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Following is the full text of the speech by the Chief Executive, Mr Tung Chee Hwa, at the ceremony marking the first anniversary of the establishment of the Hong Kong Special Administrative Region today (Wednesday):
Fellow Hong Kong citizens and friends,
Today marks the first anniversary of the establishment of the Hong Kong Special Administrative Region. First of all, we would like to extend a warm welcome to President Jiang, who has come to Hong Kong to attend the grand ceremony marking this important event. On behalf of the people of Hong Kong and the Government of the Hong Kong Special Administrative Region, I would like to express our heartfelt gratitude to President Jiang, Vice Premier Qian and other state leaders for their kind attendance.
President Jiang, Vice Premier Qian and friends,
On this day last year we hailed, with great joy and excitement, Hong Kong's reunification with our motherland. We welcomed the dawning of a new era as Hong Kong boldly embarked on her mission by putting into practice the principles of "one country, two systems", "Hong Kong people running Hong Kong" and a high degree of autonomy. This is a lofty mission unparalleled in the history of Hong Kong. We are confident that we will have a brighter future ahead.
The immeasurable joy and excitement are still with us today as we celebrate the first anniversary of the establishment of the Hong Kong Special Administrative Region. The "one country, two systems" concept worked out remarkably well in the past year. Most important of all, the successful implementation of the "one country, two systems" manifests that the people of Hong Kong have truly become masters of their own destiny. And we have ample evidence to support this view. Neither the Central Government nor any mainland authorities have interfered with the internal affairs of Hong Kong. On the contrary, the Central Government has repeated her pledge to maintain the prosperity and stability of Hong Kong at all costs. Such an undertaking is a great encouragement to all the people of Hong Kong.
As we were marching ardently towards our lofty goal, the Asian financial turmoil struck Hong Kong out of the blue. A series of unprecedented events rapidly followed. The unexpected gravity of the Asian financial turmoil, coupled with the long-standing financial factors of high land prices, high labour costs and high inflation rates, have rendered us less effective in resisting the attack. Hong Kong has been dealt a severe blow and our people have suffered a lot. At a time when people are worrying about their future, the Government must make genuine and vigorous efforts to help them tide over difficulties and lead them on the road to happiness. I firmly believe that the SAR Government will live up to our people's expectations and resolutely take on this responsibility.
The SAR Government has drawn up long-term plans to enhance Hong Kong's competitiveness and maintain its economic vitality. The Asian financial turmoil has exposed the weaknesses of our rather narrow economic structure. Therefore, while we are committed to the strengthening and reinforcing of our major economic pillars, such as finance, property development, tourism, shipping and trade, we have to promote actively the growth of our economy by strengthening and developing further our cooperation with the mainland, especially our cooperation with Guangdong; reviving small and medium businesses; developing high value-added and high technology industries; and developing such new and integrated industries as information technology, telecommunication, filming and television.
We are fully confident about the future development of Hong Kong. The biggest challenge we have now is how to integrate the development for our bright future with our efforts in relieving the people's hardship. There is hardly anything more precious than the mutual understanding and support that exist between the Government and the people in weathering the difficult times. While the external factors are beyond our control, our economy has to undergo a period of painful adjustment. It also takes time to strengthen our economic structure. Nevertheless, we have demonstrated our courage and determination to relieve the people's suffering and we have done what we should do towards this end. Since the emergence of the financial turmoil, the SAR Government has been working hard to relieve the people's suffering, restore confidence in the market and create more job opportunities. Initiatives as announced in the first Budget of the SAR Government in February this year and the recent relief package to revive our economy and stimulate market activities have all represented the SAR Government's most positive response to the challenges. It is the most practical proof of the SAR Government's commitment to ride out the storm with the people.
We have the courage to face squarely the hard times ahead. When we look north, the bright future of our motherland adds much to our valour. In 1998, under the leadership of President Jiang, our country progresses in an open, civilized and sophisticated manner with achievements, which have captured attention all over the world. As it bids farewell to the 20th century with its people constituting one-fifth of the world population, it also bids farewell to the backwardness, poverty and humiliation which the Chinese people have suffered for more than half a century. This is a fact every Chinese can witness and take pride in. This is also a fact that has received international recognition. It is indeed very fortunate for the people of Hong Kong to return to our motherland at a time when our country is having such a promising outlook. With the reunification, our interests and those of our nation are intricately linked. We will not only benefit a great deal from our motherland's rapid development and prosperity; more so, we will learn from our motherland, whose dynamic and entrepreneurial spirit points to us the way to forge ahead.
The prospect of Hong Kong is not to be measured by our fortune today. Rather, it will be determined by our current spirit and vitality. Indeed, Hong Kong has run into unprecedented problems. Yet we also enjoy today a number of advantages, such as huge fiscal reserves, prudent financial management policies, a sound monetary system, strong development on the mainland as our backup and a high degree of autonomy, which we have never had before. Under the principle of "one country, two systems", our mission is to build a better future for Hong Kong. We will not stand still, nor should we go backwards. The conviction that we made in the glorious days, i.e. "the people of Hong Kong can definitely govern Hong Kong well", will never be shaken by the changes of circumstances. In the face of unprecedented problems, let's summon unprecedented courage to overcome the difficulties and open the doors of the next century to welcome the twilight of victory with pride and enthusiasm.
Thank you.
End/Wednesday, July 1, 1998
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