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MONDAY, JULY 21, 1986
BUT NO-ONE FACED ANY PROBLEM OF TRADE BARRIERS IN DOING BUSINESS WITH HONG KONG, WHICH NOT ONLY PREACHED BUT WHOLEHEARTEDLY PRACTISED THE DISCIPLINES OF FREE TRADE AND THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT).
HONG KONG DID NOT SUBSIDISE ITS INDUSTRIES OR PLACE QUOTAS ON IMPORTED PRODUCTS AND THIS OPEN APPROACH WAS THE FOUNDATION OF ITS SUCCESS. IT SOUGHT CONSTANTLY TO IMPROVE THE LOT OF ITS WORKERS, THE EDUCATIONAL AND MEDICAL FACILITIES FOR ITS POPULATION AND THE MUNICIPAL FACILITIES.
+THERE CAN THEREFORE BE NO CLAIM OF UNFAIR COMPETITION AS JUST IF ICATION FOR TAKING PROTECTIONIST MEASURES AGAINST HONG KONG, + SIR EDWARD SAID,
THE GOVERNOR EXPLAINED THAT HONG KONG, COMPRISING ABOUT 400 SQUARE MILES, HAD SUCCESSFULLY CAPITAL ISED ON ITS CONVENIENT LOCATION, ITS HARBOUR, AND THE TALENTS OF ITS PEOPLE TO BECOME NUMBER THIRTEEN IN THE WORLD LIST OF TRADING COUNTRIES AND TERRITORIES.
+EAST AND WEST MEET IN HONG KONG, IN A MUTUALLY BENEFICIAL RELATIONSHIP. THIS IS ONE OF HONG KONG'S MAIN ATTRACTIONS TO WESTERN BUSINESSMEN DOING BUSINESS IN THE FAR EAST, HE SAID.
SIR EDWARD GAVE AN ACCOUNT OF THE SINO-BRITISH AGREEMENT ON THE FUTURE OF HONG KONG, WHICH HE DESCRIBED AS A UNIQUE AND IMAGINATIVE SETTLEMENT OF A UNIQUE PROBLEM WITH ITS POLICY OF +ONE COUNTRY-TWO SYSTEMS+.
+SPECIAL CARE HAS BEEN TAKEN TO ENSURE THAT HONG KONG SHOULD CONTINUE TO BE ABLE TO DO BUSINESS JUST AS IT DOES TODAY, AND THAT FOREIGN BUSINESSMEN SHOULD CONTINUE TO FIND HONG KONG AN ATTRACTIVE, PROFITABLE AND SECURE PLACE IN WHICH TO LIVE, WORK AND INVEST, AND WITH WHICH TO TRADE, HE SAID.
+THIS IS SECURED BY PROVISIONS THAT HONG KONG WILL CONTINUE TO BE A FREE PORT, A SEPARATE CUSTOMS TERRITORY AND AN INTERNATIONAL FINANCIAL CENTRE. ITS MARKETS FOR FORE IGN EXCHANGE, GOLD, SECURITIES AND FUTURES WILL CONTINUE.
+THE FREE FLOW OF CAPITAL WILL CONTINUE, WITH NO FOREIGN EXCHANGE CONTROLS, AND THE HONG KONG DOLLAR WILL CONTINUE TO BE FREELY CONVERTIBLE
THE GOVERNOR SAID THE AGREEMENT DID MUCH TO RESTORE CONFIDENCE AND WHAT HAD BEEN ACHIEVED SINCE THE SIGNING OF THE JOINT DECLARATION HAD BEEN ENCOURAGING.
HE REFERRED PARTICULARLY TO THE AGREEMENT EARLIER THIS YEAR THAT HONG KONG SHOULD BECOME A SEPARATE CONTRACTING PARTY TO THE GATT.
THIS WAS OF GREAT IMPORTANCE TO HONG KONG'S TRADING POSITION, HE SAID.
/+BUT HONG