HONG KONG, Nov. 16 (Xinhua) -- Hong Kong Special Administrative Region (HKSAR) government responded Friday to sections relating to Hong Kong in the 2007 Annual Report issued by the U.S. Congress' U. S.-China Economic and Security Review Commission.

An HKSAR government spokesman said they are pleased to note that the report recognizes that Hong Kong is favored by businesses from all parts of the globe as a center for commerce in Asia, and as a key financial center for the Asia-Pacific region.

"This is consistent with the rankings given by renowned international organizations, such as the World Bank, which ranks Hong Kong fourth in terms of ease of doing business, and the World Economic Forum, which ranks Hong Kong first in the area of financial market sophistication," said the spokesman.

The spokesman said the HKSAR government will continue to enhance Hong Kong's role as a gateway between the Chinese mainland and the international business community, by exploring ways to buttress the overall competitiveness of Hong Kong, especially in regard to strengthening our advantages in the rule of law, independent judiciary, law enforcement and transparency.

Regarding constitutional development, the spokesman said the third-term HKSAR government is committed to resolving the issue of universal suffrage within its five-year term.

"That is why the HKSAR government published the Green Paper on Constitutional Development to consult the public on the issue of universal suffrage, and to strive to forge consensus within the community," the spokesman said.

"We have been very open in setting out in the Green Paper all key issues, so that the public can discuss and make choices on the different options and timetable for implementing universal suffrage," he said.

"Constitutional development is part of our internal affairs," noted the spokesman, adding "the HKSAR will deal with it in accordance with the Basic Law. We hope, and believe, that foreign governments and legislatures will continue to respect this principle."

On freedom of the press, the spokesman said Hong Kong has developed a respect for freedom of speech and of the press.

"A free press, with rights and freedoms protected by the Basic Law and the Hong Kong Bill of Rights, is widely practical in Hong Kong, where a free press flourishes with more than 40 daily newspapers and 680 weekly periodicals being published," the spokesman said.

"Many international news agencies, newspapers and electronic media organizations also have major operations here," he added.

"As before, the media continues to perform its role rigorously in holding the government accountable. The media reports freely in Hong Kong, commenting extensively and liberally on local and external matters, and on government policies, programs and activities," the spokesman said.