2. THE CHALLENGE OF 1997
Ladies and gentlemen,
Underlying world development today,
can see a universal appreciation of shared values, such as political and economic freedom, human rights, democracy, justice and the rule of law; and as such, the return of sovereignty over Hong Kong to China in 1997 can be seen as a great challenge in the context of this development. A major challenge facing Hong Kong over the next five years lies in achieving the smooth transfer of sovereignty, and thereby turn from hope to reality, the historic concept of "one country - two systems", in order that Hong Kong as a pros- perous and stable entity is securely maintained.
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The Governor, Mr. Patten made it clear in his inaugural address that the promise of one country two systems, as en- shrined in the Joint Declaration, meant the lifestyle that Hong Kong people cherish would be maintained up to and beyond 1997, and the accomplishment of the task will serve as a shining exam- ple to the rest of the world of successful partnership and coop- eration between peoples and nations. I would like to take this opportunity to express my heartfelt support to the Governor for his determination to see this come true.
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It is our strong belief that Hong Kong's stability and prosperity is important not only for the territory itself, but also for the stability and prosperity of the Asia-Pacific Region
a whole, this of course including China and Japan. With the United Kingdom and China both undertaking the proper preparations and working together to ensure the smooth transfer of sovereign- ty, Japan, for its part, fully intends to consolidate its efforts appropriate in helping to ensure Hong Kong's lasting prosperity.
3. JAPAN AND HONG KONG'S INTERDEPENDENCE
The relationship enjoyed between Hong Kong and Japan is one of close interdependence, one that grows ever closer. This point can be illustrated in many different ways. In terms of visitors, the number of Japanese arrivals in Hong Kong in 1991 reached 1.26 million, a figure which has doubled in ten years making Japanese visitors numerically second only to Taiwanese visitors to the Territory. Meanwhile, at
Meanwhile, at the same time some 260,000 Hong Kong residents visited Japan, making it one of the most popular desti- nations for Hong Kong people after Thailand and Taiwan, excluding the mainland and Macau.
Elsewhere, in the field of Japanese overseas direct invest- ment, after Indonesia, Hong Kong was the second largest recipient of such investment in Asia as of the end of 1991, with the Terri- tory's share totalling over 20%. In line with these figures, Japan has become the biggest investor in Hong Kong's manufactur- ing sector. Furthermore, by the end of 1991, Japanese financial institutions in Hong Kong held 57.6% of the total financial assets in Hong Kong.