Chief Executive Donald Tsang says Hong Kong's economic prospects are exceedingly good, adding we're likely to see a golden era of Hong Kong emerge.

Mr Tsang wrapped up his visit to the UK today with a series of meetings at which he briefed business leaders, Parliamentarians, academics and journalists on Hong Kong's status and prospects as the international financial centre of Asia.

Busy day: Chief Executive Donald Tsang spoke at a Roundtable Meeting of financial executives in London, turned on the Christmas lights at Harrod's department store and attended a dragon eye-dotting ceremony to mark Hong Kong's first ever participation in the Lord Mayor's Show 2005.

He updated them on Hong Kong's broad-based recovery and said, barring unforeseen circumstances which could adversely affect the global economy, Hong Kong was poised for a period of sustained economic growth.

"Hong Kong's economic prospects are exceedingly good," he said. "I'd go further to say that we're likely to see a golden era of Hong Kong emerging."

Responding to the media's questions on Hong Kong's political development, Mr Tsang said the proposal put forward is the product of an extensive consultation here in Hong Kong, given the constraints the NPC Standing Committee has imposed.

The proposal is genuinely supported by the majority of Hong Kong people, whom we have approached in repeated polls, he said, adding there is absolutely no deception at all.

"The residual questions that we need to address, including the timetable, can only be addressed after we have resolved a number of other issues - for instance, what kind of structure of legislature do we want? What is the roadmap leading to it?

"After these things have been resolved, we will be able automatically to deal with the question of the timetable. I am quite prepared to engage the public and experts in discussing these issues in the Commission on Strategic Development, in a particular panel, which I personally would chair.

Absolutely no deception
"So there is no shirking and no deception. It is a question of a frank exchange with Hong Kong people," he added.

On the final day of his three-day programme in London, the Chief Executive spoke at a breakfast meeting with Parliamentarians, leading business executives and academics; participated in a round-table session with financial executives; had a lunch meeting with Governor of the Bank of England Mervyn King; and briefed editors of the Financial Times. He also was interviewed by The Economist and held a briefing for the news media.

His discussions covered the economy, political development, air quality, cross-boundary infrastructure, Hong Kong's competitiveness in the Asia-Pacific region, and the Sixth WTO Ministerial Conference to be hosted by Hong Kong next month.

During his meetings, Mr Tsang provided updates on Hong Kong's current broad-based economic recovery, which was marked by strong GDP expansion and trade growth, low inflation, record tourist arrivals, robust consumer consumption and continued inflow of external investment.

The Chief Executive recounted how the Asian financial crisis, the bursting of the property price bubble and the SARS outbreak had disheartened Hong Kong people. But in the past year and a half, their confidence in the future had returned. 

"If you've visited Hong Kong, you must have felt the buzz," he said. "The feel-good factor has returned."

Honoured to be CE

Mr Tsang said he was honoured to have become Chief Executive in June, and would do his utmost during the rest of his term to ensure that Hong Kong continued to prosper and grow.

After his meetings Friday, Mr Tsang said his briefings were well received.

"It has been a very encouraging and stimulating visit to the UK," he said. "The business and government leaders I met were extremely knowledgeable about and interested in Hong Kong. There is a great store of goodwill in the UK towards Hong Kong, stemming from our historical relationship and longstanding business ties. There's a special bond between us stretching back for one and a half centuries.

"Many of those I met make frequent trips to Hong Kong or have been in our city recently, and invariably they concur with my assessment that the buzz has returned."

The Chief Executive said one issue raised a few times during his visit was Hong Kong's air quality.

Mr Tsang replied that it was "an issue I am critically concerned about" and assured them that both the Hong Kong Government and the Guangdong authorities recognised the need to address it.

67b pounds sterling raised

He said Hong Kong would continue to benefit as more Mainland enterprises sought to enter the international market.

For example, he said, Mainland enterprises had raised the equivalent of over 67 billion pounds sterling on Hong Kong's stockmarket. This process would accelerate as the Pan-Pearl River Delta co-operation initiative gained momentum and Mainland enterprises chose to take advantage of Hong Kong's global connections and strong regulatory environment.