Madam President, 1. To the Members of this Council, and to all citizens of Hong Kong, I now deliver the first Policy Address of the Government of the Hong Kong Special Administrative Region of the People's Republic of China.
2. On July 1, 1997, Hong Kong was reunited with China. We the people of Hong Kong have begun to write our own history. Each step we take today will set our course for decades to come. Clearly and constantly remembering the deep significance of July 1, we must work to build Hong Kong for ourselves and for future generations: a Hong Kong that is civilised, prosperous, stable and democratic, filled with a new vitality.
3. Taking stock of the situation around us, for more than a century conditions have not been better or more promising for our country than they are today. After nearly twenty years of reform, China's remarkable achievements are recognised all around the world. The 15th Party Congress under the leadership of President Jiang Zemin has just set out the goal of building China into a major power by the middle of the 21st Century. Our country has bright prospects from which Hong Kong is sure to benefit. Hong Kong has finally broken free from the psychological constraints brought about by the colonial era. We should have the courage to set aside past modes of thought and plan Hong Kong's long-term future with new vision.
4. The world economy is undergoing a tremendous transformation. It has entered an era of increasingly open, free and borderless competition. Rapid developments in information technology will change the way mankind works and lives. Hong Kong now faces the challenge of the information age. We must look to new concepts with which to assess our competitiveness and set new courses for development.
5. Hong Kong is indeed fortunate. We have incomparable advantages: a high degree of autonomy under 'One Country, Two Systems'; abundant financial reserves; social and economic systems that work well; a sound, comprehensive legal system; we are the southern gateway to China and an international financial, trade and shipping centre. Our future economy will also be strongly supported by the rapid development in China.
6. As China's economy, culture and spirit develop and as the world continues to progress, Hong Kong can either stand by passively, content with what we have achieved, or ride the wave of opportunity and go forward, adding new dimensions and vibrancy to our lives. I believe that the people of Hong Kong will rise to the challenge of this brave new era.
One Country, Two Systems and Hong Kong 7. Hong Kong's reunification with China under the 'One Country, Two Systems' concept requires us to appreciate and accept one practical and profound truth: Hong Kong's prosperity and stability are closely linked with those of the Mainland. Also, Hong Kong and China share the same fundamental interests. This is the basis for successfully implementing 'One Country, Two Systems'. It is also the starting point for the SAR Government when formulating policies for our relationship with the Mainland, and strategies for Hong Kong's long-term development.