Hong Kong's long-term stability and prosperity will be defined by whether the city can play an irreplaceable role in the country's emergence as a global economic power, Chief Executive Donald Tsang said Thursday.

Speaking at the Legislative Council's question-and-answer session, he said the coming years will be a defining moment in Hong Kong's development. Although the city's economic performance last year was remarkable, people should be alert for the challenges that lie ahead.

"Global competition is not an easy process. There is no room for a second-class city. Gone are the days when we could survive by serving as intermediaries when flow of information was limited, " he said.

Tsang said his recent visit to Beijing was to secure support from the Central Government to affirm Hong Kong's role as a national, regional and global finance center.

"During my stay in Beijing, I called on ministry and commission- level officials to discuss policies on the expansion of renminbi business in Hong Kong and ways to encourage quality enterprises to use Hong Kong as an investment and fund-raising platform," he said.

On infrastructure, Tsang said he will strive to start work on the Hong Kong-Zhuhai-Macao Bridge as soon as possible. He also aims to resolve airspace congestion and increase capacity at Hong Kong International Airport.

"The convention and exhibition sector will be promoted to boost business travel to consolidate Hong Kong's role as a business information center between the Mainland market and multinational corporations. The Central Government's responses have been positive in this regard," he said.

On food safety, he said there is room for improvement in the city's food safety management mechanism. His initial proposal is to introduce registration systems for all food importers and require all imported foods to carry safety certificates. Hong Kong should also formulate its own food safety requirement and enhance food safety inspections.

On stock market, Tsang said although Hong Kong's short and mid- term economic prospects are good, investors should stay alert to external factors and possible fluctuation in the market. The Government will enhance the risk management of the financial market to ensure Hong Kong's investment environment is in good order.

Source: Xinhua