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Following is a translated summary of the speech given by the Chief Executive, Mr Donald Tsang, at the Spring Reception at Government House today (February 22):
Distinguished guests, ladies and gentlemen,
Good afternoon. In this festive season, let me start by wishing you all good progress and good health in the Year of the Tiger.
According to the Chinese zodiac, the ox is supposed to stand for steadiness and stability. Yet the past year, the Year of the Ox, turned out to be full of fluctuations and changes. I remember during the last Spring Festival, the global economy was hard hit by the financial tsunami and the uncertain economic outlook dimmed our festive mood.
Then the massive stimulus measures launched by governments around the globe began to take effect. Coupled with sustained high economic growth on the Mainland, Hong Kong's economy continued to improve at the heels of a rebound in the second quarter. The GDP for the fourth quarter will be announced on the Budget Day. We expect it to return to a year-on-year positive growth.
As we begin the new year of the Tiger, which symbolises prowess, I hope that local and global economies can continue to improve. The latest statistics indicate that the labour market is improving continuously - the jobless rate for the latest quarter remained at 4.9%, the lowest since the beginning of last year. Moreover, Hong Kong ranked first globally in terms of amount of IPO raised last year. Consumers' confidence has also picked up.
A survey conducted earlier revealed that more than 60% of the respondents expect improvement in Hong Kong's overall development in the coming year, a surge of nearly 50% over the figure last year. Studies show that optimism is an essential element for success, so I am glad that you have cast a vote of confidence in Hong Kong. Having said that, we must stay vigilant and brace ourselves for possibly rough times ahead.
Despite signs of improvement, the steadiness of economic recovery remains uncertain. The external economic environment is subject to change and market fluctuations may occur when countries begin to withdraw their stimulus packages. Influx of capital will push up local asset prices and incur inflation risks. All these factors cannot be taken lightly. My colleagues and I will assess and handle them with care.
An optimist sees opportunity in every difficulty. Looking ahead, we may see a year fuel with challenges, and yet it may also be a year of opportunities and hope. Like my fellow citizens, I will embrace the future with optimism. Let's work together to give full play to our strengths - always persevere, always strive for excellence, and always look for opportunities for the betterment of Hong Kong.
In the past year, the Year of the Ox, we witnessed the return of a "bull market" amid the looming threat of a "great depression". If the Chinese zodiac is that prescient, I wish you all the courage and strength of the tiger to stride into the second decade of the 21st century.
Ends/Monday, February 22, 2010
Issued at HKT 17:56
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