Hong Kong needs to continue to consolidate and give full play to its unique strengths while exploring and making fuller use of the opportunities arising from its reunification with the Mainland, Acting Chief Executive Wong Yan Lung says.

Speaking at the National Day reception in celebration of the 60th anniversary of the founding of the People's Republic of China today, he said the country has encountered many significant tests and challenges in the past 60 years.

"Today our country is making remarkable technological and economic progress that has helped to raise the nation's overall standard of living. China has become a major player in the spheres of global politics and finance and a powerful force in maintaining world peace and sustaining international development."

Anniversary celebration: Acting Chief Executive Wong Yan Lung proposes a toast at the National Day reception. More than 2,500 guests attend the flag-raising ceremony at Golden Bauhinia Square and watch the fly-by.

Cosmopolitan city

China has been pursuing reform and opening-up policies for more than 30 years and Hong Kong has had an irreplaceable role to play in this process.

He said Hong Kong needs to further broaden its global perspective and international links as well as enhance its talent pool in terms of quality and quantity.

"Taking advantage of our city's cosmopolitan nature, we will continue to support our nation's efforts in promoting greater collaboration with our neighbours in the region as well as with the broader international community," he said.

HK's role

In addition to expanding renminbi business in Hong Kong, the city should facilitate the economic development of the Greater China Economic Ring.

"Since the onset of the financial crisis last year, our country has accelerated the development of various services sectors. Hong Kong, with its modern management style, excellent information network and expertise in professional services, is well placed to jointly develop the Pearl River Delta Region and explore emerging high value-added industries, with a view to boosting the overall competitiveness of the PRD Region."

Noting this is a special year for the country and the city, Mr Wong said Hong Kong people will rise to the challenge and make the upcoming East Asian Games a resounding success.

National day parade

Meanwhile, Hong Kong also participated in the National Day parade in Beijing today.

The Hong Kong float included models of the city's landmarks, two short anniversary-themed videos by renowned Hong Kong film directors Andrew Lau and Johnnie To, and a specially choreographed performance by ballet dancers.

The float represented the dynamism of Hong Kong as a financial centre and a regional capital for creative industries, events and tourism. It will be on display in Tiananmen Square for six days.