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When this statement again sees the light of day, 14 years from now, we will be well into the 21st century. Hong Kong's condition then will depend on how the four pillars have borne up under the changes time brings, not least, of course, the change of sovereignty.

In an effort to allay the uncertainties that always accompany change, China has committed itself to propositions under the Basic Law that will keep Hong Kong's capitalist system and way of life unchanged for 50 years. At that time, 2047, we shall be half way through what many commentators now call the "Pacific Century". As it happens, this time capsule is in the form of a treasure chest to symbolise the galleon trade between Manila and Acapulco which began in the 1600s. Francis Bacon was listing his four pillars at the same time and that, too, was a "Pacific Century" - the first of many.

Looking back from 2010, Hong Kong's success will be seen, even more clearly, as due to the strength of the four pillars supporting its economic system. With the foundations laid by successive Hong Kong governments, I believe they will bear up.

End

APEC Declaration a firm commitment to free trade

The Financial Secretary, Mr Donald Tsang, said today (Monday) that the APEC Economic Leaders Declaration together with the endorsement of the Manila Action Plan for APEC signified a firm commitment from member economies to achieve the goal of free and open trade and investment by 2010/2020.

"Each economy has submitted an Individual Action Plan (IAP) which contained concrete proposals to bring forward the liberalisation process. The progress of the implementation of the IAPS will be reviewed continuously.

"All the commitments made in Hong Kong's IAP go beyond its Uruguay Round commitments. We shall bind tariff at zero for all items of imports by 2010," Mr Tsang said,

Speaking at the Economic Leaders Meeting, Mr Tsang emphasised that APEC should not venture into non-economic issues. He pointed out that globalisation was an irreversible phenomenon.

"Globalisation is posing new challenges to the multilateral trading system. It presents abundant opportunities," he said.