Although the current financial tsunami has not caused systematic damage to Hong Kong's financial market, Tsang pledged Hong Kong people should stand united in vigorously pursuing economic development to face up to the global financial crisis.

He said the HKSAR government will carry out major infrastructure projects and development strategies laid out in his manifesto to reinforce Hong Kong's role as a global financial center.

The HKSAR government is expected to spend hundreds of millions of HK dollars on those large-scale infrastructure projects, including the Guangzhou-Shenzhen-Hong Kong Express Rail Link, the Hong Kong-Zhuhai-Macao Bridge and the West Kowloon Cultural District.

On banking supervision, Tsang said the HKSAR government has exercised its best endeavors to ensure financial system stability and strictly performed its supervisory functions.

He said the Hong Kong Monetary Authority and the Securities and Futures Commission will examine how to further strengthen the regulatory regime and enhance investor protection and education while the Office of the Commissioner for Insurance is exploring with the Hong Kong Federation of Insurers feasible options for establishing Policyholders' Protection Funds.

Despite the financial crisis Hong Kong now faces, Tsang said, the HKSAR government and government-owned statutory bodies will not indiscriminately supply land for residential and commercial use or sell land below market prices.

On exchanges with Taiwan, Tsang said the HKSAR government is strengthening exchanges and cooperation with Taiwan to enable Hong Kong to complement enhanced cross-strait relations and the Hong Kong Trade Development Council will set up an office in Taipei.

The Immigration Department will remove the restriction that limits a person to two iPermit applications within 30-day period and extend the limit of stay in Hong Kong from 14 days to 30 days for holders of iPermits and multiple-entry permits in January 2009 to provide greater convenience for frequent business visitors and tourists from Taiwan.

On food safety, Tsang said the HKSAR government will give priority to drafting the relevant part of the Food Safety Bill so that the authorities can promptly ban the import and sale, and order the recall of problem food when necessary following the melamine-tainted milk products from the Chinese mainland.

On the controversial legislation for minimum wage, Tsang said in his address that the HKSAR government will now proceed with the legislative work because the Wage Protection Movement is unsatisfactory.

Tsang stressed the HKSAR government will handle the relevant issues, including the minimum wage level and related review mechanism, in a "prudent and pragmatic manner."

Tsang promised to address squarely the challenges ahead with effective crisis management and improvements to Hong Kong's systems.

"I have full confidence in Hong Kong people and our people should have confidence in themselves, too," Tsang said.

"Sharing a common vision, we can rise above all challenges and emerge stronger," he added.

(Xinhua News Agency October 15, 2008)