Updated at 7:00 p.m. BJT

On the eve of the 20th anniversary of Hong Kong’s return to China, Chinese President Xi Jinping urged the Special Administrative Region to push forward the "One Country, Two Systems" principle. He said this, when delivering a speech at a banquet in Hong Kong, held in honor of his three-day visit to the city. 

While recalling his vivid memories of Hong Kong’s return ceremony 20 years ago, Xi said that the "One Country, Two Systems" principle has had fruitful results.

The Chinese president also gave kudos to Hong Kong residents, conveying a “thumbs up” for their contributions over the past two decades. Xi said the region has become an important hub for foreign investment and trade under "One Country, Two Systems”.

Xi said, "Believe in the motherland no matter in the past, the present and the future." He added that the mainland has always firmly supported Hong Kong.   

During his speech, Xi stressed that China has become the world's largest contributor to economic development, and the China-led Belt and Road Initiative can lead global development.

Before the Chinese president’s speech, outgoing Hong Kong Chief Executive Leung Chun-ying delivered a welcoming address. Leung said Hong Kong has enhanced its international presence over the past 20 years. He also sent his best wishes to the SAR and the mainland.

Later on Friday, Xi attends a grand gala show at the Hong Kong Convention and Exhibition Center.

The president arrived in Hong Kong on Thursday for a three-day trip to attend celebrations marking the 20th anniversary of Hong Kong's return to China and the inauguration of the Special Administrative Region's new government.