HONG KONG -- The past 10 years witnessed great achievements of Hong Kong's development and that itself is the best gift for the celebration of Hong Kong's return to the motherland, said Lily Chiang, chairman of the Hong Kong General Chamber of Commerce (HKGCC).

Chiang, also chairman of Eco-Tek Holdings Ltd, said although having experienced ups and downs, Hong Kong's business community have a positive expectation of Hong Kong in the next 10 years.

"At that time (10 years ago), our members were showing an attitude of 'wait-and-see' towards the Hong Kong's returning," said Chiang, "But now, you could easily see their positive attitude towards the future of Hong Kong."

Founded in 1861 and having around 4,000 corporate members, the HKGCC is the oldest and largest business organization in Hong Kong.

According to a survey launched by the chamber last year, the Hong Kong's industrial and commerce communities are confident about Hong Kong's economic situation in 2007. Many companies hold that the momentum will last through 2008 and plan to hire more hands to cater to the need of expansion of their companies.

Chiang said that Hong Kong's development was not a smooth one in the past 10 years, which experienced Asian financial crisis, global economic depression, and SARS. Through all the difficulties, Hong Kong finally kept its feet and stabilized its position as the world's financial, trade and shipping centers, added Chiang.

Hong Kong has been ranked the freest economy by the U.S. Heritage Foundation for 12th consecutive years. The Standard & Pool gave a "AA" rating to Hong Kong. The U.S.-based Milken Institute also listed Hong Kong the most convenient place for companies to raise funds.

Looking forward, Chiang is sober on Hong Kong's advantages and shortcomings.

She said that the 21st century will be the century of the Asia and Pacific region and China will play an important role in it. Hong Kong has its own special advantages as a bridge to promote the exchange of the Chinese mainland and the world. But she also said that Hong Kong should not be contented as it now faces great challenges. For example, Hong Kong now has not absolute advantages over its competitor Singapore on profit tax, she said.