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It hardly seems like a year ago that we published a special report, HKSAR - The First
12 Months, to highlight the major issues we had tackled during our first year as
a Special Administrative Region (SAR) of China.
In the past two years, we have faced two major challenges as a community: first,
to successfully bring the concept of 'One Country, Two Systems' to reality; second,
to devise short-term and long- term policies to overcome the enormous difficulties
inflicted on our community by the Asian financial turmoil.
The successful implementation of 'One Country, Two Systems' is for everyone to see.
All of us in Hong Kong have been, and will continue to be, determined to make this
concept a reality. The Central People's Government, while very supportive, has demonstrated
repeatedly through deeds that it is up to us in Hong Kong to make our decisions and
to chart our own course.
Economically, we are slowly but surely emerging from the effects of the Asian financial
turmoil. Property prices, being far too high in previous years, have dropped by more
than 50 per cent but the market has since stabilised. Interest rates have dropped
and there is more liquidity in the stock market. Tourism arrivals are on an encouragingly
upward trend. Consumer confidence is returning to the retail sector. I believe the
worst is over and that in the foreseeable future growth will resume again.
We have made some difficult but necessary moves in the past 18 months as we combat
short-term economic woes. At the same time, we have never lost sight of the need
to focus on our long-term development. We will continue to promote important economic
drivers such as information technology, entertainment and communications. These sectors
are becoming increasingly intertwined. Our excellent communications infrastructure
provides us with a clear advantage to fully develop and exploit Hong Kong's potential
as an Internet and e-commerce hub. Our vision is to consolidate Hong Kong's position
as Asia's premier international city; strengthen our role and enhance our attractiveness
as a global financial, transport and communications hub; to carve a niche for ourselves
as the centre of innovation and technology in East Asia and beyond; and to promote
Hong Kong as an international centre for tourism and cultural events.
We know clearly the core values that underpin our success: the rule of law, prudent
financial management, a free market, a level playing field, a well educated workforce
and the development of world-class infrastructure to support the economy and business
initiatives. We will spare no effort to ensure these values are maintained.
The opening up of the Chinese economy over the past 20 years has given Hong Kong
enormous opportunities, and continues to do so. The Chinese economy achieved real
growth of 7.8 per cent in 1998. That growth looks set to continue this year. Indeed,
it is estimated that by 2020 the Chinese economy will be the second or third largest
in the world. If China's accession to the World Trade Organisation is agreed in the
months ahead, Hong Kong will certainly stand to benefit. Indeed, we are uniquely
positioned in every respect to fully participate in the Mainland's growing economy.
I hope this report provides you with a deeper understanding and appreciation of the
challenges we have faced in the past year and the way in which we have turned adversity
into opportunity to build even stronger foundations for our future. But more importantly,
I hope it gives you an insight into just how determined we are to keep our vision
long and wide and to ensure that Hong Kong remains one of the world's truly great,
cosmopolitan communities.
Tung Chee Hwa
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