August 17, 2011

Chief Executive Donald Tsang

This is the 14th year of our reunification with the nation. Over these years, we have witnessed One Country, Two Systems becoming an everyday reality. We have enjoyed a high degree of autonomy and self-rule under the leadership and support of the Central Government. We have made good progress with the economy and in improving people's livelihoods. According to the Chinese Academy of Social Sciences' Blue Book on Urban Competitiveness this year, Hong Kong has been ranked the most competitive city in China for the sixth year in a row. Hong Kong also tops the 2011 World Competitiveness Survey by the Lausanne-based International Institute for Management and Development.
 
Our country is always our strongest support. In the latest Outline of the 12th Five-Year Plan for the National Economic and Social Development, a chapter has been dedicated to Hong Kong and Macao, highlighting the significant functions and positioning of Hong Kong in the nation's development strategy. This signifies a new phase of our integration into the nation, and that our prosperity is closely linked to the country's economic progress.
 
Vice-Premier Li Keqiang has all along shown concern for the people of Hong Kong. In the area of economic collaboration with the Mainland, he encouraged Hong Kong businessmen to invest in the Mainland when he was the Party Committee Secretary of Liaoning Province. Recently, he has mentioned further reforms for all sectors, including taxation and financial services. Surely Hong Kong, as a financial hub for Asia and the world, will play a major role in contributing to the country's financial reforms and long-term development.
 
Hong Kong has indeed made tremendous progress in offshore renminbi (RMB) business. Total RMB deposits in Hong Kong's banks have jumped from RMB50 billion early last year to the present RMB550 billion, representing the biggest RMB capital pool outside the Mainland. Hong Kong has become a major platform for the settlement of trade deals in RMB and the issuance of RMB bonds. We are poised to become a premier offshore RMB settlement centre supporting the development of RMB business around the globe.
 
The nation also supports Hong Kong's diversified economic development. In addition to the four traditional pillar industries of financial services, trading and logistics, tourism and professional services, the HKSAR Government has recently identified six priority industries in which Hong Kong enjoys competitive advantages, namely, testing and certification, medical services, innovation and technology, cultural and creative industries, environmental industries and education services. Many of these pillar and priority industries have already benefited from the Mainland & Hong Kong Closer Economic Partnership Agreement (CEPA). In the foreseeable future, the liberalisation and facilitation measures under CEPA will continue to better serve the needs of local small and medium-size enterprises, accelerating our economic transformation and the upgrading of our industries.
 
The Vice-Premier's visit demonstrates once again the country's love and care for Hong Kong. This morning, Vice-Premier Li announced a full range of measures on trade, financial services, people's livelihoods, tourism and co-operation between Guangdong and Hong Kong to create a win-win environment, bringing benefits to the whole community of Hong Kong and boosting the country's further development, through the strengthened collaboration between the Mainland and Hong Kong. Within the tight schedule of his three-day stay, the Vice-Premier is visiting the HKSAR Government and financial and academic institutions, as well as various community facilities. He is also meeting with different sectors of the community to learn more about Hong Kong's economy and people's livelihoods. Tonight, we have many guests coming together to welcome Vice-Premier Li. Regardless of our various different backgrounds, we all love the nation and Hong Kong. Let us work together with one heart for the good of the country and Hong Kong.
 
This is the translation of the speech by Chief Executive Donald Tsang at the welcome dinner for Vice-Premier of the State Council Li Keqiang on August 17.