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15-SEP-1993 16:01
G.I.S.
Gor. A Rensuris Zoos + 852 845 9878 confinltk (77
P.006
*(1579/93) HKB 011/7
SEVENTY PER CENT OF THE INWARD INVESTMENT INTO CHINA GOES THROUGH HONG KONG. TWO-THIRDS OF CHINA'S EXPORTS PASS THROUGH THE TERRITORY. WE ARE EACH OTHER'S LARGEST TRADING PARTNERS. HONG KONG'8 ECONOMY, PARTLY BECAUSE OF THIS, IS FORMIDABLY STRONG. WE GREW BY ABOUT FIVE PER CENT LAST YEAR. WE EXPECT TO GROW BY RATHER MORE IN THE COMING YEAR.
SPEAKING AS A EUROPEAN FOLITICIAN, THESE ARE THE SORT OF FIGURES WHICH I USED TO DREAM ABOUT. WE HAVE FULL EMPLOYMENT. WE HAVE AWESOME RESERVES. WE ARE HELPING TO SOW THE SEEDS OF CHANGE IN CHINA AND WE'RE CERTAINLY REAPING THE BENEFIT.
HOW HAS HONG KONG WORKED OUR ECONOMIC MIRACLE? PARTLY BECAUSE WHEN HE WAS OUT OF FAVOUR IN MOST OTHER PLACES, ADAM SMITH STILL HAD A PERMANENT SUITE AT THE TOP OF THE MANDARIN. WE'VE BELIEVED FOR DECADES IN FREE ECONOMICS AND WE'VE PRACTISED FREE ECONOMICS, WITH MINIMUM GOVERNMENT INTERFERENCE AND MAXIMUM SUPPORT. RESULT, WE HAVE LOW TAXES, A TIGHT GRIP ON PUBLIC EXPENDITURE, WHICH REPRESENTS JUST OVER 18 PER CENT OF OUR GDP.
WE KEEP THE GROWTH IN PUBLIC EXPENDITURE WITHIN THE OVERALL GROWTH IN THE ECONOMY. BUT BECAUSE THE OVERALL GROWTH IN THE ECONOMY IS STEADY AND SUBSTANTIAL, WE'RE ABLE TO INCREASE PUBLIC EXPENDITURE PROGRAMMES IN A WAY WHICH I'VE CERTAINLY NEVER EXPERIENCED IN MY OWN POLITICAL LIFE. IN OUR BUDGET THIS YEAR, OUR FINANCIAL SECRETARY WAS ABLE TO DO SOMETHING WHICH IS NOT CUSTOMARY, I UNDERSTAND, FINANCE MINISTERS ELSEWHERE IN THE WORLD. HE CUT TAXES, HE INCREASED PUBLIC EXPENDITURE AND HE INCREASED THE AMOUNT OF MONEY THAT HE WAS ABLE TO SAVE WAS GOING INTO OUR RESERVES. ALL THAT SOUND MACROECONOMIC MANAGEMENT, MARKET ECONOMICS HAS PROVIDED AN ENVIRONMENT IN WHICH CANTONESE AND SHANGHAIESE ENTREPRENEURISM CAN THRIVE.
IT'S BEEN A POTENT, POTION FOR PROSPERITY. BUT THERE'S BEEN ONE OTHER THING, ONE OTHER INGREDIENT AS WELL - THE RULE OF LAW. THE RULE OF LAW THAT MAKES HONG KONG SPECIAL. THE RULE OF LAW THAT MAKES KONG DIFFERENT. THE RULE OF LAW THAT MAKES HONG KONG DISTINCT. UNDERPINS OUR VALUES AND OUR WAY OF LIFE GUARANTEED IN THE DECLARATION SIGNED BY BRITAIN AND CHINA ALMOST A DECADE AGO, GUARANTEED IN THE CHINESE FORMULA OF "ONE COUNTRY, TWO SYSTEMS".
HONG
THAT JOINT AND
BY
WHAT GOES TO MAKE UP THE RULE OF LAW? I THINK WHAT WE MEAN THAT IS AN INDEPENDENT JUDICIARY ENFORCING LAWS ENACTED BY AN INDEPENDENT, SELF-CONFIDENT, FAIRLY-ELECTED LEGISLATURE UNDER THE SCRUTINY OF A WATCHFUL AND FEARLESS MEDIA. THAT'S WHAT THE JOINT DECLARATION GUARANTEES.
THE JOINT DECLARATION IS A LEGALLY-BINDING TREATY REGISTERED WITH THE UNITED NATIONS. IT GUARANTEES HONG KONG'S WAY OF LIFE FOR 50 YEARS AFTER 1997. BRITAIN IS SOLEMNLY COMMITTED TO ITS IMPLEMENTATION. I BELIEVE THAT I WOULD BE JUDGED ABOVE ALL BY WHAT I DO BETWEEN NOW AND 1997 TO MAKE SURE THAT IT'S IMPLEMENTED, AND CHINA IS SOLUMNLY COMMITTED TO ITS IMPLEMENTATION AS WELL, WHICH BRINGS ME TO THE DIFFERENCES WE'VE BEEN HAVING WITH CHINA OVER RECENT MONTHS.
سلام
Elections
3
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16/09/93-16:13
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