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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 14):
Distinguished guests, ladies and gentlemen,
Good afternoon.
For most of us here today, this is our first chance to get together in the Year of the Rabbit. So, let me start by wishing you all good health and happiness in the year ahead.
I also wish you all a happy and romantic Valentine's Day. Don't worry - there will be plenty of time after this spring reception to attend to matters of the heart and perhaps enjoy a dinner for two.
Over Chinese New Year, I heard quite a few witty and original remarks on the theme of the rabbit. Allow me join in the fun.
Last year we saw a strong rebound in our economy, and, since the Chinese New Year it has continued to hop along at a lively and energetic pace.
We have regained most of the losses caused by the global financial crisis, and our growth momentum remains robust. The International Monetary Fund (IMF) has predicted that Hong Kong enjoyed economic growth of 6.75% last year. The IMF also forecasts strong growth of between 5 and 5.5% for Hong Kong in 2011.
Local retail sales were buoyant during the Lunar New Year. Some shops reported a 20% to 30% increase in the volume of their business this year compared to the same period last year. The job market outlook is also encouraging with the latest unemployment rate down to 4%.
Despite all the positive data, there is no room for complacency. In this respect, we can learn some lessons from the rabbit.
There is a Chinese saying that states: "A wily hare has three burrows" - so that it can keep itself safe at all times. We should also learn from the wise hare to keep ourselves agile and creative, and to stay alert to any dangers that may be lurking.
No doubt we all remember the moral of the story of the tortoise and the hare. The hare's downfall is a result of his own arrogance in a race against the lumbering tortoise. In other words, arrogance leads to failure, and we should never allow ourselves to fall behind our competitors.
To enhance Hong Kong's status as China's global financial centre, we must diversify and strengthen our financial services. Besides attracting more Mainland businesses to list on the Hong Kong stock market, we are also tapping emerging markets.
Last year, I led business delegations to India and Russia to promote Hong Kong's advantages as a fund-raising platform for overseas firms in these emerging economies. We will continue to expand Renminbi (RMB) business in Hong Kong and develop a broad range of RMB investment products to increase the attractiveness of RMB assets.
To build up our strength as our nation's offshore RMB business centre, we will continue to encourage firms from Hong Kong, the Mainland and overseas to issue RMB bonds in Hong Kong.
At the outset of the Chinese New Year, people have begun to feel the impact of inflation on their livelihoods. Combating inflation is currently the Government's most pressing task.
We will closely monitor the situation, and whenever necessary, we will not hesitate to take immediate action to tackle inflation.
Ladies and gentlemen, as we meet for this spring reception on Valentine's Day, let us remember that love, care and compassion can help us build a brighter future for the whole community. Together we can enjoy the fruits of our economic recovery and overcome challenges that may lie ahead.
I wish Hong Kong a time of growth, progress and prosperity in the Year of the Rabbit.
Thank you.
Ends/Monday, February 14, 2011
Issued at HKT 18:43
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