-2-
wealthy than several members of the European Community. It is the tenth largest trading territory in the world. Per capita GDP is likely to exceed US$16,000 this year. Half of the population lives in housing provided by the Government subsidised Housing Authority - one of the many paradoxes of a place often seen as the epitome of laissez-faire capitalism. Squatter huts in the urban areas are almost but not quite a thing of the past. The population is increasingly well
educated and articulate.
3.
-
Hong Kong remains a colony for a further five years.
But the images conjured up by this word are increasingly inappropriate. This is a bustling Chinese city, with an international
flavour, which has flourished under the umbrella of British administration through the extraordinary energy and resilience of its own people.
4. Such changes in the course of thirty years are not unique. Many places, particularly on the Pacific Rim, have seen similar stories of spectacular growth. What is more remarkable, and less understood round the rest of the world, is how this growth has continued over the past few years, despite concerns about the return of sovereignty to China in 1997 and a series of political and other shocks which could have shattered a less resilient community.
5.
Since I came here as Governor in early 1987, per capita GDP has almost doubled in money terms (a rise of 16% in real terms); twice as many places are available at the universities and polytechnics; over 220,000 new subsidised flats have been built by the Housing Authority; and the stock market is at an all-time high (with a total valuation more than twice as high as in early 1987). Hong Kong is embarking on many projects, including a new airport, the real benefit of which will only be felt after British administration ends in five years time. It is also a society remarkable as much for its private generosity as for its more obvious commercial success. The Community Chest an organisation which raises funds for a large number of smaller charities last year raised over HK$ 130 million (nearly £10 million), much of it from small donations. Perhaps excessively, Hong Kong has recently become the Mecca for charitable
--
money-raisers from elsewhere.
Many succeed,
particularly if there is some demonstrable link with Hong Kong or China.