Following is the transcript of a media session by the Chief Executive, Mr Tung Chee Hwa, in Beijing this afternoon:

Reporter: How do you feel about Li Peng's speech, particularly about Hong Kong?

Mr Tung: Well, as I said earlier on that of course I am very happy to note the progress and the success the country has attained over the last five years, especially in area of economy. It's been a period of high growth and low inflation, foreign exchange reserve as well as reserve of growing product is at historic high level and these all made a very good foundation for our country's development in the 21st century. I was also delighted particularly to note about the positive comments the report made about the HKSAR's function since July 1, 1997 demonstrates the Central Government's tremendous confidence in Hong Kong people's ability to look after Hong Kong affairs. So, on the whole I am very pleased, additionally I might add that being able to know first hand the plans for the next five years and beyond is a very great help to us in Hong Kong because Hong Kong and the economy of mainland China is very closely related.

Transcript of Chief Executive's media session in Beijing (Chinese Part)