Chief Executive Has Great Hope for Hong Kong's Future

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Last updated at: (Beijing Time) Saturday, February 08, 2003

Chief Executive Has Great Hope for Hong Kong's Future

Chief Executive of Hong Kong Special Administrative Region (HKSAR) Tung Chee Hwa said Friday he has great hope for Hong Kong's future, despite of the pain of the current economic restructuring.

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Chief Executive of Hong Kong Special Administrative Region (HKSAR) Tung Chee Hwa said Friday he has great hope for Hong Kong's future, despite of the pain of the current economic restructuring.

In his speech at a Spring Festival reception hosted by the HKSAR government at the Government House, Tung said it is imperative for Hong Kong to harness new knowledge and technologies,and foster closer economic ties with the mainland in face of unprecedented challenges.

The chief executive said he has great hope for Hong Kong because of its numerous strengths and advantages: its business acumen; world-class infrastructure; robust financial framework; a sound and trusted legal system; free and open markets; a clean, efficient civil service; a simple and low tax regime; clusters of talented professionals; and a cosmopolitan, outward-looking community.

"We are particularly well positioned to leverage the rapid development of the mainland economy," Tung said. "The Central Government recognizes our status as irreplaceable, and foreign leaders, business people and investors are also bullish about our future."

In Tung's Policy Address delivered a month ago, a road map is provided for Hong Kong's future economic development, which urges to enhance Hong Kong's four pillar industries: financial services,logistics, tourism and producer services.

In his speech Friday, Tung reiterated that Hong Kong will develop its pillar industries and help creative industries, promote innovation and technology, and support the development of small and medium enterprises.

Tung said the fiscal deficit must be solved to succeed with economic restructuring, and "we are determined to tackle the problem with fair and reasonable means."

"I am sure Hong Kong will succeed, and I know I can rely on allof you to work together with the government and the community to ensure that Hong Kong continues to prosper as Asia's world city for many, many years to come," Tung said.

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