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Symposium Marks Promulgation of Basic Law
Financial Secretary of the Hong Kong Special Administrative Region (SAR) Donald Tsang April 7 called for efforts to have a better understanding of the Basic Law, emphasizing its importance to Hong Kong's economic development.
Tsang made the remarks at a symposium in Commemorating the 11th anniversary of the promulgation of the Basic Law of the HKSAR.
Tsang said that the Basic Law has set out some guiding principles for the management of public finance that have important bearing on the economic development of Hong Kong, including the provisions of protection of various freedoms and rights, and safeguarding for the courts to conduct trials independently.
"All these enable Hong Kong to maintain a good business environment and are vital in attracting international investors," he stressed.
The findings of a survey on foreign investments released last week revealed an 81 percent surge in inward direct investments in 1999, Tsang said, adding that this clearly demonstrates the SAR's success in this respect.
He said that in line with the principles of "One Country, Two Systems," "Hong Kong people running Hong Kong" and "a high degree of autonomy," the Basic Law provides the framework for Hong Kong's constitutional and political structure, fiscal and economic policies, as well as social systems.
It ensures that the previous social and economic systems of Hong Kong will remain unchanged and that Hong Kong will continue to uphold the policy of free and open market economy, that is conducive to fair competition, he noted.
Tsang said the Basic Law also provides the legal protection and foundation for the prosperity and stability of Hong Kong. "As residents of Hong Kong, we should all have a better understanding of this constitutional document that is so closely related to us," the financial secretary said.
The Joint Committee for the Promotion of the Basic Law of Hong Kong has made this a yearly event to mark the anniversary of the Basic Law promulgation since 1997. The themes of this year's symposium centered around economic issues.
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