Chief Executive's speech at spring reception

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Following is the full text of the speech by the Chief Executive, Mr Tung Chee Hwa, at the spring reception at Government House this (Thursday) evening :

This is the first Year of the Dragon in the new millennium. According to the Chinese tradition, the dragon is a symbol of vigour, determination and prosperity. In last few days, quite a few friends have told me that they felt particularly excited about Chinese New Year this time round. In the past two and a half years, the HKSAR Government, together with the people of Hong Kong, has worked to ensure that Hong Kong's new era becomes a success.

In the third quarter of 1999, we registered GDP growth of 4.5% over the same period in 1998. Though the final figures for the fourth quarter have yet to be announced, I can assure you that the preliminary figures will be equally encouraging and demonstrate that economic recovery is continuing. I am confident that with an active financial market, a thriving tourist industry, enhanced foreign trade, the gathering momentum of technological developments as well as the momentous development of China's forthcoming accession to the World Trade Organisation, we can be cautiously optimistic about the medium and long-term economic prospects of Hong Kong.

Apart from sustained economic growth, we also take much joy and pride in the successful implementation of the "One country, Two systems" principle and the upholding of the rule of law. These achievements have boosted the confidence of the people of Hong Kong as well as the international community on Hong Kong's prospects. On the economic front, both short and long-term capital is returning to our market. As for human resources, many of those who emigrated have returned since the reunification. According to figures provided by the Immigration Department, the number of people emigrating overseas last year was the lowest of the decade. All this augurs well for the future of Hong Kong.

It is encouraging to note that our country has made substantial progress in the economic, social and political spheres. Last year, China registered GDP growth of 7.1% and growth of 11.3% in import and export trade. The vigorous economic growth of China, the successful launch of the "Shenzhou" spacecraft and the initialling of the Sino-American agreement on China's accession to WTO all reflected very favourably on the growing stature of the country, the progress it has been making in technological developments as well as its rising status in the international arena. It is a blessing for Hong Kong to return to the motherland at this remarkable moment.

Indeed, the efforts we made in the past two years have been crowned with success. However, we are not, and should not be, complacent. We still have much to do. We should capitalise on our excellent position to strengthen the momentum of development in Hong Kong in order to enhance our position as a leading metropolis in Asia. I am confident that I can lead the HKSAR Government and our community to reach for this goal. As I pointed out in the Policy Address last October, to develop talents and to build quality homes for the people of Hong Kong are very much our priority agenda. Our education system needs reform to meet the needs of a knowledge-based economy. We need to improve the environment to upgrade the quality of life in Hong Kong. As a result of economic restructuring, we also need to address the issues of employment and the growing disparity between the rich and the poor in our community. I earnestly hope that the people of Hong Kong will all respond to my call and work with the HKSAR Government to achieve this goal.

Photo: The Chief Executive, Mr Tung Chee Hwa, hosted a reception at Government House this evening to celebrate the Lunar New Year with members of the community. About 450 people from the political, commercial, industrial, education and other sectors were invited. Photograph shows Mr Tung and senior Government officials proposing a toast at the reception.

End/Thursday, February 10, 2000

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