Hong Kong  - China is the engine driving global economic growth as it celebrates the 60th anniversary of the establishment of the People's Republic, Hong Kong's acting leader said Thursday.

Speaking at a ceremony in the former British colony to mark China's 60th National Day, Wong Yan Lung said the financial crisis had proved China's global economic ascendancy.

"The global financial tsunami has underscored China's importance as an engine driving global economic growth, as well as a stabilizing influence amid the financial turbulence," he said.

"China has become a major player in the spheres of global politics and finance and a powerful force in maintaining world peace and sustaining international development."

Wong, who is acting chief executive while Hong Kong leader Donald Tsang is in Beijing for the celebrations, said Chinese people had won the admiration of the world in recent years.

"The unprecedented scale of the Beijing Olympics and Paralympics last year won the applause of the whole world," he said. "The historic spacewalk mission accomplished by Shenzhou 7 also marked a milestone in China's space programme."

Thursday is a public holiday in Hong Kong to mark Chinese National Day. Around 400,000 people are expected to watch a celebratory fireworks display over Victoria Harbour on Thursday evening.

Hong Kong reverted to Chinese rule in 1997 under a "one country, two systems" arrangement that guarantees it political freedoms and freedom of speech denied to people in the rest of China. (dpa)