2
MONDAY, JANUARY 7, 1991
"NO SOCIETY, LEAST OF ALL ONE EXTERNALLY-ORIENTED AS HONG KONG'S, CAN BE PUT IN BE TAKEN OUT AND DEFROSTED AFTER A PERIOD OF TIME,
BRINGS
ME
HE CONTINUED: "THIS CONTRADICTION. ON THE ONE HAND, HAVING A 12 PERIOD BETWEEN THE SIGNATURE OF THE SINO-BRITISH
AS
T+
DYNAMIC
AND
A REFRIGERATOR TO
MR CHAN SAID.
ΤΟ ANOTHER
1/2-YEAR
JOINT
APPARENT TRANSITION DECLARATION
CLEARLY IN WHICH TO
Be
IS
AND THE RETURN TO CHINA OF SOVEREIGNTY OVER HONG KONG SOUND AND SENSIBLE ARRANGEMENT WHICH ALLOWS AMPLE TIME PREPARE FOR THE SMOOTHEST POSSIBLE TRANSFER OF GOVERNMENT.
A
RATHER A LONG OUR VISION
"ON THE OTHER HAND, IT DOES MEAN THAT THERE IS
t PERIOD IN WHICH THE DATE JULY 1, 1997 THREATENS TO BLOCK AND TO PREVENT US FROM LOOKING BEYOND IT.
FURTHERMORE, ALTHOUGH THE JOINT DECLARATION AND THE BASIC - LAW HAD SET OUT CLEARLY WHAT HONG KONG WOULD BE LIKE AFTER 1997, THERE WAS STILL, IN THE PERCEPTION OF SOME PEOPLE, GREAT UNCERTAINTY AS TO WHETHER WHAT HAD BEEN PROMISED WOULD ACTUALLY MATERIALISE.
AND WHEN, AS WAS PERHAPS INEVITABLE, THE OCCASIONAL SQUABBLE AROSE BETWEEN THE BRITISH AND CHINESE GOVERNMENTS OVER A HONG KONG ISSUE, CONCERNS WERE IMMEDIATELY AROUSED THAT THE AGREEMENT OVER THE FUTURE WOULD NOT WORK.
"IT IS PARTICULARLY IMPORTANT AT TIMES LIKE THIS .THAT WE SHOULD LOOK PURPOSEFULLY INTO THE FUTURE, BEYOND THE PROBLEMS AND UNCERTAINTIES THAT CONFRONT US, MR CHAN SAID.
"
IMMEDIATE
MR CHAN TRACED CHANGES IN HONG KONG'S ECONOMY FROM BEING LARGELY RELIANT ON MANUFACTURING TO THE STAGE NOW WHERE AROUND 70 PER CENT OF GROSS DOMESTIC PRODUCT WAS ACCOUNTED FOR BY THE SERVICES SECTOR.
WHILE DOMESTIC EXPORTS HAD INCREASED BY AN ANNUAL AVERAGE OF 9.5 PER CENT IN REAL TERMS BETWEEN 1984 AND 1989, THIS FIGURE PALED INTO INSIGNIFICANCE WHEN COMPARED WITH THAT FOR RE-EXPORTS WHICH HAD INCREASED BY AN ANNUAL AVERAGE OF NEARLY 30 PER CENT IN REAL TERMS OVER THE SAME PERIOD, REFLECTING IN PART THE REMARKABLE GROWTH OF INDUSTRIAL DEVELOPMENT IN SOUTHERN CHINA.
SO, WITH ITS CHINA CONNECTION, STRATEGIC LOCATION, HIGHLY EFFICIENT INFRASTRUCTURE AND SOPHISTICATED COMMUNICATIONS NETWORK, HONG KONG HAD BECOME AN IMPORTANT TRADING, FINANCIAL AND SERVICES CENTRE FOR THE ASIA-PACIFIC REGION, AS WELL AS AN IRREPLACEABLE GATEWAY TO CHINA, MR CHAN SAID.
TRADE WITH THE REGION HAD INCREASED BY OVER 30 PER CENT A YEAR IN 1987 AND 1988, AND BY A FURTHER 15 PER CENT IN 1989. TODAY. TRADE WITH ASIA-PACIFIC PARTNERS ACCOUNTED FOR MORE THAN THREE-QUARTERS OF OUR GLOBAL TRADE.
WITHIN THE ASIA-PACIFIC REGION, MR CHAN SAID TRADE WITH BAST ASIA HAD GROWN PARTICULARLY FAST. TEN YEARS AGO, ASIA ACCOUNTED FOR ONLY 45 PER CENT OF HONG KONG'S TOTAL TRADE: IT NOW ACCOUNTED
60 PER CENT.
FOR
/"THIS IS