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Following is the full text of the speech by the Chief Executive, Mr Tung Chee Hwa, at the HKSAR first anniversary banquet tonight (Wednesday):

Our Respectable President Jiang,

Our Respectable Vice Premier Qian,

ladies and gentlemen,

A year ago, President Jiang solemnly announced to the world the formal establishment of the Hong Kong Special Administrative Region of the People's Republic of China at this very building, the Hong Kong Convention and Exhibition Centre. From that moment onwards, Hong Kong returned to the big family of the motherland. I can still remember that the hall echoed with prolonged applause because returning home is the most cherished value held by the Chinese people. Indeed, we have been away from home for a long period of time.

In the past year, there was a growing number of Hong Kong people who came to realize from the bottom of their hearts the mutual dependence and important relationship between Hong Kong and its motherland through the implementation of the "One Country, Two Systems" and our fight against the Asian financial turmoil. Hong Kong is able to ride one storm after the other in the turmoil because we have huge fiscal reserves, robust monetary system, prudent financial management and most important of all, the backup of our motherland. The strong support we have from our country makes us feel more strongly the care and warmth of the big family of our motherland. On behalf of all the people of Hong Kong and the Government of the Hong Kong Special Administrative Region, I would like to take this opportunity to extend our heartfelt thanks to President Jiang and the Central Government for their kind support.

Thanks to the concept of "One Country, Two Systems", we have the opportunity to meet new challenges that no one generation in the past has ever met and the opportunity to take part in the great and exciting mission of the revival of the Chinese nation. We are now faced with financial difficulties, and the difficulties are considerable. But I believe that with courage, confidence and composure, Hong Kong will firmly tide over this difficult time and will have a bright future ahead.

Now, I would like to propose a toast:

to the early revival of the economy of Hong Kong,

to the thriving prosperity of our motherland and

to the health of President Jiang and all present today.

End/Wednesday, July 1, 1998

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Photo Caption: The Chief Executive, Mr Tung Chee Hwa, delivers a speech at the Hong Kong Special Administrative Region first anniversary banquet held this (Wednesday) evening at the Hong Kong Convention and Exhibition Centre.