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Speech by the Chief Executive

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Following is the speech by the Chief Executive, Mr Tung Chee Hwa, at the opening of the 2002 World Congress of Accountants today (November 19):

Premier Zhu, Mr Rene Ricol, ladies and gentlemen,

We are delighted that you have chosen Hong Kong for the first World Congress of Accountants in the 21st century. It is the first such gathering being held on Chinese territory. We take this as a great compliment and as a vote of confidence in Hong Kong and in our motherland, the People's Republic of China.

I would like to extend the warmest welcomes to all the 5000 delegates. I am sure you will enjoy your time here in Hong Kong, Asia's world city. We are particularly honoured that Premier Zhu Rongji has accepted your invitation to make the keynote address for the opening of this Congress.

The events of this Congress are being followed closely by the international financial community. Today, the world is changing and there is a need for the accounting profession to embrace change. Particularly, there are concerns about corporate governance around the world. Hong Kong is one of the premier international financial centres of the world and obviously we attach great importance to corporate governance. We encourage delegates from Hong Kong to fully participate in the discussion of proper corporate governance which includes how auditors are regulated and the inter-relationship between all the players in the international financial field. Indeed, it is important for Hong Kong to enhance our system where the integrity of all parties continue to be assured. We wish the proceedings of the Congress every success.

It was more than 5 years ago on 1 July 1997, on this very special site, a solemn ceremony took place to mark the return of Hong Kong to China. Over these years, the people of Hong Kong and the world at large have witnessed for themselves the successful implementation of the concept of "One Country, Two Systems". Our society is pluralistic, vocal, competitive and open. Our judiciary is strong and independent. The Government is transparent, accountable and responsive to the needs of our people.

Internationally, as Hong Kong, China we have taken part in over 4,000 conferences of international organisations. We have also signed over 50 bilateral agreements with other countries as permitted by the Basic Law which provides the institutional and legal framework for the "One Country, Two Systems". Many Hong Kong citizens who have migrated overseas before 1997 have returned to Hong Kong. There continue to be strong capital flow into Hong Kong. The human and financial capital inflow into Hong Kong is, surely, the best demonstration of confidence by the people both at home and abroad that "One Country, Two Systems" is being successfully implemented.

As the sixth year of HKSAR begins, the challenge for Hong Kong is how to successfully restructure our economy made necessary by globalisation and the advent of the knowledge economy. The rapid and successful development in China has also given us both opportunities and challenges. I am confident we will be able to successfully restructure our economy. We have many competitive advantages, our unique geographic location, the clustering of professionals and talents of international standing and excellent quality of our infrastructure are some of the essential ingredients for our future success. Indeed, we will strengthen our competitive advantages as an international financial centre, a key transport and logistic hub, a vibrant economic and trading centre as well as a popular tourism destination. We will leverage on the successful economic development of Mainland China, particularly with the Pearl River Delta. The Central Government and the Premier have been supportive in our efforts in this direction.

Premier Zhu Rongji has devoted his life to the service of our nation with dynamism, determination, courage and vision. As Premier, he has presided over the most successful period of social stability, economic growth and prosperity in our nation's modern history.

Ladies and gentlemen, I am indeed proud and honoured to introduce the Premier of the People's Republic of China, Premier Zhu Rongji.

Thank you.

End/Tuesday, November 19, 2002

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