Tycoon Henry Fok Ying-tung says he has confidence in the long-term strength of the economy. Mr Fok, a vice-chairman of the Chinese People's Political Consultative Conference, said Hong Kong's economic problems were a hangover from the British administration. 'It was during the [British] rule that there was a surge in stock and property prices. There were also problems with the industrial policy,' he said. 'It's not the responsibility of Mr Tung.' He refused to speculate on when the economy would recover, but urged Hong Kong citizens to look to the longer term. 'After all, Hong Kong has got a huge reserve, a healthy financial system as well as China as its back-up,' Mr Fok said. 'We should be confident in the long run.'