The Director of the Hong Kong Economic and Trade Office of the Hong Kong Special Administrative Region (SAR) Government in Canada, Mr Donald Tong, today (February 9) wished Kung Hei Fat Choy to hundreds of guests attending the office's Chinese New Year reception in Toronto.

Among those attending were senior government and city officials, bankers, academics, business/community leaders and journalists.

In a toast to usher in the Year of the Rabbit, Mr Tong hoped that 1999 would bring peace and serenity to the Asian region, including Hong Kong and other countries affected by the economic downturn.

During the occasion Mr. Tong also took the opportunity to introduce the new Deputy Director of the office, Mr. Eddie Cheung, the successor to Ms. Maureen Siu who is leaving after a three year stint in Toronto.

According to Chinese folklore, the year of the Rabbit is expected to bring tranquility, flexibility and profitability.

"I hope, therefore, the New Year will be free from serious turmoil so that we can forge ahead with our recovery measures," Mr Tong said.

"As you are aware the Year of the Tiger has been a very ferocious and turbulent one, not just for Hong Kong but for other regional economies as well.

"We also expect 1999 will remain difficult, but this will not deter us from our plans to adopt and introduce a string of measures aimed at softening the hardship and speeding up economic recovery.

"These include investing C$50 billion in the next five years on education, C$47 billion between now and 2002 on infrastructure projects and diversifying towards the development and application of technology and innovation in all industrial and service sectors.

"We are also aware that our economic recovery is influenced by external factors beyond our control, in particular the problems facing Japan. However, there are positive signs emerging lately, indicating that our property and stock markets have stabilised. Interest rate has been pared several times while increasing number of tourists are flowing back to Hong Kong."

Mr Tong added that two reputable organisations have also come up with positive assessment of our economy. Both the International Monetary Fund and the OECD have predicted that Hong Kong's economy would show signs of recovery this year.

During the two-hour reception, a photographic exhibition entitled "Hong Kong Advancing into the New Millennium" was also held.

On Thursday (February 11), Mr Tong will host another New Year reception and a send off ceremony for a contingent of RCMP officers in Vancouver. During the occasion, the officers will perform a ceremonial march after which Mr Tong will inspect a guard of honour.

For further information please contact Chief Information Officer, Frank Chuan at telephone no. (416) 924-5544.