TUESDAY, APRIL 9, 1991
S.Y. YUE (HONG KONG STANDARD): HAVE YOU MADE THE PROMISE THAT HONG KONG WOULD PUT ASIDE A SUM OF MONEY IN THE FINANCIAL RESERVE ΤΟ THE S.A.R. GOVERNMENT? IF YOU DID, DO YOU CONSIDER PUTTING ASIDE A CERTAIN AMOUNT OF RESERVE AS A KIND OF SACRIFICE OF HONG KONG'S FINANCIAL AUTONOMY ?
MR HURD: I DON'T WANT TO, AS I SAID, GO INTO THE DETAILS OF THE DISCUSSION AND THEREFORE I DON'T WANT TO GO INTO THE QUESTION OF WHAT HAS BEEN DISCUSSED UNDER THE CONCERN WHICH THE CHINESE GOVERNMENT HAVE ABOUT THE FINANCIAL STABILITY OF HONG KONG IN 1997. COULD I JUST SAY THIS 'THOUGH IN ANSWER TO YOUR QUESTION. THE JOINT DECLARATION DOES PROVIDE FOR DISCUSSIONS BETWEEN BRITAIN AND CHINA FOR THE MAINTENANCE OF THE PROSPERITY AND STABILITY OF HONG KONG, NOW, IT'S THE RESPONSIBILITY OF THE HONG KONG GOVERNMENT TO MAINTAIN THE FINANCIAL, STABILITY OF HONG KONG UP TO MID-1997 JUST AS IT'S THE RESPONSIBILITY OF THE S.A.R. TO KEEP HONG KONG'S FINANCES HEALTHY THEREAFTER. CHINESE WANT TO BE SURE THAT THE S.A.R. WOULD BE IN A POSITION ΤΟ CARRY OUT THIS DUTY FROM ITS FIRST DAYS.
S.Y. YUE: THE INTERPRETATION OF THAT CLAUSE, THAT IT MEANS то PUT ASIDE A CERTAIN SUM OF MONEY FOR THE S.A.R. GOVERNMENT, IS THAT YOUR INTERPRETATION OR THEIRS ?
MR HURD: NO.
I'VE TRIED TO DEAL WITH THE PRINCIPLE WHICH UNDERLAY YOUR QUESTION BUT I DON'T WANT TO GO INTO THE DETAILS OF DISCUSSIONS WHICH ARE STILL GOING ON ON THAT, AS WELL AS ON OTHER POINTS.
S.Y. YUE: I AM PUTTING ONE MORE HYPOTHETICAL QUESTION. IF WE PUT ASIDE A CERTAIN SUM OF MONEY DO YOU CONSIDER THAT AS A SACRIFICE OF THE FINANCIAL AUTONOMY OF HONG KONG ?
DO
MR HURD: I BELIEVE THAT IT WILL BE RESPONDING TO A CONCERN WHICH THE CHINESE HAVE, WHICH THEY BELIEVE IS JUSTIFIED UNDER THE JOINT DECLARATION; BUT, AS I SAY, WE'VE NOT REACHED AGREEMENT ON HOW, ON IF, ON WHETHER OR HOW THAT MIGHT BE DONE. THAT IS ONE OF THE OUTSTANDING POINTS. THIS IS I THINK FAIRLY GENERALLY KNOWN.
STEVE VINES (OBSERVER): YOU WERE TALKING EARLIER ABOUT CHINESE ACQUIESCENCE IN THE AIRPORT PROJECT BUT CAN YOU EXPLAIN WHERE THE NEED FOR CHINESE ACQUIESCENCE IN MAJOR PROJECTS IN HONG KONG? WHERE THAT CROPS UP IN THE JOINT DECLARATION.
CENT
MR HURD: I THINK 1 HAVE USED THE WORD TODAY¦ AND I SAID IT WASN'T A POLITICAL POINT BUT AN ECONOMIC POINT; THAT WHERE YOU HAVE A PROJECT WHICH REQUIRES, DESPITE THE QUESTIONER FROM THE FAR EAST ECONOMIC REVIEW, WHICH REQUIRES UNDER ANY VARIATION ABOUT 25 PER PRIVATE INVESTMENT THEN IN PRACTICE THAT ACQUIESCENCE IS GOING TO BE NECESSARY; AND I HAVEN'T MET ANYBODY HERE, ALTHOUGH I HAVE ASKED THE QUESTION SEVERAL TIMES OF A GOOD MANY PEOPLE WHO QUESTIONED THAT AS AN ECONOMIC FACT.
STEVE VINES (OBSERVER); SO, CAN PROJECTS GO AHEAD WITHOUT CHINESE ACQUIESCENCE?
/MR HURD