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companies have operations there and produce significant returns for
the UK. Because Hong Kong is one of the world's freest economies,
it is difficult to put a precise figure on British investment in the
territory. But the total gross stock market value of British-owned,
controlled or managed companies has been estimated at some
£20 billion.
Nationality
20. The Government welcome the Committee's analysis under this
heading and agree with their recommendation that assurances should
be offered to a significant number of Hong Kong BDTCs in key positions (paragraph 4.19). The increasing rate of emigration among key personnel, both in the public and private sectors, is a trend which the Government take very seriously. In the years 1980-86, the
average yearly outflow was about 20,000. In 1989 it was 42,000.
This year it is expected to be at least 55,000, many of them key
professionals. This growing exodus of talented people poses a real
threat to Hong Kong's stability and prosperity in the period before
1997. Many of those who are emigrating do so reluctantly, beause it
is the only means of acquiring the assurance of a foreign passport.
Most of them would remain if such an assurance were available
without the need to leave Hong Kong.
21. That is why the Foreign and Commonwealth Secretary announced on
20 December 1989 that the Government proposed to introduce
legislation to give British citizenship to 50,000 key people and
their dependants, without their having to leave the territory in order to qualify. This legislation is designed to anchor people in
Hong Kong so that they can continue to make their contribution to the territory's success and prosperity. The British Nationality (Hong Kong) Bill was published on 4 April and had its second reading on 19 April. Details of how the selection scheme might operate were
set out in an Explanatory Note which has also been laid before the
House.
22. The reaction in Hong Kong to the Government's nationality
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