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time will tell whether the current reformist movement will prevail over
the conservative forces. No one can discount the possibility of the
pendulum swinging in the opposite direction resulting in a more hard-lined
approach towards Hong Kong.
Moreover, the coupling of Hong Kong's economic fate with China's means
that we are much more vulnerable to such things as a worsening of
U.S.-China relations. If Washington should take away China's Most
Favoured Nation trade status, it would deal a severe blow to Hong Kong.
The United States Congress is now proposing a new formula for sanctions.
Under this proposal, private enterprises and joint ventures will be exempt
and only Chinese state enterprises will be penalized. Recent reports of
treatment by China of the foreign media covering the third anniversary of
Tiananmen Square will unfortunately provide more fodder for the anti-MFN
lobby. These are uncertainties that Hong Kong will continue to face in
the years ahead until China can demonstrate an improvement to her human
rights record and the current struggle between reformists and
conservatives has been played out.
BRITAIN'S FUTURE ROLE
In conclusion, I would say that the Joint Declaration, while imperfect, is
a good foundation for Hong Kong's future and we should try to build on it.
There are areas of the Basic Law that require further attention with a
i
A