Hong Kong must cash in on the nation's booming economy and make use of the opportunities ahead of others, said Chief Executive Donald Tsang yesterday.

The country's blistering economic development has stunned the world, and Hong Kong is blessed to have the strong backing of the world's fastest-growing and most promising market, he said.

Tsang was speaking at a reception to mark the 58th anniversary of the founding of the People's Republic of China.

"As enterprises on the mainland continue to grow and our financial system keeps improving, Hong Kong has become the most-preferred platform for them to raise capital," said Tsang. "Our status as an international financial carrier is reinforced."

Tsang pledged that the government will remain dedicated to promoting the city's economic development and improving people's livelihood, "so that all sectors of the community can share the fruits of economic prosperity".

The fact that Hong Kong is to host the equestrian events of the Olympic Games reconfirms that in the rapid rise of the country, Hong Kong people are full participants in its many affairs, from economic development to sports and cultural events, Tsang said.

Also yesterday, the city stages a series of activities to celebrate the National Day. A flag-raising ceremony, hosted by Tsang and attended by 2,500 guests, was held at the Golden Bauhinia Square in Wan Chai at 8am.

About 1,000 members of the public were present at the ceremony, watching the event unfold in a designated area where six plasma TVs and LCD screens had been set up.

"It's particularly meaningful for us to watch the flag-raising ceremony on the National Day this year, since it is also the 10th anniversary of HKSAR," said Chan Yuk-ping, a 38-year-old teacher who brought her young daughter to the Golden Bauhinia Square yesterday morning.

The police band and a mixed choir of Diocesan Boys School and Diocesan Girls School also regaled the audience with their performance of the national anthem, followed by a sea parade and a fly-past by the disciplined services.

(HK Edition 10/02/2007 page6)