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Following is the translation of the speech delivered by the Chief Executive, Mr Tung Chee Hwa, at the National Day Cocktail Reception in celebration of the 51st Anniversary of the Founding of the People's Republic of China today (October 1):

Ladies and gentlemen,

Today marks the 51st Anniversary of the founding of the People's Republic of China. It is also our first National Day in the new millennium. On behalf of the Government of the Hong Kong Special Administrative Region, I would like to extend our warm greetings to the people of Hong Kong and our friends at the representative offices of the Central Government and mainland institutions in the HKSAR. I would also like to welcome cordially all the honourable consuls and distinguished guests who have graced us with their presence at this Reception.

While we are celebrating the National Day today, we are delighted to take note of two recent momentous events which are important to our country. Firstly, with the bilateral agreements concluded with the U.S. and the European Union countries, and the granting of the Permanent Normal Trade Relations status by the US recently, China will soon become a member of the World Trade Organisation (WTO). China's accession to the WTO will definitely improve further the economic and trading system of China, enhance economic growth and raise the quality of life for the Chinese people.

China's accession to the WTO will also bring immense business opportunities to Hong Kong. We will seize this historic opportunity and bring the Hong Kong economy to new heights.

Secondly, we are delighted to see the excellent performance of China's athletes at the Sydney 2000 Olympics. The winning of 28 gold medals is a tremendous achievement. It fully demonstrates the sportsmanship of our country's young athletes and their determination in the pursuit of excellence. They have successfully scaled new heights and have brought honour to our country. China's impending accession to the WTO and the marvellous performance of China's athletes in the Olympics both signify the resolve and determination of the Chinese people. Through the application of continuing efforts in the past fifty years, the new China has made remarkable progress in the economic and social spheres, as well as in raising its national and international stature.

In the past 51 years, especially following the policy of economic reforms and opening up in the last two decades, our country has undergone fundamental changes. The economy is developing rapidly; social stability is maintained; and the standard of living of the Chinese people is constantly improving. On international relations, our country has upheld an independent and peaceful foreign policy. This has gained acceptance and support among the international community, and has enhanced our role in the international arena.

It has been three years since Hong Kong's return to China. With the staunch support of the Central Government and concerted efforts of all sectors of our community, we have successfully implemented the "One Country, Two Systems" - a concept unprecedented in history. This is an achievement which we can all be proud of. Despite the impact of the Asian Financial Crisis and difficulties flowing from economic restructuring during this period, we have risen to these challenges and weathered the storms. Throughout this period, the support of the country and the resolve of Hong Kong have been very firm.

Since the end of last year, Hong Kong economy has been recovering steadily from the Asian Financial Crisis. Double-digit economic growth has been recorded for the first half of this year and the growth is expected to be sustained throughout the year. My colleagues and I will continue to strive to implement all programmes and policies in the best interests of the Hong Kong people. I also earnestly hope that our community will work in unity for the overall interests of our country and the HKSAR. Let's work as a community in unison to build a brighter future for ourselves.

As we move into the new millennium, we face considerable challenges. Let's apply ourselves fully, and seize the historic opportunities open to us. We should devote ourselves to the rejuvenation of the Chinese nation, realise the reunification of the country and work for the prosperity and development of the country.

Lastly, may I invite Vice-Chairman FOK Ying-tung, Mr Jiang Enzhu, Director of the Liaison Office of the Central People's Government in the HKSAR, Mr Ma Yuzhen, Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the HKSAR, Major General Wang Yufa, the colleagues of the HKSAR Government and all our distinguished guests here to join me in a toast:

To the success of our Motherland;

To the unity of the Chinese nation;

To the stability and prosperity of Hong Kong; and

To the health of all our friends.

Cheers!

End/Sunday, October 1, 2000

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