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He said: "It is in no-one's interests to renege upon this promise. The rule of law lies at the very heart of Hong Kong's success. It plays a crucial role in securing and upholding the prosperity and stability of Hong Kong."
"The law does rule in Hong Kong. And this gives entrepreneurs and investors the confidence to go about their business knowing that their rights will not be impinged upon or subject to the whims of Government or individual officials," he added.
On the myth that the level playing field which Hong Kong had carefully maintained over the years would slowly start to tilt after 1997, Mr Tsang said there would be no reason to change as Hong Kong would still have the same civil servants, playing by the same rules as now.
On the other myth that the press freedom and the free flow of information generally would be eroded after 1997, Mr Tsang said the Government would not let these be eroded and again the Basic Law makes a promise to this effect.
Mr Tsang said: "Information be it economic, political, commercial, scientific or technological, is the lifeblood of a modern community like ours. Without it bankers, policy makers, investors and indeed Financial Secretaries, cannot make the best decisions. The decisions that lead to good profits, to good government and to good management."
He added that Hong Kong was the telecommunications hub in the Asia Pacific region and Hong Kong was linked to the rest of the world by submarine cables, satellites, and the internet.
"Within Hong Kong, our private telecommunications companies are now building the optic fibre backbone of the information superhighway which will lead us into the new information age.
"And our community values this flow of information, cherishes the freedom of our press," he said.
Mr Tsang also corrected the misconceptions held by some quarters concerning the post-1997 law and order and corruption scene in Hong Kong, as well as the alleged replacement of Hong Kong civil servants with Peking officials.
Turning to the future opportunities, Mr Tsang said: "Hong Kong is known world-wide for its harbour. So please allow me to indulge in a little metaphor making."