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1997 would size and
too early emotional
long-term
be bumpy although few, if any, predicted the nature of this particular pothole. It is still distinguish clearly between the immediate reactions to the events of 4 June and their effects. Nevertheless it is clear enough that they have created a widespread sense of despondency and disillusionment. There can be little doubt that much of the patient work that has been done over the past 5 years
to ensure the success of the Joint Declaration has now been undone.
28.
The two main problems now facing Hong Kong are emigration and the availability of overseas investment. Before 4 June Hong Kong was already suffering from a lack of confidence in the Chinese Government. This will get worse. We must accept that large numbers of middle-class professionals and businessmen will leave Hong Kong; more than would have been the case if 4 June had never happened. But we must also remember that the majority of the population of Hong Kong will still be here, willingly or not, in 1997. They are the people for whom we must build a future. And they are likely to attach greater importance to issues such as social stability and improved services than the more political and newsworthy aims of the vocal but mobile middle class.
29.
Hong Kong has historically suffered from a dependency culture. Perhaps because of its lack of political development, it has tended to overreact emotionally to crises and to try to find both an external scapegoat and an external remedy for them. Yet individually Hong Kong people are self-reliant and pragmatic. What we must do now is to build on these qualities and to instill in the community as a whole a greater confidence in its ability to make a success of
its own future.
30.
The Hong Kong Government will of course take the lead in this. In a statement to the Legislative Council on 21 June, I set out the various ways in which we intend to respond to recent events, including faster progress towards direct elections and the enactment of a Bill of
Rights. In my address at the opening of the new LegCo session in October, I will emphasise the commitment of the Government to long-term planning for the benefit of the whole community. A clear statement of this will, I hope, lift people's vision beyond the immediate trough of despair.
31.
The maintenance of a strong economy is the key to Hong Kong's future. It is essential to make sure that
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