The year 2003-04 draws an exciting picture of HKUST's future at all levels of interaction: locally, nationally and internationally. Our expertise in emerging fields, dynamic drive and responsiveness to change put HKUST in a special position to drive Hong Kong forward, contribute to China's development and assist global progress. We are delighted and proud that the value of HKUST's endeavors and pursuit of excellence have been fully acknowledged and supported by the Hong Kong community. The University has already achieved a great deal. We intend to achieve much more.