Message from the Chief Executive
The red-letter date of July 1, 2007 marks a milestone as the 10th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR). This historic day is a uniquely memorable moment for our country as a whole, but especially for the people of Hong Kong.

The 10th anniversary has been keenly anticipated, presenting a golden opportunity to review our past challenges and successes, while looking forward to a bright and prosperous future.

Hong Kong’s celebrations calendar runs from April through to December, and our government offices in the Mainland and overseas are, naturally, taking this opportunity to celebrate this important anniversary and to highlight all of the strengths and advantages we enjoy as Asia’s world city.

CEPA benefits economy and business enterprises
The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) continues to bring benefits to both business enterprises and the Hong Kong economy as a whole, according to the Administration’s second study on CEPA’s economic impact.

The report of the study, which covers trade in goods, trade in services and the Individual Visit Scheme (IVS), has been submitted to the Legislative Council’s Panel on Commerce and Industry.

The report sets out findings on the economic impact of CEPA liberalization measures implemented between 2004 and 2006.

Tax-reform consultation final report published
The final report on the tax-reform public consultation has been released, giving four recommendations, including exploring options that are more practical and gauging views on healthcare financing proposals as soon as possible.

Hong Kong Financial Secretary Henry Tang told reporters on June 12 that a total of 2,400 written submissions were received during the nine-month consultation.

"Although the public cannot accept at this point in time the Government's introduction of a goods and services tax, the public has generally obtained a better understanding of the problems of our narrow tax base during the consultation process and agreed that the Government should broaden the tax base to stabilize revenue to enhance fiscal health," he said.

Common law system continues to develop and thrive
Hong Kong’s Hon. Chief Justice Andrew Kwok-nang Li says that the principle of “One Country, Two Systems” has been implemented successfully and that the common law system in Hong Kong has continued to develop and thrive over the past 10 years.

In his opening remarks made at the 12th Conference of Chief Justices of Asia and the Pacific on June 4, the Chief Justice also noted that Hong Kong derived great benefit from maintaining its links and having exchanges with other jurisdictions.

“In a fast-changing world, we face common problems and challenges in the fair and effective administration of justice,” he said. “This forum enables fruitful exchanges of views on matters of concern and interest to Chief Justices.”

Hong Kong hosts APEC Symposium on Trade Facilitation 2007
The two-day Asia-Pacific Economic Cooperation (APEC) Symposium on Trade Facilitation 2007 opened at the Hong Kong Convention and Exhibition Centre on June 4.

In his welcoming remarks, Hong Kong Secretary for Commerce, Industry and Technology Joseph W.P. Wong said, “Trade facilitation means reducing costs to business operating in and between markets. It requires all parties concerned, including the business sectors, regulators and government officials, working toward this shared goal.”