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Looking Ahead The past year has not been easy - but Hong Kong people have handled the economic and social challenges over such a short space of time with considerable skill and their customary pragmatism. Hong Kong has proved time and again it has a remarkably resilient and flexible economy and workforce, able to cope quickly and efficiently with rapid changes in regional or world markets. This is still the case. Over the past 30 years the economy has been transformed from manufacturing to one based on the provision of services. The challenge now is to keep that momentum going. Hong Kong has responded to the challenge with sweeping tax concessions for individuals and business a huge public investment programme designed to keep the economy ticking over when the wheels of progress could have easily become stalled. The SAR is positioned well, regionally and globally. With the rule of law, a well-managed, well-regulated economy and clean and open administration, underpinned by the success of 'One Country, Two Systems' and the support of the Central People's Government, Hong Kong has the capacity and the track record to be among the first to take advantage of the regional renewal when it inevitably comes. Sizeable reserves, a prudent fiscal policy and low, predictable taxes will, in the meantime, provide the economy with the breathing space it needs during such volatile times. Hong Kong has always been bold and global in outlook. These qualities have helped propel Hong Kong to international status, and they will carry it forward into the 21st Century.
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