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However that may be the Government, of which you are such a vital part, is judged a success by the world. In spite of deficiencies largely thrust upon it, Hong
Kong is judged a success. What is it that has enabled this tiny and desperately overcrowded part of the land mass of China to become one of the greatest concentrations if industrial production, finance and communications in
the world?
There are other crowded communities with
a harbour and little else, which have not achieved comparable growth prosperity and international respect. Obviously, in the first place the character of its people,
and those who direct and man the many units of our
economic, social and political life. But also, I think, Hong Kong's prosperity depends on a whole series of interrelated elements, all of which we have succeeded
in guarding. We have a fine harbour, but we have kept
it a free port; we have a system of law whose practice is understood domestically and internationally, administered
by a judiciary that is independent; we have a currency
that is backed as to over 100% and is convertible and
acceptable; we maintain a fiscal environment which is
exceptionally predictable in the extraordinarily low
burdens it imposes, and is free from ideological bias.
We have maintained access to markets overseas through
our membership, via the United Kingdom, of the General
Agreement on Tariffs and Trade with all the safeguards that
this contains; we have financial services on a scale and of
an expertise that rank third in the world; we maintain
freedom to invest, to work, to employ and to earn, and
to do what one will with the proceeds, with the minimum
of restriction necessary to prevent abuse. Our
administration is efficient by world standards and its
policies have been kept free from the sudden shifts and
changes that affect most other governments; we have a
net of social security which, though incomplete, removes
from the unfortunate denial of medical treatment, education,
subsistence or shelter if need is proved; and we have a
/vast scheme.....