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Following is the full text of the opening speech in English by the Chief Executive, Mr Tung Chee Hwa, at the 31st Annual Conference of the Chinese Language Press Institute today (Monday):

Ladies and gentlemen, members of the Chinese Language Press Institute,

On behalf of the Government of the Hong Kong Special Administrative Region, I would like to extend our warmest congratulations to the 31st Annual Conference of the Chinese Language Press Institute held in Hong Kong.

Chinese newspapers have a large readership around the world. In Hong Kong, we publish 742 local newspapers and other publications. The volume of newspaper reading per capita in Hong Kong is one of the highest in the world. Following China's reforms in the last two decades, the number of newspapers published in the Mainland has increased from some 180 to over 2 000. In every corner of the world where there is a Chinese community, there is always the supply of Chinese newspapers. Some overseas Chinese newspapers have to struggle hard in order to survive. Apart from the coverage of news of their hometown, they help to promote the Chinese culture and enhance inter-communal communication. The determination and dedication they have shown in the running of their newspaper is especially praiseworthy. Given the progress in the modernisation of China and continuous improvement in the status enjoyed by Chinese in overseas countries, Chinese newspapers will assume a more significant role in the media world. In the past three decades, the Chinese Language Press Institute has made significant contribution to the interflow among members of the press and the enhancement of professional standards in news reporting. The Institute will continue to work towards its objectives and certainly expand further in future in an all-embracing manner.

The international financial turmoil has dealt a hard blow to the Chinese newspapers in many places. This Conference will focus on the difficulties now faced by the Chinese newspapers. It is hoped that collective wisdom and brainstorming will help us to identify countermeasures to stand against adversity. The financial turmoil has not only exerted short-term financial pressure on the press at large, but also highlighted the great challenges that came along with economic globalisation and rapid advancement of technology. With the approach of the 21st century, like other industries, the press industry also needs adjustments and innovation in order to keep in line with new developments and remain ahead in the next century.

Hong Kong is an international financial centre as well as an information centre. These two identities are interrelated: a financial centre needs a highly effective information system while a well-developed information system is an essential element in development, which attracts financial investments to Hong Kong. The Government of the Hong Kong Special Administrative Region is determined to uphold the rule of law, ensure the freedom of press and encourage the opening up of the information market. To further strengthen its position as an information centre, Hong Kong needs all kinds of advanced communication facilities, a government that is committed to protect the freedom of press as well as highly professional mass media that provide speedy, accurate and useful information.

To ensure a high degree of freedom of press and to consolidate Hong Kong's position as a financial centre as well as an information centre, the Government of the Special Administrative Region gives weight to the two key points below.

Firstly, the Government must be committed to the task. Most important of all is that there must be a rule of law as well as a legal system that create an environment to ensure and protect freedom of press and freedom of information.

Secondly, the quality of information must be maintained at the highest level. In addition to speedy dissemination of information, we must also attach importance to the accuracy of information being transmitted.

The current financial turmoil has come as a revelation to us. We have realised that proper regulation of the market is needed in order to protect us against any devastating attack. Therefore, the G-7 and the APEC have recently embarked on the discussion of ways of strengthening the regulation of the international financial markets. The print and electronic media should not allow themselves to be driven all the way by the markets. They should not take no notice of the impact they would make on the community for the sake of good circulation and profit making. The press and other forms of media are some sort of public instruments, which work influence on the public and should therefore take up their social responsibility as well. The principle of truthfulness and impartiality should be upheld in news reporting. The practice of the media should be monitored by the public.

Members of the press are commendable for their independent thinking, sensible judgment on the basis of factual evidence and initiative in voicing out their views. When the current financial turmoil broke out, the international media only focus on the unsoundness of the financial systems and other weaknesses of Asian countries. There are indeed problems in the financial systems of Asian countries, but the international media did not attach importance to or mentioned very little at the beginning about the need to regulate the global financial markets and the need to review thoroughly the problems caused by hedge funds. At that time, some Chinese newspapers were the first to point out that the international financial capital system was also root of the problem. At the beginning, the media throughout the world did not understand the rationale behind the actions taken by the Government of the Hong Kong Special Administrative Region against the manipulation of the market by international capital. The detailed explanation given by the HKSAR Government has helped the world to have a better understanding of the situation gradually. The Hong Kong newspapers have also made analyses of the need for anti-manipulation actions. We are pleased to note the enlightening role played by the Chinese newspapers, which have gradually worked out their own style and made full use of their insight.

I now declare the 31st Annual Conference of the Chinese Language Press Institute open. Thank you.

End/Monday, November 23, 1998

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