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Following is a translated summary of the speech given by the Chief Executive, Mr Donald Tsang, at the Spring Reception at Government House today (February 15):
Good afternoon. As this is the Spring Festival, let me start by wishing you all health and prosperity for the Year of the Rat.
Personally, the past year was one of fond memories. My re-election as the Chief Executive, and my new role as a grandfather, were among the best memories I could have hoped for.
For Hong Kong, it was also a very memorable year. We celebrated the 10th anniversary of our reunification with the motherland. We also witnessed rapid economic growth, the lowest unemployment rate for nearly a decade, and record high employment numbers.
Recently, the esteemed TIME magazine ranked Hong Kong as a lynchpin of the globalised economy, along with New York and London – or "NYLONKONG" as it was described. And, an international survey recently found that Hong Kong people were the most optimistic in the Asia-Pacific region concerning prospects for 2008. Although I didn't take part in the survey, I share the same positive outlook about Hong Kong's future.
But, there are always uncertainties on the horizon – the slowdown of the US economy and the sub-prime crisis are two that spring to mind. Fortunately, Hong Kong's economic fundamentals remain sound. And as long as the Mainland and other emerging markets maintain robust growth, I am confident we will enjoy a good year ahead.
In this regard, the SAR Government will continue to strengthen co-operation within the Pan-Pearl River Delta region and also explore opportunities further afield. As you may know, I recently ventured to the Middle East to promote Hong Kong's role as a regional financial hub and as a platform for Islamic financing to add new elements and impetus to our economic mix.
While people do earn more during an economic upswing, the flip side of the coin is that we will also face increasing inflationary pressure. The recent price rises for essential commodities has created a financial strain for many low-income earners. The SAR Government will take focused measures to help the vulnerable groups in our society.
Apart from economic and livelihood issues, the SAR Government will continue to do its best to promote constitutional development, heritage conservation, environmental protection and other areas of work.
This year, Hong Kong enters its second decade as an SAR with great hopes and optimism about the future. We will also proudly represent our nation as a co-host city for the Beijing 2008 Olympic Games.
As with any great city, Hong Kong faces many challenges ahead. But, we also have tremendous opportunities before us.
So, my new year's wish is a simple one: Let's all work together and do our best to lift Hong Kong to even higher heights in the Year of the Rat! Thank you.
Ends/Friday, February 15, 2008
Issued at HKT 17:54
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