Mr Yang, Professor Cheng, Professor Chow, Distinguished Guests, Ladies and Gentlemen,

A century ago, it would have been far-fetched to imagine that a humble civil servant of Hong Kong would stand here in this grand hall, speaking to so many distinguished scholars and medical practitioners from around the world. But, the Faculty of Medicine of the University of Hong Kong, its graduates, its staff and students have made the unimagined possible.

With vision and commitment, the founders of the Faculty established this medical school late last century as one of the first schools of western medicine in East Asia. Since then, the Faculty has nurtured over 5,400 students, who have gone on to take up positions of eminence not just in Hong Kong but all around the world. The hopes of the founders have been amply fulfilled.

Some people say that in life there are no certainties but taxation and death. As the Financial Secretary and as a human being, I certainly see some truth in this statement. I am not here to comment on doctors' attitude towards taxes. Rather, I want to applaud the unfaltering efforts of the medical profession, and the medical academics in particular, in their search for new ways to prolong life, relieve pain and comfort the dying. Over the past two decades, infant mortality rates in Hong Kong have dropped from about 14 to four per 1,000. Life expectancy has increased by six years over the same period. All these remarkable achievements bear testimony to the professionalism and dedication of the Faculty and its graduates.

Indeed, Hong Kong's economy thrives on the dynamism and vigour of our human resources. The health of our economy hinges on the health of our people. The first wealth is health. I am counting on you all to maintain the good work of teaching and research in the medical field, so that future generations remain healthy, wealthy and long able to pay their taxes.

The health of our economy also depends on education. For those who have read the Chief Executive's Policy Address delivered just over a fortnight ago, I need not stress the emphasis Mr Tung places on education. It is through education that doctors have the skills and knowledge to prevent and cure diseases. Through education they acquire the mind to think independently and the heart to serve the community and humanity. Truly, education is the key to the future of Hong Kong.

In the years to come, we will continue to invest heavily in upgrading the quality of our school education. At the tertiary level, quality is already the focus. We have invited universities to build upon their existing strengths. We will invest heavily in emerging centres of excellence which will enable our institutions to achieve and maintain recognition as world-class researchers in the international academic community. We must keep pace with rising international standards and serve the future economic and social needs of Hong Kong.

That heavy investment will not be money well spent unless it truly goes on quality, not quantity. The universities need to look carefully at admission policies and language proficiency, to ensure that those they admit can fully benefit from the nature of university education, and can share their learning with others.

International exchanges play an important role in enhancing the quality of teaching and research. Universities now operate on an international setting. We can perhaps still codify or transmit existing knowledge in a parochial manner. But to add to the existing stock of knowledge, to create the ferment of ideas - that wealth of notions on which the wealth of nations increasingly is based - we must know what is happening globally. We are, therefore, encouraging our universities to attract more talented and accomplished scholars from around the world. We will double the number of non-local undergraduates. We will also provide hostels to all non-local students. This Faculty has been in the forefront of recruiting non-local research post-graduates and is now reaping the harvest from such cross fertilisation through successful research projects.

I must praise the continuing efforts of the Faculty of Medicine in fostering international exchanges. I understand that the Faculty has agreements with renowned medical schools overseas and in the Mainland, creating lasting partnerships in the fields of medical education, research and clinical care. The multi-disciplinary Scientific Congress being held as part of the anniversary celebration is a vivid example of this.

Hong Kong is a place where the East meets the West. With the reunification of Hong Kong with the Mainland, Hong Kong is well placed to serve as China's gateway to the world, not just on the economic front but also in the medical field. We can, for instance, provide fertile ground for further research into both western medicine and traditional Chinese medicine. Judging from the list of symposia topics at the Congress, the latter is a strongly developing area of research interest.

As a layman, I am fascinated, and indeed, encouraged, by the novel topics of the 20 symposia in the Congress. I see a profession which is preparing for the 21st Century with great vitality, with a loving heart to serve the community and with the intellectual breadth to discharge its duty in the modern world.

Last but not least, I would like to thank every one of you tonight, particularly those who have travelled thousands of miles to come here. 1997 is a momentous year for Hong Kong. I hope that you will bring back to your own countries and institutions not only new ideas on medicine, but also a clear message that Hong Kong is confident in its future; confident that we will continue to play a unique role as an international and cosmopolitan city, as China's window to the world, as a place which treasures and respects academic freedom and freedom of speech; confident that Hong Kong will continue to live up to the expectations of those men of vision who founded this great faculty of medicine 110 years ago.

I wish all of you a most enjoyable evening. Thank you very much.