XN000022-1984-07-11 — Page 13

WEDNESDAY, JULY 11, 1984

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+THIS IS IMPORTANT BECAUSE, AS A RESULT OF WORKING CLOSELY AND JOINTLY WITH DEVELOPING COUNTRIES, THE COLLECTIVE STRENGTH IS AN EFFECTIVE DETERRENT TO THE HARSH DEMANDS BY THE STRONGER DEVELOPED IMPORTING COUNTRIES FOR LARGER DOSES PROTECTIONISM, NOT ONLY IN TEXTILES BUT ALSO IN OTHER MOVES TOWARDS MORE STRINGENT INTERNATIONAL TRADE RESTRICTIVE PRACTICES SUCH AS THE PROPOSED CODES OF SELECTIVE SAFEGUARDS, HE SAID.

HE SAID THAT IT WAS IMPORTANT FOR THE WELL BEING OF HONG KONG'S ECONOMY THAT - FIRST, THE NEED TO ALLOW TOTAL FREEDOM OF MOVEMENT OF CAPITAL AND PEOPLE IN AND OUT OF HONG KONG AND, SECOND, THE CONTINUED MAINTENANCE OF HONG KONG'S STATUS AS A FREE PORT.

+THE IMPORTANCE OF BOTH SUBJECTS NEEDS NO FURTHER ELABORATION. YET IF BOTH SUBJECTS WERE NOT EMBODIED IN THE FUTURE AGREEMENT, IT WOULD HAVE A VERY DAMAGING EFFECT ON FOREIGN AS WELL AS LOCAL INVESTMENTS ON NEW TECHNOLOGIES AND INDUSTRIES IN HONG KONG, + HE WARNED.

+ IT IS HOPED THAT BOTH BRITAIN AND CHINA WOULD RECOGNISE THE IMPORTANCE OF MAINTAINING A VIABLE ECONOMY IN HONG KONG AND THAT THOSE AREAS MENTIONED BRIEFLY ABOVE WOULD BE COVERED IN DETAIL IN THE SINO-BRITISH AGREEMENT, SO THAT HONG KONG WILL BE PROVIDED WITH THE NECESSARY FRAMEWORK TO ENABLE OUR ECONOMY TO PROGRESS WELL INTO THE 21ST CENTURY THEREBY PROVING TO THE WORLD THROUGH REAL ACTIONS AND RESULTS THAT THE CONCEPT OF +ONE COUNTRY TWO SYSTEMS+ IS INDEED PRAGMATIC AS WELL AS VIABLE, HE CONCLUDED,

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NEED FOR CONTINUED PROGRESS STRESSED

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HONG KONG'S OBJECTIVE FOR ITS FUTURE MUST BE NOT ONLY STABILITY AND PROSPERITY BUT STABILITY AND PROSPERITY WITH CONTINUED PROGRESS, THE HON BILL BROWN SAID IN THE ADJOURNMENT DEBATE ON +ECONOMIC SYSTEM AND THE FUTURE OF HONG KONG IN THE LEGISLATIVE COUNCIL TODAY.

+CONTINUED PROGRESS WITH IMPROVEMENTS IN OUR SOCIAL SERVICES, OUR EDUCATION SYSTEM, HOUSING, TRANSPORT SYSTEMS AND THE ENVIRONMENT, IN WHICH WE LIVE IN GENERAL, AND AN IMPROVEMENT IN OUR SOC 10-ECONOMIC PROFILE TO ACHIEVE LESS INCOME DISPARITY AND A MORE EVEN DISTRIBUTION OF WEALTH IN PARTICULAR, HE SAID.

+SUCH PROGRESS WILL HAVE TO BE PAID FOR, BUT THIS WILL NOT BE POSSIBLE UNLESS WE MAINTAIN THE HIGH RATE OF ECONOMIC GROWTH THAT WE HAVE ACHIEVED OVER RECENT DECADES, HE ADDED.

HE SAID THAT WE SHOULD BE PLEASED+ AT THE RECENT DECISION BY THE GOVERNMENT TO ACCEPT IN PRINCIPLE THE DEVELOPMENT PROPOSALS EMANATING FROM THE COMPLETED TERRITORIAL DEVELOPMENT STRATEGY.

/+THESE PROPOSALS