G. Conclusion

56. Madam President, over the past few years, the Government has vigorously promoted economic restructuring through a broad range of policies and measures. Despite some pain in putting them in place, they are now taking effect. We see a significant drop in business costs, increasing market competition, growing acceptance of innovations and technologies, and a public sector delivering better services with higher efficiency. Increasing numbers of multinational corporations are setting up their regional headquarters here. Foreign companies are actively seeking listing in Hong Kong. Our financial services, logistics, tourism and producer services continue to do well. Closer economic integration with the PRD keeps on creating new jobs. Last November, 3.27 million people were employed, setting a record high. All this is compelling evidence that our economy is proceeding vigorously under the new role envisaged for Hong Kong. Economic restructuring is a difficult journey, but I am pleased to say that we continue to make good and steady progress.

57. We must understand that the move towards a knowledge-based economy will confront us with many significant changes. I believe we are mentally prepared for that. As industrial production relocates northwards, and corporations slim down to achieve greater cost effectiveness, the unemployment rate will unfortunately remain high for long periods. The income of some people will drop and the income gap will grow. People will inevitably find it difficult to cope with these structural changes and many will feel insecure. These changes may also cause friction in society. We can understand the situation and appreciate the feeling of those who have been hurt by economic restructuring. However, we also know that we have to move on and not indulge in nostalgia. Nor should we seek to turn the clock back. We will do our utmost to assist those in need of support. Through training and retraining programmes, the Government is providing opportunities for life-long learning to help citizens adjust to the demands of economic restructuring. Our efforts to promote tourism, develop logistics, promote the local community economy and our determination to tackle the problem of illegal workers will increase employment opportunities.

58. From another perspective, globalisation, the advent of the knowledge-based economy and the rapid economic development of our Motherland also provide tremendous scope for development. There are great opportunities never seen before for those members of the community who possess the knowledge, creativity and enterprising spirit. They can fully deploy their expertise and talents in new ventures to create wealth. Their success in turn will further the growth and progress of our society.

59. Economic restructuring will create plenty of opportunities for our business and industrial sectors, and much room for further exploitation by our professionals. There will also be many jobs and career development opportunities for different sectors of our community. Ultimately, everyone will benefit.

60. Today, we find ourselves at a critical moment. We must be masters of our own destiny. In the past 50 years, Hong Kong has faced and overcome many challenges, turning crises into opportunities. All involved, whether they were entrepreneurs or employees, have embraced the opportunities and created success stories by virtue of their diligence, agility and willingness to keep learning. These events give us confidence that we will succeed in the new round of economic restructuring.

61. For ourselves and our next generation, I sincerely hope we can all put the community's common interests first when we proceed along this path of development. We are all in the same boat and should, therefore, support and care for one another. We should, in particular, show our sympathy and do our best to take care of the disadvantaged in the community.

62. We do not underestimate the challenges in pushing for restructuring and revitalising our economy. But we need to look beyond the immediate problems to see the bright future that lies ahead. The SARG and I are confident, determined and certain that we can lead Hong Kong out of its current difficulties and accomplish the mission of revitalising our economy. We will create a more prosperous Hong Kong under "One Country, Two Systems".