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Mood in Hong Kong
7.
Confidence is at a low ebb.
territory is one consequence. many of them key professionals. this year.
Increasing emigration from the 42,000 people left Hong Kong in 1989, At least 55,000 expected to leave
slow
8. The stock and property markets have largely recovered since the
But the events of Tiananmen massacre and are still holding firm. last June and austerity measures in China have contributed to a down in economic growth. Little new money is being invested and a number of firms are moving their domicile out of Hong Kong.
Democracy
9.
When the Sino-British Joint Declaration was signed in 1984, there were no elected members of Hong Kong's Legislative Council (LegCo). Now 26 members, almost half the total are indirectly elected. In February 1988 the Hong Kong Government announced that 10 directly-elected seats would be introduced in the 1991 LegCo elections. But it has become clear since then, and particularly since the events of last June in China, that a growing number of
a more rapid politically conscious people in Hong Kong want to see rate of progress.
1. In July 1989 the Executive and Legislative Councils (OMELCO) 2 posed that one third of LegCo should be directly elected in 1991 and that there should be no less than 50% directly elected members by 1995. These proposals went beyond the provisions in the second draft of the Basic Law which provided for 18 directly elected seats
in 1997.
11. Following a period of intensive negotiations between the British and Chinese governments about the electoral provisions to be included in the Basic Law, the final draft was approved by the Plenary meeting of the Basic Law Drafting Committee held in Peking on 12-16 February. This provides for 20 directly elected seats in the Hong Kong legislature (out of a total of 60) in 1997, and for further increases to 24 seats in 1999 and 30 seats in 2003.
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