Support from mainland, global outlook crucial to economic success: Tung Chee Hwa

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 ◆ Support from mainland, global outlook crucial to economic success: Tung Chee Hwa

Staunch support from the Chinese mainland and global outlook have been crucial to Hong Kong's economic success, Chief Executive of the Hong Kong Special Administrative Region Tung Chee Hwa said recently.

Tung made the remarks while delivering his first policy address in his second term at the Legislative Council recently.

Over the past year, the positive effects of China's accession to the WTO have begun to emerge. "We must seize these opportunities to elevate Hong Kong from its traditional role as an intermediary to a major hub connecting the mainland and the international markets," the chief executive pointed out.

"We can do this by supporting the mainland's economic development and opening up of its economy. At the same time, we will enhance our position as the financial and commercial center of China," Tung added.

Notwithstanding some difficulties in Hong Kong's economic development, Hong Kong remains the biggest outside investor to the Chinese mainland, which has provided a solid foundation on which Hong Kong can further contribute to the mainland's economic development.

Under the circumstances, one priority of his government is to improve conditions at the boundary crossings to facilitate the flow of passengers, vehicles and goods between Hong Kong and the mainland.

"We will continue to effect improvements with the target of completing normal clearance procedures on both sides of the boundary within 30 minutes for passengers, and 60 minutes for goods vehicles," Tung pledged.

In response to a proposal by the SAR government, the central government agreed to study further relaxation of current restrictions to facilitate mainland residents visiting Hong Kong, which will not only provide a welcome stimulus to tourism, but also help to further strengthen Hong Kong's ties with Guangdong Province and expand the scope for mutual cooperation, Tung said.

According to the chief executive, the Chinese central government has agreed to speed up discussions on Hong Kong entering into a closer economic partnership arrangement with the mainland, with a view to reaching an arrangement on the main parts by June 2003.