HONG KONG'S ECONOMY
Hong Kong's booming economy a measure of the success of the Joint Declaration and its implementation so far. After two poor years in 1982 and 1983, Hong Kong has from 1984 to 1988 had average growth rate of over 12% and the best 5 year period for inward investment in its history. Has developed as financial, trade and communications centre of Asia-Pacific region. Property market has been strong. A number of massive infrastructural projects are being planned (eg a new airport) or are under way.
One of the most striking features of Hong Kong's economic growth over last five years has been development of economic links with China. Hong Kong and China are each other's largest trading partners. Chinese investment in Hong Kong large and growing. Hong Kong already accounts for one third of China's foreign exchange earnings and two thirds of foreign investment in China. In Guangdong province, estimated to be up to 2 million people employed directly or indirectly by Hong Kong business.
BRITAIN'S RELATIONS WITH HONG KONG
As mark of importance we attach to Hong Kong, post of Senior British Trade Commissioner recently upgraded to Ambassadorial rank. Planning already in hand to establish large British Consulate-General in Hong Kong after 1997. Determined to maintain strong diplomatic, economic and cultural links with Hong Kong after 1997.
Cathay Pacific recently ordered ten A330 Airbus aircraft, with option to buy ten more. Total order would be worth £1.3 billion. Delivery to start in mid-1990's This is an important measure of this British managed Company's confidence in, and commitment to, the future of Hong Kong.
VIETNAMESE BOAT PEOPLE
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Hong Kong has been transit point for over 130,000 Vietnamese boat people since 1975. Over 116,000 resettled. None have been turned away. Magnificent achievement. But situation in Hong Kong has become increasingly serious in recent weeks with sharp increase in level of new arrivals (5000 so far
far this year).
Intensifying our efforts to find comprehensive and durable solution as soon as possible. Have secured agreement in principle of international community including Vietnam - to a Comprehensive Plan of Action to tackle this problem. Our aim is to ensure this is endorsed and fleshed out at International Conference on Indo-Chinese refugees to be held in Geneva in June.
that
In meantime, we are playing our full part in helping to ease burden on Hong Kong. UK has already taken over 13,000 Vietnamese refugees from Hong Kong. Our latest commitment, confirmed in February, to take a further 1,000 over next 2-3 years means doubling current monthly intake of refugees from Hong Kong. Our lobbying
our