HONG KONG, Oct. 1 (Xinhua) -- Thousands of government officials,celebrities and guests from all walks of life in Hong Kong attended a grand reception here Monday morning to celebrate the 58th anniversary of the founding of the People's Republic of China.

It is also the 10th National Day being marked in Hong Kong since its return to the motherland in 1997.

"The development of the country is now most encouraging, and our success in many areas has stunned the whole world," Chief Executive of Hong Kong Special Administrative Region (HKSAR) Donald Tsang said in his address at the National Day reception.

"Hong Kong is blessed to have the strong backing of the world'sfastest-growing and most promising market," Tsang said, adding the entire world is eyeing the tremendous opportunities brought about by China's rapid economic development.

"Amid this severe global competition, we in Hong Kong must further capitalize on our unique strengths to capture opportunities ahead of others," he said.

Tsang said good results have already been in the financial sector as enterprises in the Chinese mainland continue to grow andHong Kong has become the most-preferred platform for mainland enterprises to raise capital with its improving financial system.

"Our economy has now revitalized, but we should not be complacent," Tsang said, "My team and I will keep on with our efforts to show our citizens that we are a professional, committed,experienced and energetic team."

Tsang promised to strive to promote economic development and improve people's livelihood, so that all sectors of the community can share the fruits of economic prosperity.

Looking forward to the coming Beijing Olympic Games some 300 days later, Tsang said Hong Kong is most honored to host the Equestrian events.

"When the moment comes," he said, "people in Hong Kong and Beijing will echo each other's cheers, and the Olympic flag of five interlaced rings, the five-star national flag and the HKSAR flag will fly in harmony."

Director of the Liaison Office of the Central People's Government in HKSAR Gao Siren, Commissioner of the Ministry of Foreign Affairs in Hong Kong Lu Xinhua and Commander of the People's Liberation Army (PLA) Garrison Troops in Hong Kong Wang Jitang,Commissar Liu Liangkai attended the reception.

Also present at the reception were HKSAR government Chief Secretary for Administration Henry Tang, Financial Secretary John Tsang, Secretary for Justice Wong Yan Lung, President of the Legislative Council Rita Fan and Convenor of the non-official members of the Executive Council Leung Chun-ying.

Earlier in the morning, thousands of Hong Kong residents and visitors gathered at the Golden Bauhinia Square for the flag raising ceremony marking China's National Day.