The Relaunch Hong Kong Programme has boosted the morale of the community after the SARS outbreak, Financial Secretary Henry Tang says. So far some $700 million has been spent on the programme.

For Harbour Fest, he admitted there were a number of organisational shortcomings. A panel of inquiry will be set up to look into the event, and the Government will learn from its findings.

The Legislative Council Financial Affairs Panel met this morning on issues relating to Harbour Fest.

Mr Tang stressed that the Government's role in the event is primarily to ensure that the main deliverables are fulfilled and the overall objectives are met. He reiterated that Government sponsorship for the event is capped at $100 million of the total net deficit.

Under the contract, the organiser has to submit to the Government a full set of audited accounts in relation to the event, setting out detailed analysis of the revenues and expenditures, no later than February 28 next year.