Tsang, who was appointed Financial Secretary in 1995 and promoted to Chief Secretary in 2001, has pledged support for Hong Kong's technology and research and development (R&D). During a speech at the opening of the "Mainland, HK and Macao Trade and Economic Co-operation Forum" in June of last year, Tsang said that China's "11th Five-Year Plan...reaffirms Hong Kong's status as an international hub for financial services, trade and shipping, and supports Hong Kong's development in areas such as financial services, logistics, tourism and information services." In his speech at the opening ceremony of InnoCentre in Hong Kong last November, Tsang said: "We promote applied R&D through funding schemes, infrastructure support, collaboration with Mainland and overseas research institutes."