XN000022-1987-10-22 — Page 3

N

THURSDAY, OCTOBER 22, 1987

TO

EXPLAIN

THE

OF THE A SPECIAL ENTITY, WITH

FUNDAMENTALS SIR DAVID THEN WENT ON JOINT DECLARATION, WHICH SET OUT CLEARLY THAT HONG KONG AS ADMINISTRATIVE REGION OF CHINA WOULD REMAIN A DISTINCT ITS OWN CAPITALIST ECONOMIC AND SOCIAL SYSTEM, ITS OWN LAWS AND SYSTEM, AND ITS OWN GOVERNMENT, CONSISTING OF LOCAL PEOPLE.

NEGOTIATION OF THE HE POINTED OUT THAT THE SUCCESSFUL

BY THE DECLARATION AND THE SOLID ACHIEVEMENTS MADE SINCE THEN LIAISON GROUP HAD BEEN PARALLELED BY AN ECONOMIC RESURGENCE.

LEGAL

JOINT

JOINT

HE

BEING ALMOST TANGIBLE, DESCRIBING ECONOMIC CONFIDENCE AS

IN THE SHAPE OF WENT ON : "IT IS CERTAINLY VISIBLE TO ANY VISITOR,

ALL OVER

OF THE TERRITORY. DOZENS MASSIVE CONSTRUCTION ACTIVITY HIGH-RISE OFFICE BLOCKS AND RESIDENTIAL PROPERTIES ARE INCLUDING WHAT WILL BE THE TALLEST BUILDING IN ASIA.

11

CENTRE, AND TUNNEL

TAKING SHAPE,

A9 THE SECOND PROJECTS, AS OF A

HE ALSO REFERRED TO MAJOR INFRASTRUCTURAL DEVELOPMENTS SUCH

EXHIBITION AND CONFERENCE THE INTERNATIONAL CROSS-HARBOUR TUNNEL, AND OTHER MAJOR ROAD WELL AS A NEW CONTAINER PORT TERMINAL AND POSSIBLE CONSTRUCTION NEW AIRPORT.

IT IS

REFLECTING LONG-TERM "THESE ARE

INVESTMENTS, VERY BIG THINKING, WAY BEYOND 1997, BY HONG KONG AND FOREIGN INVESTORS. THEY, NOT THE GOVERNMENT, WHO FUND MOST OF THIS ACTIVITY."

TO

1986,

WAS EXPECTED ΤΟ GROW BY SIR DAVID SAID HONG KONG'S ECONOMY OVER 12 PER CENT THIS YEAR, FOLLOWING GROWTH OF 11 PER CENT IN 1986.

IN

THREE THE

YEARS FROM 1984 "PERHAPS MORE IMPORTANT, OVERALL CAPITAL EXPENDITURE ON PLANT AND MACHINERY IN HONG AT AN AVERAGE OF NINE PER CENT PER ANNUM, THE BEST IN OUR HISTORY.

KONG GREW THREE-YEAR RECORD

IN ADDITION, THE NUMBER OF FOREIGN COMPANIES OPERATING TERRITORY WAS INCREASING.

SIR DAVID TOLD THE PRESS CLUB WOULD GIVE SOME FEEL FOR THE TERRITORY, CONTRARY

TO THE

IN THE

THAT THESE FACTS AND FIGURES LEVEL OF BUSINESS

IN THE CONFIDENCE

BY OF

SOME IMPRESSION

DECLINE GIVEN

COMMENTATORS.

CULTURAL STRONG HE ALSO POINTED TO

NOTED THAT AND BETWEEN HONG KONG AND THE U.S.

THE TERRITORY WAS NOT NEW, AS WAS EVIDENCED BY AMERICA AND EUROPE.

THE

PERSONAL

AND EMIGRATION FROM THE CHINATOWNS OF NORTH

LINKS

SOME

THEY

BUT

SAID, BUT THIS WAS THERE WAS ALSO AN OUTFLOW OF CAPITAL, HE

"HONG KONG HAS PRODUCED NOT UNUSUAL GIVEN THE STRONG ECONOMY.

IS NATURAL VERY RICH MEN AND SOME VERY LARGE COMPANIES, AND IT

THIS 15 ASSETS.

DISINVESTMENT, OVERSEAS SHOULD LOOK FOR

H HE SAID. SENSIBLE DIVERSIFICATION,

NOT

/SIR DAVID