*********************************************
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 3):
Distinguished guests, ladies and gentlemen,
On this ninth day of the Lunar New Year, I am delighted to take this opportunity to wish you all good fortune and good health in the Year of the Ox.
Undeniably, an air of pessimism has spread throughout the world amid the global financial turmoil. A worldwide survey conducted early last month revealed that Hong Kong people are more pessimistic about the prospects for 2009 than those in many other places.
It is easy for people to become pessimistic during times of economic hardship. But that does not mean we will lose heart and compromise. The most important thing is that we adopt a mindset to do all we can to best prepare ourselves for the worst.
The magnitude of destruction in the global economy brought about by the financial tsunami last year has been unprecedented. No one can say for sure whether the worst is behind us. While governments around the globe have pushed ahead with massive stimulus plans and relief measures to jolt the economy, the results are yet to be seen. This year will probably be a very difficult one. However, Hong Kong people have gone through numerous storms of adversity. We have endured the pain, learned a lot and gained much experience. By maintaining our composure and our perseverance, I am confident that together we will overcome all difficulties.
The Government has already rolled out a series of relief measures of more than $50 billion last February and July, accounting for approximately 3.5% of our GDP. After the financial tsunami, we have committed over $100 billion to helping enterprises and promoting employment. We are gradually seeing the results of these measures. That is why Hong Kong's retail market has been doing pretty well recently when compared with the European countries and the United States. But we should not be complacent as the most difficult time may be yet to come. The SAR Government will continue to invest hugely to create jobs and enhance our competitiveness in the long term. We will not hesitate to take more action as and when required to support businesses and preserve employment.
Last month, the State Council announced the Reform and Development Plans for the Pearl River Delta Region. It affirms Hong Kong's position as an international financial centre and unequivocally supports wider collaboration among Guangdong, Hong Kong and Macao. We will follow up closely with the Guangdong and Macao authorities for plans to maximise the synergy created between Guangdong, Hong Kong and Macao to enhance the overall competitiveness of the region.
President Hu Jintao has pledged that the Mainland will take effective measures to help Hong Kong ward off the impact of the global financial crisis and to promote economic growth. With the strong support of the country and the robust foundations of Hong Kong, we will rise above all challenges and emerge even stronger.
The ox is a symbol of wealth and power in Western culture, and to Chinese people, it represents diligence. The arrival of the Year of the Ox reminds us that with our continued efforts we can turn things around and steer our economy towards recovery.
Ends/Tuesday, February 3, 2009
Issued at HKT 18:37
NNNN
