Speech by the Chief Secretary for Administration

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Following is the speech by the Chief Secretary for Administration, Mrs Anson Chan, at the Tokyo Gala Dinner today (Wednesday):

Distinguished guests, ladies and gentlemen,

I am delighted to be here tonight to officially launch our 1998 Hong Kong promotion in Japan. Those of you who have been following these events over the years will know that Japan is always high on our priority list. You have played an important role over the years in our economic development; and, put simply, Hong Kong people like visiting Japan.

Just to give you an indication of the economic ties between our two communities - you are our third largest trading partner with total trade last year worth US$40 billion; our third largest source of external investment valued at some US$11 billion; and while the number of Japanese tourists visiting Hong Kong dropped last year by some 43%, you are still our third largest source with 1.4 million visitors in 1997. But we hope to reverse last year's downturn with the help of the 'Hong Kong Month', which has just been kicked off in Tokyo.

Although we have been coming here for some years, this marks our first promotion in Japan since the reunification with China on July the 1st last year. Almost a year has passed since that momentous day. We entered a new era, bringing with it new opportunities, but you would be surprised at just how little has changed. Under the concept of 'One Country, Two Systems', we have retained a high degree of autonomy in running our own affairs except in defence and foreign relations. The foundations for Hong Kong's future are still built on an absolute commitment to the rule of law, respect and protection of human rights and freedoms, an independent judiciary, a level playing field for business, low taxes, a clean administration, and free trade and the free flow of capital and information. Our status as the Hong Kong Special Administrative Region of the People's Republic of China gives us a unique opportunity to launch ourselves into the new millennium with renewed confidence.

Of course, we too are riding out the storm of the present Asian financial crisis. Despite the recent downturn in the growth rate of our economy, we have been less affected than most due largely to our prudent financial management; and to the checks and balances we have built into our system, not only as a result of previous crises, but as part of a conscious effort to make the administration and our financial institutions more open and transparent. A situation, I'm pleased to see, is being adopted by more countries in the region.

However, tonight, we want you to try to forget about the problems of the day, enjoy your dinner and then sit back and take in the eye-catching creations of some of our top young designers. A show put together with the usual flair and verve of the Hong Kong Trade Development Council and one which highlights the creativity and versatility of the people of Hong Kong.

Thank you

End/Wednesday, June 3, 1998

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