WEDNESDAY, NOVEMBER 27, 1985
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MR CLYDESDALE SAID THAT LOCAL AND INTERNATIONAL BUSINESS MUST BE ENCOURAGED TO REMAIN CONFIDENT THROUGHOUT ALL THE STAGES OF THE TRANSITION SET OUT IN THE SINO-BRITISH AGREEMENT ON HONG KONG.
+THIS CAN BEST BE DONE BY CONTINUING TO FOLLOW TRIED, TESTED AND PROVEN ECONOMIC AND SOCIAL POLICIES.
+BUSINESS WILL NOT TAKE KINDLY TO CHANGE FOR CHANGE'S SAKE BUT ONLY WHEN A CASE HAS BEEN MADE OUT FOR IT AND WHEN IT WILL CLEARLY IMPROVE OUR FUTURE PROSPECTS.
+THE SYSTEMS WE HAVE DEVELOPED IN HONG KONG OVER MANY YEARS HAVE PROVED ENORMOUSLY SUCCESSFUL AND MUST NOT BE DISCARDED OR RADICALLY ALTERED WITHOUT VERY GOOD REASON,+ HE STRESSED.
THE FURTHER DEVELOPMENT OF A REPRESENTATIVE SYSTEM OF GOVERNMENT, FOR EXAMPLE, MUST BE CONSIDERED IN THIS LIGHT, HE ADDED.
MR CLYDESDALE ALSO OBSERVED THAT THE COMPARATIVE FREEDOM FROM GOVERNMENT REGULATION AND CONTROL COUPLED WITH THE LOW TAX REGIME AND THE CONTINUITY OF GOVERNMENT POLICIES AND PROCEDURES HAD PROVIDED A SUSTANTIAL BASIS OF CERTAINTY ON WHICH BUSINESS CONFIDENCE WAS PREDICATED AND AN INDICATION OF POSSIBLE CHANGE IN ANY OF THEM COULD CAUSE REAL CONCERN.
*THE POINT IS WELL ILLUSTRATED IF ONE CARES TO LOOK AT THE UNSETTLING EFFECT OF THE CHANGES WHICH HAVE ALREADY TAKEN PLACE IN THE FIELD OF TAXATION AND THERE WILL BE PORE PROPOSALS FOR CHANGES PUT BEFORE US IN THE COMING WEEKS,+ HE SAID.
DESPITE THE INCREASING SOPHISTICATION OF THE HONG KONG ECONOMY WHICH WOULD PROBABLY REQUIRE MORE AND MORE GOVERNMENT INVOLVEMENT IN ITS DEVELOPMENT, MR CLYDESDALE SAID HE BELIEVED THAT IT SHOULD BE POSSIBLE FOR THE PRIVATE SECTOR TO CONTINUE TO ENJOY SUBSTANTIAL FREEDOM TO CONDUCT ITS AFFAIRS WITHIN SYSTEMS WHICH DID NOT CHANGE RADICALLY AND WHICH CONTINUED TO ENGENDER A HIGH LEVEL OF CONFIDENCE IN HONG KONG AND ELSEWHERE.
+THIS COUNCIL IS THE WATCHDOG WHICH MUST GUARD OUR FREEDOM.
+ I HAVE NO DOUBT WE SHALL WORK TOGETHER AND IN HARMONY TO THAT END, HE SAID.
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