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"We are now prosperous not only by the standards of our own past but prosperous by the standards of the developed world. Our per capita GDP has increased by 65 per cent in real terms in the past ten years," he said.
Mr Tsang went on noting that in putting Hong Kong's prosperity to good use by investing in its social as well as its physical infrastructure, the Government, as a result. had increased its recurrent spending on health, welfare and housing programmes by 117 per cent in real terms in the past ten years.
The results of these improvements are self-evident. For example, he said:
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In the past ten years, we have built about 400,000 new public housing units.
Over the same period, the proportion of the relevant age group studying for degrees has risen from four per cent to 18 per cent.
Since 1984. life expectancy at birth has increased by two full years. Our life expectancy rates are now among the longest in the world.
"Hong Kong has much to be proud of. We have exercised self discipline, and we have made the investments which have brought us our success." Mr Tsang said.
However, he cautioned: "We cannot rest on our laurels. Past success is no guarantee of future prosperity."
He noted that this success would not have been possible without three fundamental economic developments which took place outside Hong Kong. They
were:
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the success of the GATT in opening up world trade and keeping protectionism at bay. World trade has doubled every six years since 1969.
Thanks to its "open-door
the dramatic surge in China's growth. policies". China's real GDP has doubled every eight years since 1979. Hong Kong links with Chinese economy have grown so rapidly and so extensively that Hong Kong now play a vital part in the world's most dynamic economy.
the take-off into sustained economic growth of Hong Kong's neighbours in Asia. Trading with them has doubled every four years since 1966.