Policy Address

5.         With all these opportunities before us, we should, however, stay alert.

6.         Taking the continuous economic development and full employment in recent years for granted, some people have underestimated the importance of economic growth.  This calls for vigilance.  People's livelihood depends on the economy, and fostering economic development is vital to improving people's livelihood.  Sustained economic development will provide our young people with more and better employment opportunities and chances of upward mobility, increase people's income, and enhance the Government's financial capacity in addressing problems relating to housing, poverty, ageing population and environmental protection.  We must maintain Hong Kong's competitiveness in both the international and Mainland markets, and forestall any act that harms the investment and business environment.

7.         On constitutional development, we have to be wary of suggestions that deviate from the Basic Law.  Discussions on constitutional development over the past year or so have revealed that many fail to properly understand the relationship between the Central Authorities and the Hong Kong Special Administrative Region (HKSAR), and the constitutional requirements relating to constitutional development.  I should stress that under "One Country, Two Systems", Hong Kong is a special administrative region of our country.  The Basic Law specifically provides for the relationship between the Central Authorities and the HKSAR.  Hong Kong's power originates from the Central Authorities, and the delegation of power from the Central Authorities to Hong Kong is provided in the Basic Law.  Hong Kong's autonomy under "One Country, Two Systems" is a high degree of autonomy, not an absolute autonomy.  It is a high degree of autonomy specifically provided for in the Basic Law, not one based on any arbitrary interpretation.  The formulation and development of our political structure must be based on the Basic Law and the relevant Interpretation and Decisions of the Standing Committee of the National People's Congress (NPCSC).  Under the Basic Law, the Chief Executive is accountable to not only the HKSAR, but also the Central Government.  The Chief Executive, whether returned by an Election Committee or by universal suffrage, and the Principal Officials nominated by the Chief Executive, are all subject to appointment by the Central Government.  The selection of the Chief Executive comprises both the elements of election and appointment.

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