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She said the 1984 Sino-British Joint Declaration had promised that life and business in Hong Kong could go on almost exactly as before. There were also clear assurances about the continuity of laws, rights and freedoms.
Mrs Chan also addressed the imaginary concerns raised in various commentaries on Hong Kong. She stated that there was no such thing as capital flight, nor were there any problems with brain drain and increase in corruption. Moreover, Mrs Chan also corrected another mistaken theme saying that mainland Chinese companies would be able to secure privileged treatment in Hong Kong after the handover.
On the last point, Mrs Chan said, "I can say categorically that we cannot and will not countenance a situation in which Chinese companies have an unfair competitive advantage over local or foreign companies doing business in Hong Kong."
Turing to the real problems facing Hong Kong, Mrs Chan said the Provisional Legislature came at a delicate time in Hong Kong's transition when we needed continuity and certainty.
"We sincerely hope that the Provisional Legislature will not try to legislate in parallel or in competition with the existing, elected legislature of Hong Kong which will remain in being until June 30," she said.
Commenting on the recommendations by the Preparatory Committee Legal Sub-Group proposing amendments to a range of laws affecting civil liberties, Mrs Chan said it was important the Hong Kong laws must remain in compliance with the UN human rights covenants, the application of which was guaranteed in both the Joint Declaration and the Basic Law.
"The Preparatory Committee and China must address these concerns to reassure Hong Kong people and the international community that the 'one country two systems' concept will be strictly adhered to," Mrs Chan stressed.
Mrs Chan is currently on her last leg of US visit in Houston. She will be receiving two awards on February 1. The first is the Annual Award from the Asia Society in recognition of her contribution to promoting international understanding.
The second is the Honorary Citizen/Goodwill Ambassador Award presented by the City of Houston.
Earlier, Mrs Chan had a private meeting with the former US President George Bush and called on Mayor Robert Lanier of Houston. She will be back to Hong Kong in the evening of February 3 (Monday).
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