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The Legislative Council made its decision on those arrangements, arrangements for two rounds of local elections and arrangments for the Legislative Council elections. The Legislative Council made its decision in the spring and summer of 1994, giving us just enough time to organise the elections. At each of the three rounds, the story was the same. We had a record number of candidates, a record number of people involved, including the whole political spectrum from united front, pro-Beijing candidates, to pro-Democracy candidates. We had a record registration of voters and a record turnout of voters.
In the most recent elections, the pro-Democracy candidates won decisively in the direct elections in the geographical constituencies and overall in the total Legislative Council, there is a small majority for the pro-Democracy candidates.
It is surprising how The campaign itself was extraordinarily moderate. moderate politics in Hong Kong are, for example, in comparison with some in the rest of the region, given the extraordinary events that Hong Kong has lived through. Hong Kong politics do not represent a threat to anyone.
A number of arguments have been advanced against our policy on Hong Kong in recent years. Above all, they have been targeted like Exocets on the discharge of our promises to allow people to elect their own representatives. I would like to deal with some of these arguments and then to draw a general conclusion.
First, it is suggested that the proposals we put forward on electoral arrangements broke previous agreements and understandings with China, and in particular, broke the Joint Declaration and Basic Law. There is not a shred of truth in these charges and repeating the fabrication ad nauseum has not made it true. Three groups of independent international lawyers who gave evidence to the Foreign Affairs Select Committee of the House of Commons confirmed that there had been no breach in our understandings or agreements. One group suggested that if anyone was in danger of breaking the Joint Declaration, it was China.
Secondly, it was suggested in 1992/1993 when the insults and threats were cascading down that standing up for Hong Kong, for the promises to Hong Kong, that having a bottom line, that having a principled position, risked wrecking the Hong Kong economy. Well, what has happened over those three years? Our GDP has grown by 18 per cent in real terms. Investment in Hong Kong has increased by 31 per cent in real terms. Our exports have increased by 43 per cent. We have cut taxes, we have increased spending on welfare programmes and our fiscal reserves have increased by 57 per cent to HK$151 billion. Our Hang Seng Index has gone up to about 10,000. As disasters go, it is the sort of disaster that most people would queue up for!