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today to share his views on this important issue, and we look forward to hearing not only from him, but from the other distinguished witnesses.
Also, I'd like to just ask that a number of different articles and relevant letters and editorials in support of this bill appear in the record at this point.
SEN. PELL: Our first witness is Secretary Solomon. We welcome you again. And I would ask Senator McConnell if he will chair the hearing until Senator Cranston arrives.
SEN. MCCONNELL: Yes, thank you, Mr. Chairman.
Secretary Solomon.
MR. SOLOMON: Thank you very much, Mr. Chairman, Senator McConnell. I appreciate this opportunity, the second this week,
to appear before this committee and today to focus on U.S. policy towards Hong Kong. I'll also be pleased to offer some initial comments on Senator McConnell's bill, the U.S.-Hong Kong Policy Act.
We've been examining the implications of 1997 for U.S.-Hong Kong relations, and your bill, Senator, has helped U.S. to sharpen our own thinking on this issue. I'm submitting a complete formal statement for the record, but let me present some highlights here and then look forward to
SEN. MCCONNELL: Yes, your formal statement will be made a part of the record.
MR. SOLOMON:
Thank you.
As a
I've just returned from a visit to East Asia that included several days in Hong Kong. During my time in the territory, I had the opportunity to meet with Governor Wilson, members of the legislative council, and key business and community leaders. former resident of the territory and as a China hand for more than three decades, the future of Hong Kong is a subject of considerable personal interest. I can tell you that any reports you might have heard of Hong Kong's demise are certainly exaggerated. Indeed, they're quite premature.
Hong Kong has been a unique economic phenomenon for well
for well over a century, and this most improbable urban territory is fast becoming the engine of development in southern China. Despite the trauma of Tiananmen three years ago, confidence in the territory today is high, and there's great optimism for the future. Moreover, people there and further north will be keenly interested in our deliberations here today.
Five years before its reversion to China, Hong Kong seems entering a new cycle of growth. It appears to have largely recovered from the blow to its confidence which occurred as a result of the Tiananmen tragedy in June of 1989. Signs of prosperity are everywhere. Real estate the real estate market,
for example, is up by 50 percent since the turn of the year. And