Press Release

 

 

CE's opening remarks at press conference

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The Chief Executive, Mr Tung Chee Hwa, made the following opening remarks at a press conference today (Wednesday) after delivering his Policy Address to the Legislative Council:

I've just delivered my third Policy Address today. I want to make a couple of points first. Firstly, Hong Kong's economy has turned a corner. We're seeing signs of recovery. I have confidence that the economy will grow by more than two per cent in the second half of this year. The employment rate has also stabilised.

Secondly, Hong Kong has a first world economy. We must provide a cluster of world-class people with world-class living conditions and environment to match our economic development and sustain our long-term economic growth. We have successfully risen to the challenges of the Asian financial turmoil and through our action, we were able to stabilise our financial market last August.

All of us are very sympathetic to those people who have been hard hit by the economic downturn. Many had to accept lower wages. Some are facing unemployment. Some are already unemployed.

My Administration has put together packages of measures during the course of the last two years to stimulate economic growth and to create employment opportunities. These include rebates of various taxes, reduction of rates, freezing of various charges, giving better -- giving greater support to small and medium-sized businesses, accelerating investment in major infrastructure projects, pushing ahead with measures to develop innovation and technology and giving priority in promoting tourism, and it goes on and on. And these measures are producing the results; the economy is turning. Our economy is beginning to grow and I think we are now seeing really the fruits of all the efforts we have made.

We have to understand that all these measures were short term measures designed to stimulate the economy. As we enter the 21st century, we are facing a rapidly changing world. We're facing very fierce competition. We must continue to improve ourselves to stay competitive. As I explain in my Policy Address today, we must have long term strategies, especially in areas of education and environment to build Hong Kong into a world-class city. Our aim is simple. It's not just we like the name of a world-class city. We need to do it because this is a way for us to sustain our economic growth and to produce more employment opportunities and better life for everyone here in Hong Kong.

Thank you very much. I'd be happy to answer questions.

End/Wednesday, October 6, 1999

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