Casting one's mind back through Hong Kong's post-war econom- ic development, I am pleased to note that it is possible to see how a number of Japanese companies have made substantial contri- butions to the development of major infrastructure projects. To name but a few, examples of this can be seen in the Lower Shin Mun Dam, the water supply tunnel from Plover Cove Reservoir, and the construction of the Mass Transit Railway's tunnel linking Hong Kong Island to Kowloon. This brings us up to
cross harbour date where it is the new airport project which is the major infrastructural project that has duly attracted the attention of the rest of the world. It is my belief that the decision of undertaking is a timely one, and the new airport will further strengthen the international competitiveness of Hong Kong into the twenty-first Century. With a basic agreement on the undertak- ing of the project already agreed between the U.K. and China, Japanese corporations are already projects associated with the Chek Lap Kok Airport.
actively participating in understand that at the moment
Whilst I consultations continue between China and Britain concerning financial project, it is my sincere hope that a mutually acceptable solu- issues relating to the tion can soon be found and work begin in earnest.
4. THE DEEPENING INTERDEPENDENCE OF HONG KONG AND CHINA
In attempting to project the future course of Hong Kong's economy, it is essential to study the ever deepening interdepend- ent economic relations that exist between China. A number of figures vividly testify the astonishing pace
the Territory and of expanding economic relations between the two, especially in terms of contact between Hong Kong and the Guangdong Province of the mainland.
(
In terms of value, trade between Hong Kong and China grew by eight times during the 1980's, whilst China become each other's biggest trading partner. 40% of China's total
China and Hong Kong have trade passes through Hong Kong, whilst 30% of Hong Kong's direct trade is with China. Also, 60% of overseas direct investment to China comes either from Hong Kong or through the Territory, while some estimates suggest that as much as 90% of China's external borrowing last year was arranged in Hong Kong. Further to these figures, it has been reported that around three million workers in Guangdong are now working for Hong Kong companies. through the above facts it
can be concluded that Hong Kong's
Just economic relations with China have undergone rapid growth and development surpassing all expectations, and thus future will be closely related to the development of its economic
thus Hong Kong's relationship with China.
5. THE DEVELOPMENT OF THE ASIA-PACIFIC REGIONAL ECONOMY AND THE ROLE OF THE JAPANESE ECONOMY THEREIN
Ladies and gentlemen,
Hong Kong occupies a strategically important position in an