Hong Kong's trade and financial sectors, economic groups and celebrities on Monday welcomed the top legislature's decision on selecting Hong Kong's chief executive in 2007 and forming the Legislative Council (LegCo) in 2008, saying it's a remarkably important move to ensure healthy and stable constitutional development.

A statement by the Federation of Hong Kong Industries said that the decision by the National people's Congress (NPC) Standing Committee made the direction clear for Hong Kong's constitutional development, which is conducive to reducing social dissension and focusing social energy on economic development.

The statement pointed out that Hong Kong's political system and groups are currently not mature enough for universal suffrage to select the chief executive and all members of the LegCo, and the final goal of universal suffrage should proceed by a gradual and orderly manner.

Chairman of the Hong Kong General Chamber of Commerce (HKGCC) Anthony Nightingale said the Chamber welcomes the NPC's decision.

Nightingale noted Hong Kong should get to work on community wide two-way consultations and on building the institutional foundations necessary for constitutional development, "therefore we should focus on the work ahead to improve governance and to pave the road for constitutional development in a gradual way which maintains our stability and economic prosperity."

"The Chamber believes that, in addition to the all-important task of improving government/LegCo relations, Hong Kong needs to develop its political party system, nurture more policy think tanks, broaden the narrow tax base, encourage political participation in a balanced manner, and engage in civic education to enhance their understanding of the Basic Law and 'one country, two systems' and of the responsibilities of democracy," said Nightingale.

The Chinese General Chamber of Commerce said that the NPC's decision marks the Central Authorities' consistent stance to maintain Hong Kong's stability and prosperity.

"The decision help to safeguard the interests of various strata, circles and parties, and maintain Hong Kong's status as an international trade and financial center."

The Chamber hoped that the Hong Kong society should, under the premise of complying with the NPC's decision, put forward positive suggestions on methods of selecting the chief executive in 2007 and forming the Legislative Council in 2008, so as to keep the stable constitutional development.

(Xinhua News Agency April 27, 2004)