Reserve Fund announced yesterday. Unless we maintain

smooth momentum in construction, when new opportunities

come as they will we will not be able to grasp them.

21.

G

And opportunities there will be, as well as

uncertainties.

Of course Hong Kong is the place it is

because every day someone grasps a new opportunity. But

the biggest one at the moment I believe to be that offered

by the development of the mutual co-operation with Guangdong

and other parts of China that is already developing. There

is nothing abnormal about this. We must remember that it is

recent history which has been abnormal and that what is

happening is a process of renormalisation. But during this. period of abnormality Hong Kong has developed in ways which make it possible for co-operation to be of infinitely greater value and significance than it would have been a decade or

two ago.

Our recent growth has been made possible by seeking

trade and business east and west and south. It is vitally

important that these connections continue to be developed and

exploited. They will still be the basis of our wealth and of

our value as partners in cooperation. But at the same time

we must learn to look north. Our businessmen are better placed

to seize many of the opportunities that exist near at hand

than the missions and the tycoons from overseas who visit

Beijing for a few days to discuss vast projects. It must be

up to the individual judgment of each businessman what he does,

but opportunity knocks, and as many as possible should at least go and form their own opinion. The infrastructure is developing, and the goodwill of the Chinese Government is there for all to

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