Donald Tsang, chief executive of the Hong Kong Special Administration Region of China, said Saturday that the city should seize the opportunity to play its part in the nation's 12th Five-Year Plan and to build a better, brighter future.

Hong Kong held a flag-raising ceremony Saturday morning at the Golden Bauhinia Square to mark the 62nd anniversary of the founding of the People's Republic of China. Donald Tsang, chief executive of the Hong Kong Special Administrative Region, attended the ceremony with about 3,000 people.

Speaking at the reception in celebration of the 62nd anniversary of the founding of the People's Republic of China, Tsang said, "Our ability to seize opportunities and to keep up with the times has always been our key to success."

He added that Hong Kong has a more important role to play in the 12th Five-Year Plan, which is an opportunity the city cannot afford to miss.

He noted that China has seen phenomenal progress in economic growth, people's livelihood, and many other areas, with its influence in the international arena continually growing.

The successful launch of the country's first space lab module Tiangong-1 two days ago once again demonstrated that the Chinese aerospace science and technology has reached world standard.

"Amid the fear that Europe and the U.S. might fall back into recession, China has become the focus of the world's attention," Tsang said.

Hong Kong, as an international financial center, keeps a particularly close eye on events in the financial world and makes every effort to support the country's steady development, he said.

The chief executive urged Hong Kong people to join hands and put heads together to discuss ways to resolve issues.

"While housing, the wealth gap and an aging population are prime concerns of the community, I will make the best of the opportunity to lay out practical measures to address these issues in my final Policy Address," he said.