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Hong Kong's economic growth would be derived from regional trade in goods and services.
"Our traditional markets will remain important to us. But it is East Asia that will provide the fresh dynamism for our economy," he said.
Hong Kong could take even greater pride in the economic progress made by China, "if we can take pride as part of the region in East Asia's progress".
Mr Tsang said: "China will continue to offer the prospects of high and sustainable rates of growth well into the next century. We, in Hong Kong, are part of China's past success and its future prospects."
China's Ninth Five-Year Plan, begun this year, acknowledged Hong Kong's special status and also provided encouraging indications of the areas in which Hong Kong could do most to contribute to the country's economic development, he said.
Mr Tsang said: "In making its contribution, Hong Kong will also benefit substantially."
End
Upgrade for protection of intellectual property rights laws
The Government shares the concerns of the international business community about the protection of intellectual property rights and its goal is to develop a modern and internationally-accepted framework to protect such rights, the Financial Secretary, Mr Donald Tsang, said.
Legislation on the protection of trade marks, patents, copyright and registered designs would be updated "to bring it into line with prevailing international standards".
The Secretary for Trade and Industry would introduce draft legislation to this effect by the end of this year. Mr Tsang said.