American political and business leaders have given the Chief Executive Mr Tung Chee Hwa a warm welcome during his first full day (September 9, US time) of meetings and briefings in Washington D.C.

During a busy day, Mr Tung delivered a keynote address to the US Chamber of Commerce and held a series of meetings with key political figures including US Secretary of the Treasury Robert Rubin, Senate Finance Committee chairman William Roth (Republican), US Senate Majority leader Trent Lott (Republican) and members of the Senate Foreign Relations Committee and its Sub-committee on East Asian and Pacific Affairs.

He also opened the new premises of the Hong Kong Economic and Trade Office in Washington and was guest of honour at a dinner with prominent US think-tanks and academics hosted by Hong Kong Commissioner USA Mr Kenneth Pang.

During his meetings with US political leaders, Mr Tung was asked about a wide range of topics including the electoral processes in Hong Kong and the pace of democracy, mainland-born children of Hong Kong residents, relations with China and the SAR's role in the Asia-Pacific region.

During a meeting with Secretary of the Treasury Robert Rubin, the recent financial turmoil in the Asian markets were discussed, as well as Hong Kong's continued economic prospects and growth.

In the meeting Mr Tung said Hong Kong would let the stock market decide its own equilibrium while Government would focus on regulation to ensure market integrity and proper risk control through efficient clearing and settlement systems.

On the development of democracy in Hong Kong, Mr Tung briefed US politicians of the SAR's political system, the role and nature of functional constituencies and the evolution of democratic process as enshrined in the Basic Law.

"The meetings enhanced understanding and provided a deeper insight into Hong Kong issues among politicians and business leaders," said Mr Tung.

"These meetings have underlined and enhanced the importance of Hong Kong-US relations in regards to trade and economic development."

Mr Tung said the meetings with Senators and business leaders today (September 9, US time) had also reinforced their confidence in the strength of Hong Kong's economy, stock market and financial systems.

US political leaders also commented favourably on Mr Tung's current popularity ratings in Hong Kong, noting that the SAR was 'in good hands'.

At the US Chamber of Commerce luncheon, chamber president Tom Donohue said the chamber recognised that Hong Kong's tremendous economic success rested on a series of very important attributes including a free market system, few restrictions on foreign investment, a strong and independent legal system, the free passage of people and goods, the unfettered flow of ideas and information and a world-class infrastructure.

Mr Donohue said on visits to Hong Kong he had been struck by the dynamic nature of the economy and the non-stop energy of Hong Kong people.

"On my return I told business leaders and decision makers here if you want to know what the global economy is going to look like tomorrow, look at Hong Kong today," he said.

Mr Donohue said the faithful implementation of the Joint Declaration and the 'one country, two systems' formula will strengthen US business confidence in Hong Kong as well as help strengthen US-China relationships more broadly.

"We are pleased that Mr Tung and his government had pledged full implementation to that approach."

Following his meeting with the Senate Foreign Relations Committee, Mr Tung was praised for his performance as Chief Executive.

Senator Craig Thomas, the chairman of the Sub-committee on East Asian and Pacific Affairs, said he was 'very impressed' with Mr Tung's observations on what has happened since the Handover.

"Things have gone smoothly," he said.

The sub-committee's ranking Democrat member Senator John Kerry said: "I think every member of the committee expressed considerable respect and admiration, even, for the way in which the Chief Executive C H Tung has managed the transition."

Sen. Kerry also said committee members had received some 'very good explanations' concerning Hong Kong's democratic evolution.