CONFERENCE ON INVESTMENT OPPORTUNITIES IN HONG KONG
Opening Address by The Rt Hon Douglas Hurd CBE MP
Well timed conference: Prime Minister's visit to China and Hong Kong, airport MOU, new vigour in JLG.
David Li will speak on Hong Kong as financial centre: Sir John Swire on investment.
Will not steal their thunder. But I was struck again in Hong Kong two weeks ago by the sheer scale of Hong Kong's economic miracle: 6 million people but 11th largest trading nation in the world and major international financial centre: long-term GDP growth rate 7% per annum. Major banking/financial centre in Asia.
Whole basis of Britain's policy over last decade has been to ensure Hong Kong can continue success story in conditions of stability, justice and freedom, into the next century.
1984-89 Hong Kong prospered as China and Britain cooperated over Hong Kong. Economic reform in China contributed to
success.
Prime Minister's visit marks opening to new phase. Signing of MOU. Reaffirmation of content and spirit of JD. Real progress in number of issues of interest to Hong Kong during visit. Particularly Court of Final Appeal to ensure continued independence of judiciary: an essential requirement for international business confidence. Mechanism to speed up work of JLG: and refer issues when necessary for resolution at Foreign Minister level.
Evident during my visit that there was a real election campaign underway in Hong Kong. This too marks start of a new phase for Hong Kong. For first time, directly elected members. Rising curve of directly-elected members continuing beyond 1997.
Yesterday's elections open a new and encouraging chapter in Hong Kong's history. Mr Martin Lee and his allies fought a lively and successful campaign, based on a call for faster democracy. Like the British Government, like the Hong Kong Government, like the Chinese Government, they accept the Joint Declaration, and intend to work within it. I hope that the Chinese Government, having acquiesced in this step forward into direct democracy, will come to terms with the outcome. It is in the interests of all concerned in Hong Kong and China that the closer cooperation provided for in the Joint Declaration during this coming period becomes a reality. We have some time before the next election in 1995 to work out how best they should fit into this pattern. So far as HMG is concerned we have two aims:
first steady progress towards a greater degree of direct election in Hong Kong;