Following is the transcript (English part) of the media session given by the Chief Executive, Mr Tung Chee Hwa, at the airport after visiting Europe this morning:

Mr Tung: We just flew back from Paris this morning. I thought we had a very successful visit. While we were there I had the opportunity to meet the leadership of both governments and leading personalities in the industrial, commercial and financial sectors, in both Germany and France. I had the opportunity to explain to Chancellor Kohl, as well as President Chirac and Prime Minister Jospin how well Hong Kong has been going since the return of Hong Kong, and these leaders all congratulated us on the smooth return of Hong Kong. We also had the opportunity to discuss about the Asian currency turmoil and I stated our determination to maintain the currency linkage. Both countries expressed the importance of the stability of the Hong Kong Dollar as well as the Renminbi because in a very unstable environment in Asia our two currencies are a symbol of stability. I think it is important to mention here we want to maintain the currency stability not just because of international considerations but basically it is in the interests of Hong Kong to do so. I also take the opportunity to emphasise our confidence in the continued vitality of our economy in the longer term. Those friends in Germany attach a great deal of importance to the relationship with Mainland China and also the ongoing financial trading and the commercial relationship between Hong Kong and Germany or Hong Kong and France. And we all agree that with regard to this, we will try very hard to enhance this very important relationship. Taking the opportunity of our visit, we also raised the issue of the visa-free access to all the European nations and this is a subject which both governments have undertaken to pursue further. All in all, it was rather a rushed trip but I thought a very useful trip. Thank you.

Reporter: Mr Tung, how do you comment on Mr Clinton's visit later this year? And the other is, how do you comment on Mr Donald Tsang saying that he may withdraw some of the tax recessions (concessions) in case this proposal to increase fuel charges was vetoed?

Mr Tung: I am not aware of any specific plans for the President of the United States to visit Hong Kong. If he does, obviously he will be most welcome and he can see for himself how well we are doing here in Hong Kong. With regard to the point about the fuel-tax, I think Government's thought process is this: that we need to take into account in the longer term the environmental issue. The fact that Hong Kong's traffic build-up, if you take a long term view, it's also an issue of concern for all of us. So this is where we are coming from. Obviously, there are a lot of discussions now going on in the Legislature. I think the Government and the Financial Secretary will continue to listen to the voices before a final decision will be made. And we have to examine a number of options that are available to us, and we do so very carefully.

Chief Executive's transcript (Chinese part)