***************

The following is the transcript of the media session by the Chief Executive, Mr Tung Chee Hwa, after visiting two local community economy projects in Sheung Wan this afternoon (January 1):

Question: Mr Tung, can you give us some English comments on ......, please?

Mr Tung: This is the beginning of a New Year. My wish is that the restructuring of Hong Kong's economy, though slowly, would continue to bear fruit and everyone in this community will begin to benefit from the efforts we have made over the years. I also wish to see growing confidence here in Hong Kong as we move forward during the year, and that everybody will take on the challenge of restructuring Hong Kong's economy and building a harmonious society. Thank you.

(Please also refer to the Chinese portion of the transcript.)

End/Wednesday, January 1, 2003

NNNN