Distinguished guests, delegates, ladies and gentlemen,

Let me start by thanking the International Association of Convention and Visitor Bureaux for inviting me to open your 1997 Annual Convention. On behalf of the people of the Hong Kong Special Administrative Region and on behalf of their government, I welcome you all, particularly the 200 or so delegates from 19 countries, to our home at this special juncture -- just three weeks after the historic return of Hong Kong to the People's Republic of China.

It is indeed Hong Kong's great honour to play host to this important convention. The fact that you have chosen to hold your annual meeting here is I believe a vote of confidence in Hong Kong as an international tourism, convention and exhibition destination.

Travel and tourism is the biggest foreign exchange earnng service industry in Hong Kong, contributing more than 13 billion US dollars to our economy in 1996. All of what is spent on tourism adds to the continued economic prosperity and future success of Hong Kong.

Speaking of the future, I am sure most, if not all, of you saw the Handover related events on June 30 and July 1 and I am also sure you would like to hear what this means for Hong Kong.

During ceremonies to mark the Handover and the establishment of the Hong Kong Special Administrative Region, or HKSAR, our President Jiang Zemin, Premier Li and Vice Premier Qian stressed in one voice their determination to see Hong Kong continue to flourish and to take on an even more important role as China's window on the world and the world's window on China.

President Jiang, for example, restated our national policy that Hong Kong would enjoy a high degree of autonomy and that the 'one country, two systems' concept would steadfastly chart our course towards long-term stability and prosperity.

The Basic Law for Hong Kong which came into effect on July 1, has translated the 'one country, two systems' concept into a comprehensive legal code which preserves Hong Kong's unique social, political, economic and legal systems.

President Jiang also highlighted the importance of maintaining Hong Kong's capitalist way of life separate from the socialist systems practised in the mainland.

Much of what our President said is already a reality, in front of your eyes. We are still one of the safest cities to visit in the world. We have a corruption-free civil service. We adhere strictly to the principles of a level playing field for all who do business in Hong Kong. Our progressive financial and social systems are the same, our laws and legal system remain intact. Our currency remains freely convertible and very strong, and we have one of the best tax regimes in the world.

You yourself will have seen that our hotels still provide excellent service. There is still a different restaurant to enjoy gourmet cuisine at every meal, every day of your stay. You can still find great bargains in a street market. The shopping is still among the best in the world, Hong Kong people can still come and go as they please, play as they please, and, more important, criticise their government as they please. The freedom of our press is second to none in the world.

Your presence here shows that the convention business in Hong Kong continues 'as usual'. Last year we welcomed almost 360,000 delegates involved in meetings, exhibitions, conventions or incentive travel and of course in 1997 we hope to top that.

There may still be prophets of doom and gloom who predict Hong Kong's star will fade. But I earnestly believe such predictions are ill-founded, over simplistic and fail to give due consideration to the determination of Hong Kong people to succeed and to seize the opportunities thrown up by new challenges and circumstances, to the determination of China to make the Hong Kong enterprise work.

Hong Kong's hard-working people have made this relatively small and free port the world's 7th largest trading economy. We are the world's 9th largest exporter of services. We have the world's fourth highest foreign exchange reserves. We have a per capita GDP which is higher than that in most developed nations. We have been consistently rated the world's freest economy.

I am sure these elements of our success will not change. Come back next year, in five years or 10 years. You will find Hong Kong's star shining even bigger, brighter and better than before. In fact, I'd bank on it.

So, with much enthusiasm I welcome you again to Hong Kong. I hope you will have a successful conference and I extend an open invitation for you all to come back and visit us again in the future.

Thank you.