Following is the full text of the Lunar New Year message delivered by the Chief Executive, Mr Tung Chee Hwa, today (Tuesday) :

"As we celebrate the Year of the Tiger, I would like to take this opportunity to extend my warmest wishes to you all.

"This is the first Lunar New Year after the establishment of the Hong Kong Special Administrative Region in July 1997. The successful implementation of the principles of 'one country, two systems' and 'Hong Kong people running Hong Kong' have been welcomed by the whole community. With the support of the Central People's Government and the hard work of the Hong Kong people, the SAR has made a good start. We have drawn up long term goals for the future development of Hong Kong, and we are now turning them into reality.

"Our optimistic mood after reunification with China has been affected by the recent Asian financial turmoil. We all agree that defending the linked exchange rate has helped to stabilise the economy, but the resulting high interest rates have brought hardship to some. The present situation will, I am afraid, continue for some time. However, the Government will take all possible steps to provide a helping hand. While, I realise, the measures now under consideration may not meet the needs and aspirations of everyone, we are doing our best and will certainly take the interests of the entire community into account. Apart from doing our utmost to tackle the immediate problems, we will strive to lay a firm foundation for the long-term development of Hong Kong.

"In the past few years, we have been troubled by soaring property prices, high inflation and negative interest rates. The Asian financial turmoil gives us an opportunity to make quicker adjustments to these negative factors. This process of adjustment is a challenge to us all. We must remain calm and collected to overcome these temporary setbacks. Once this has been achieved, the foundations for our future progress and prosperity will be further strengthened.

"Amidst the joy of this festive occasion and the warmth of family gatherings, especially when I am looking at my grandchildren, I know there are two things that we must do. First, we should endeavour to work for the well-being of the next generation. Only by doing this shall we be able to plan for Hong Kong's future with a new vision and commitment. Secondly, the Government must regard the people of Hong Kong as members of a large family, to ensure that the elderly, the poor and the underprivileged are well cared for and are provided with a sense of security.

"To me, this year has indeed been a very special one. The Hong Kong people and the Central People's Government have entrusted me with the responsibility as the first Chief Executive of the HKSAR. I have been given the greatest honour, and I have accepted the greatest challenge of my life. May I take this opportunity to pledge that I will exert every effort to perform my duties and work hand in hand with you all towards the 21st Century.

"Spring is upon us again, and my wife, Betty, and I would like to wish all of you good health and a prosperous year."