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HK Remains As Int'l Financial Center and Trade Entrepot
Hong Kong remains as a vibrant international financial center and a bustling trade entrepot, Tung Chee Hwa said Monday in London.
In a speech at the Hong Kong Trade Development Council annual dinner in London, the chief executive of the Hong Kong Special Administrative Region said Hong Kong had gone through some momentous changes too in the past three years.
"Indeed, since the Handover, Hong Kong has seen two very important achievements. The first one was the smooth establishment of Hong Kong as a Special Administrative Region under Chinese sovereignty," Tung said.
"The second was the overcoming of the Asian Financial Turmoil, the worst economic downturn which Hong Kong has faced in recent memory," he added.
He noted: "Anybody who has been to Hong Kong recently can see that, with the strong support of the Central Government, the concept of 'One Country, Two Systems' has been transformed into an everyday reality."
Tung stressed that the foundations upon which Hong Kong's success have been built - the rule of law, a level playing field for business, clean and transparent government, and the whole range of freedoms with which all of us can identify, such as the freedom of speech, freedom of the press, freedom of religion, of movement, and of assembly, are firmly intact and protected by the Basic Law.
"To cope with the Asian financial crisis, we introduced tax cuts and freezes or reductions in government fees and charges. With the recovery of the regional economy in Asia, and the continued growth of the economy in the rest of the world, Hong Kong's economy is now rebounding strongly, " added Tung.
He said: "In addition, we enjoy a unique advantage and that is our strong link with the Mainland of China which is expected to grow economically stronger and more important with China's accession to WTO."
He also expressed his optimism about Hong Kong's future.
"Hong Kong, with our unique relationship with the Mainland of China, and our prime position within Asia - within five hours flying time of more than 50 percent of the world's population - is ideally situated for those UK companies who wish to participate actively in the growth of the economy in the region, " He said. of CCICED.
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