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TUESDAY, MAY 4, 1993
I'm not going to hurl myself onto the spears of
your debate. I know that there's very much thought and
understanding going into the issue at the moment, a great
deal of attention being paid to the exact terms on which
MFN might be renewed. I only hope that those who are
making the decisions will bear in mind some of the
arguments that I have put today.
The New York Times, a few months ago, said in a
marvelous phrase that no one has ever made any money
betting against Hong Kong. I think that's right. I think
Hong Kong has a bright future, and could well play in
relation to the opening up of China's economy, the same
sort of role that New York, itself, played in the opening
up of the American economy a century ago. But that future
in Hong Kong will be brighter and will be more assured,
we'll have more prosperity and more political stability,
if China does not seek to impede the modest steps towards
democracy that it's already agreed we should make.
In the longer term, there's one other factor
which I believe to be crucial to Hong Kong's well being.
I have no hesitation at all in saying that the better the
relationship between China and the United States, the
better the prospects for Hong Kong. A China steadily
moving forward towards a more open economy, a more open
society, and dealing, we hope, responsibly and with self
confidence, with the pressures and the challenges that
come with economic success, and a United States
economically strong, assured in its leadership, and ever
mindful of its historic commitment to free markets and to
the values of a free society.
That relationship,