cent and the underemployment rate from 1.0 per cent to 3.1 per cent. In absolute terms, the number of unemployed has more than doubled to 300,000, yet total employment has increased by around 110,000. The worsening unemployment is due more the an increase in manpower supply than any decline in jobs and economy. Unemployment has hit hardest the younger and older members of the workforce and those with low educational levels. This grave situation has made the work of our task force ever more important.\"SUPER CAPTION: Financial Secretary Donald Tsang He also forecast a 36.5 billion Hong Kong dollar (U.S. dlrs 4.7 billion) annual deficit.But even though he will have to dip into Hong Kong's cash reserves to cover expenses during the coming fiscal year, Tsang insisted the territory was living within its means.\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource 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finance, government finance, travel, leisure travel, financial crisis, theme park operators, consumer products and services, hospitality and leisure industry, real terms, disney, unemployment, decline, region, year, forecast, economies, number\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='educator-ratings-heading' class='rp-info-section'\u003e\n\u003ch2 class='title sr-only' 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