E. Conclusion

151. Madam President, when we were reunited with the Motherland in 1997, Hong Kong and other Asian economies were flourishing. In my speech marking the establishment of the Special Administrative Region, I mentioned that we had to be alert to the challenges that lay ahead because I was already aware of latent problems behind the facade of prosperity. At present, the world economy is deteriorating rapidly and Hong Kong is experiencing its most difficult period in years. But we must look at the other side of the picture, our own advantages and our future prospects. We must have hope and confidence in ourselves.

152. In my speech today, I have spoken at some length on how we will facilitate a smooth economic restructuring and relieve the hardships of our people. I have also talked about social service development and raising the standards of administration. This will be the major thrust of our efforts for some time in the future.

153. Economic restructuring takes years. The recent cyclical slowdown in the world economy and the terrible terrorist attacks in the United States have aggravated the situation.

154. Hong Kong has weathered many crises in the past and since reunification we have confronted many challenges. However, after the storms, we have emerged with a new outlook each and every time. Although we are still facing unavoidable hard times, our experience has reaffirmed my belief in Hong Kong and my confidence in our future.

155. I have confidence because Hong Kong is endowed with distinct advantages - natural advantages or those that are the result of strenuous past efforts. Added to this is the firm support of the Central Government. I have confidence because I know that the people of Hong Kong have in past decades fought and overcome all sorts of adversities and difficulties. We have developed determination, indomitable strength and courage to take up new challenges. Therefore, if we can unite and work together, reinforce our advantages and invest in the future, particularly in education, we will overcome adversity, maintain our leading edge after economic restructuring and reap the benefits of the new knowledge-based economy.