HK Successfully Implements 'One Country, Two Systems': Tung

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Last updated at: (Beijing Time) Tuesday, November 19, 2002

HK Successfully Implements 'One Country, Two Systems': Tung

Hong Kong has successfully implemented the concept of "One Country, Two Systems", said Chief Executive Tung Chee Hwa Tuesday at the opening ceremony of the 16th World Congress of Accountants.

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Hong Kong has successfully implemented the concept of "One Country, Two Systems", said Chief Executive Tung Chee Hwa Tuesday at the opening ceremony of the 16th World Congress of Accountants.

Over these years since Hong Kong's return to the motherland, said Tung, the people of Hong Kong and the world at large have witnessed for themselves the successful implementation of the concept of "One Country, Two Systems".

"Our society is pluralistic, vocal, competitive and open. Our judiciary is strong and independent. The Government is transparent, accountable and responsive to the needs of our people," Tung pointed out.

According to Tung, the Hong Kong Special Administrative Region of China has taken part in over 4,000 conferences of international organizations and signed over 50 bilateral agreements with other countries as permitted by the Basic Law.

The human and financial capital inflow into Hong Kong is, surely, the best demonstration of confidence by the people both at home and abroad that the concept of "One Country, Two Systems" is being successfully implemented, he stressed.

Talking about accounting, Tung held that the world is changing and there is a need for the accounting profession to embrace change and there are particular concerns about corporate governance around the world.

He added that Hong Kong is one of the premier international financial centers of the world and obviously they attach great importance to corporate governance.

As the sixth year of HKSAR begins, the challenge for Hong Kong is how to successfully restructure the economy made necessary by globalization and the advent of the knowledge-based economy, according to the chief executive.

"I am confident we will be able to successfully restructure our economy," Tung said, adding that "We have many competitive advantages, our unique geographic location, the clustering of professionals and talents of international standing and excellent quality of our infrastructure are some of the essential ingredients for our future success."

Moreover, Hong Kong will leverage on the successful economic development of the Chinese mainland, with the support of the Central Government for Hong Kong's economic restructuring, Tung stated.

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