*****************************
The following is the speech by the Chief Executive, Mr Tung Chee Hwa, at the Welcome Reception for the 12th Annual Meeting and Conference 2002 of the Inter-Pacific Bar Association this (May 3)evening:
Minister of Justice, Chief Justice, Mr Miyake, honoured guests,
Thank you very much for those very kind words. It is my great honour and privilege to welcome everyone of you to this IPBA Annual Meeting and Conference. To those of you who come from other jurisdictions, I would like to extend a very warm welcome to you. I sincerely hope that you will enjoy your stay here in Asia's world city.
Reunification
Five years ago, in May 1997, the people of Hong Kong were about to become masters of their own house. Under the visionary concept of "one country, two systems", China was to resume sovereignty over Hong Kong on 1 July 1997. At that time, there were those who doubted whether Hong Kong could maintain its separate legal system, based as it was on the English common law, the rule of law and an independent judiciary.
Today, those doubters have been proved wrong. The new constitutional order of the Hong Kong SAR is firmly in place, and the rule of law is as strong as ever. The laws previously in force, including the common law, continue to be maintained, subject of course to legislative change. And our Judiciary continues to do justice without fear or favour.
The Basic Law of the Hong Kong SAR is a national law which is being fully implemented in all parts of China. Within Hong Kong, its constitutional guarantees are being enforced by the courts. In other parts of China, Hong Kong's high degree of autonomy is fully respected. As you may know, the Central People's Government is responsible for the defence and foreign affairs of the Hong Kong SAR, but Hong Kong otherwise enjoys a high degree of autonomy. For example, Hong Kong has its own currency; it is a separate customs territory; and it has separate membership of the World Trade Organisation. This degree of autonomy enables Hong Kong to respond in its own way to the challenges it faces.
Challenges faced
In recent years, there have of course been challenges. In particular, Hong Kong was severely affected by the Asian financial turmoil. But we acted boldly and decisively, and successfully weathered the crisis.
We now face a further challenge, namely that of economic restructuring. This is necessary if we are to preserve our economic vitality, create greater prosperity, and maintain a high standard of living. Hong Kong must do its best to move up to a higher value-added chain, and to further develop its knowledge-based economy.
Hong Kong's advantages
Fortunately, Hong Kong boasts many advantages. These include our unique position, with the Mainland as our hinterland and extensive links to all parts of the globe. China's economy is now the 7th largest economy in the world. Following its accession to the WTO and the further opening up of its markets, China's economy is expected to grow at an accelerated pace and would one day be amongst one of the largest in the world. Hong Kong will stand to benefit tremendously from the rapid expansion of the Chinese economy. Furthermore, we have one of the world's freest economies, a liberal foreign exchange regime, and a clean government. Hong Kong's infrastructure is world-class. And we have an enterprising population, with large pools of expertise in finance, trade, law, accounting and insurance, etc.
Building on our advantages
We plan to make best use of these advantages in our economic restructuring. Let me illustrate this by reference to legal services. One of Hong Kong's strengths is its legal system and legal profession. The common law principles that are the foundation of our laws are respected throughout the world. Our legal profession is strong and fiercely independent. With about 5,000 solicitors, 800 barristers, 40 registered foreign law firms and 800 registered foreign lawyers, the legal profession is well equipped to serve both the local community and international businessmen and investors.
How can we build upon this strength? Firstly, by ensuring that future generations of lawyers are trained to meet the legal challenges of the 21st century, and are of a world-class standard. Secondly, by seizing the legal opportunities that will arise from China's entry to the WTO.
In order to achieve the first of these objectives, we are conducting a comprehensive review of all stages of legal education and training. A consultancy report recommended that the undergraduate law degree should be extended from three to four years, and that the postgraduate professional training should be radically reformed. The universities have responded positively to these recommendations, and the work on the reforms is already well under way.
With regard to China's entry to the WTO, there are two ways in which local lawyers can provide legal services to those doing business in the Mainland. The first is by establishing representative offices in the Mainland, under relaxed new regulations relating to foreign law firms and Hong Kong law firms. The second way is by assisting, in Hong Kong, in the resolution of disputes that arise in the Mainland. Disputes can be resolved in Hong Kong either through litigation or through arbitration. Arbitration is particularly attractive since our international arbitration centre has a reputation for excellence, and its awards are enforceable in the Mainland. By providing for dispute resolution in Hong Kong, those doing business in the Mainland can be sure of a fair and independent determination, in a location that offers convenience, professionalism, and world-class facilities.
Opportunities for all
Hong Kong is developing as the legal services centre for the region. I would invite those of you who come from other jurisdictions to consider the opportunities that exist here for you. As a gateway to the Mainland, Hong Kong is unique.
Wishes for the Conference
In the light of this, the organisers of this IPBA Conference are to be commended for choosing Hong Kong as their venue. The Conference brings together lawyers from many countries in the Pacific region. It provides the opportunity for a constructive dialogue of legal issues that are important in all those countries.
Finally, may I wish you all a rewarding and enjoyable Conference and take back with you when you go home happy memories of Hong Kong.
End/Friday, May 3, 2002
NNNN
