The Hong Kong government has earmarked an HK$8 billion ($1.03 billion) special fund for safeguarding national security in the coming few years, according to a government report submitted to the Legislative Council.

A report showed that the fund will cover the expenditure of the special administrative region's committee on national security, and national security related departments of the police force and the Department of Justice.

A dedicated accounting and financial unit has been set up under the national security committee to manage its revenue and expenditure arrangements while an independent financial audit will strengthen monitoring of the fund.

Because of confidentiality concerns, the government said it will not disclose further details concerning the use of the special fund.

During a LegCo meeting on Wednesday, Secretary for Commerce and Economic Development Edward Yau Tang-wah told lawmakers that the government is striving to arrange a second meeting with Chinese mainland officials and experts on resuming cross-border travel.

Secretary for Transport and Housing Frank Chan Fan said that, despite the land supply shortage, the government still aims to restrict the waiting period for public housing to within three years.