Central Government to Fully Back HK's Development: Premier Zhu

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Last updated at: (Beijing Time) Tuesday, November 19, 2002

Central Government to Fully Back HK's Development: Premier Zhu

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Zhu Addresses 16th World Congress of Accountants

The Central Government will, as always, give its all-out support to Hong Kong's development and step up the mutually complementary exchanges between Hong Kong and the mainland in quest for common development, Chinese Premier Zhu Rongji said Tuesday.

Addressing the opening ceremony of the 16th World Congress of Accountants, Zhu said, "It gives a distinct pleasure to see the World Congress of Accountants meet in Hong Kong. Hong Kong is a shining pearl of China and plays a unique, irreplaceable role in China's modernization drive."

The experience of Hong Kong since its return to the motherland five years ago demonstrates that the "One Country, Two Systems" formula has not only enabled Hong Kong to retain its original systems and characteristics in its continued role as an international trade, financial and shipping center, but also let it acquire stronger support and even broader room for development from the mainland, he said.

The premier said neither Hong Kong's economic strength nor its international competitiveness has declined, although it is experiencing some difficulties in its economy right now.

Premier Zhu Attends 16th World Congress of Accountants in HK

He said Hong Kong is a place of numerous talents, blessed with a contingent of tiptop professionals and entrepreneurs, accountants included. "This is where Hong Kong's competitive edgelies," Zhu added.

"We are convinced that Hong Kong will always remain dynamic, robust and ready to create new success stories," the premier concluded.

HK Successfully Implements "One Country, Two Systems"

Hong Kong has successfully implemented the concept of "One Country, Two Systems", said Chief Executive Tung Chee Hwa Tuesday at the opening ceremony of the 16th World Congress of Accountants.

Over these years since Hong Kong's return to the motherland, said Tung, the people of Hong Kong and the world at large have witnessed for themselves the successful implementation of the concept of "One Country, Two Systems".

"Our society is pluralistic, vocal, competitive and open. Our judiciary is strong and independent. The Government is transparent, accountable and responsive to the needs of our people," Tung pointed out.

According to Tung, the Hong Kong Special Administrative Region of China has taken part in over 4,000 conferences of international organizations and signed over 50 bilateral agreements with other countries as permitted by the Basic Law.

The human and financial capital inflow into Hong Kong is, surely, the best demonstration of confidence by the people both at home and abroad that the concept of "One Country, Two Systems" is being successfully implemented, he stressed.

Talking about accounting, Tung held that the world is changing and there is a need for the accounting profession to embrace change and there are particular concerns about corporate governance around the world.

He added that Hong Kong is one of the premier international financial centers of the world and obviously they attach great importance to corporate governance.

As the sixth year of HKSAR begins, the challenge for Hong Kong is how to successfully restructure the economy made necessary by globalization and the advent of the knowledge-based economy, according to the chief executive.

"I am confident we will be able to successfully restructure our economy," Tung said, adding that "We have many competitive advantages, our unique geographic location, the clustering of professionals and talents of international standing and excellent quality of our infrastructure are some of the essential ingredients for our future success."

Moreover, Hong Kong will leverage on the successful economic development of the Chinese mainland, with the support of the Central Government for Hong Kong's economic restructuring, Tung stated.

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