Defining moment: Chief Executive Donald Tsang tells legislators that the coming years will be a defining moment in Hong Kong's development.

Chief Executive Donald Tsang says Hong Kong's long-term stability and prosperity will be defined by whether the city can play an irreplaceable role in the country's emergence as a global economic power.

Speaking at the Legislative Council's question-and-answer session today he said the coming years will be a defining moment in Hong Kong's development. Although the city's economic performance last year was remarkable, he said people should be alert for the challenges that lie ahead.

"Global competition is not an easy process. There is no room for a second-class city. Gone are the days when we could survive by serving as intermediaries when flow of information was limited."

Support essential

Mr Tsang said his recent visit to Beijing was to secure support from the Central Government to affirm Hong Kong's role as a national, regional and global finance centre.

"During my stay in Beijing, I called on ministry and commission-level officials to discuss policies on the expansion of renminbi business in Hong Kong and ways to encourage quality enterprises to use Hong Kong as an investment and fund-raising platform."

On infrastructure, Mr Tsang said he will strive to start work on the Hong Kong-Zhuhai-Macau Bridge as soon as possible. He also aims to resolve airspace congestion and increase capacity at Hong Kong International Airport.

"The convention and exhibition sector will be promoted to boost business travel to consolidate Hong Kong's role as a business information centre between the Mainland market and multinational corporations. The Central Government's responses have been positive in this regard."

Pregnant Mainlanders, elections

Mr Tsang said the Government has been working on measures to tackle the influx of pregnant Mainlanders.

"I can assure you that we always put the well being of local expecting women first and we will provide sufficient hospital services and human resources to cope with the demand."

Speaking on when he will announce his candidacy in the Chief Executive elections, he said his present role comes above all else.

"It is my heavy duty as the incumbent Chief Executive to work with the whole community to maintain economic prosperity to provide an environment where people can lead a happy life. I cannot afford to fail. As such, I believe that the effects of my personal election activities on day-to-day governance must be kept to the minimum."

Mr Tsang said it is not appropriate for him, as the current Chief Executive or as a candidate in the next Chief Executive election, to promote ideas that have not been well conceived.

"I hope my policy objectives for the next five years will not remain impractical visions. They should not just be simply about spending money, while ignoring where we can get the money in the first place. They must be realistic rather than simply idealistic. I hope I can live up to my words.

"Meanwhile, I am preparing myself to be a responsible candidate. I will announce my campaign arrangements in due course."

Food safety

The Chief Executive said there is room for improvement in the city's food safety management mechanism.

His initial proposal is to introduce registration systems for all food importers and require all imported foods to carry safety certificates. Hong Kong should also formulate its own food safety requirement and enhance food safety inspections.

Noting the proposal can materialise through executive means or legislation, Mr Tsang said it will take some time for all the proposed measures to be implemented. He has discussed with Mainland officials ways to improve the mechanism on food safety control and good progress has been made.

Stock market, aviation

Mr Tsang said although Hong Kong's short and mid-term economic prospects are good, investors should stay alert to external factors and possible fluctuation in the market.

The Government will enhance the risk management of the financial market to ensure Hong Kong's investment environment is in good order.

When asked what the Government has done to solve airspace congestion, Mr Tsang said he has raised the issue with Premier Wen Jiabao.

Mr Tsang hopes the Central Government will expand airspace between Hong Kong and the eastern Mainland.