The most important task the Hong Kong Special Administrative Region (HKSAR) government faces is to lead Hong Kong out of the present economic difficulties and restore people's confidence in their future.

Tung Chee Hwa, chief executive of the HKSAR, made the statement in his first policy address in his second term at the Legislative Council Wednesday afternoon.

Tung pointed out that his policy address will focus on the major issues of public concern, including the background and causes of the present economic difficulties, plans to expedite economic recovery, decisive resolution of the fiscal deficit, as well as current legislative work on Article 23 of the Basic Law of the HKSAR.

"My theme today is revitalization of the economy -- only sustained economic growth can lay the foundation for improving people's livelihood and help in taking our society forward," he stated.

The common goal of the Hong Kong community, according to the chief executive, is to achieve long-term prosperity and stability.

Looking back over the past five years, Tung made it clear that the HKSAR has successfully implemented "One Country, Two Systems," weathered the Asian financial crisis, and set the broad direction for the future development and for steering Hong Kong out of its economic difficulties.

"It is clear to me that the success of 'One Country, Two Systems' involves maintaining our socio-economic systems and way of life and ensuring Hong Kong's economic growth and social progress," he stressed.

Tung described the "Policy Agenda" which is published together with his policy address Wednesday as a "road map" for the way forward in specific policy areas, adding that the former was drawn up after extensive consultation and thorough deliberation over the past few months.

"It forms the basis on which we will organize our work and sets the direction in which the government and the whole community will strive together," he said.

(Xinhua News Agency January 8, 2003)