XN000022-1988-03-21 — Page 2

MONDAY, MARCH 21, 1988

GOVERNOR EXPLAINS VALUE OF HK-CHINA ECONOMIC TIES

*

INTERDEPENDENCE THAT NOW EXISTS RELATIONSHIP OF IMMENSE VALUR TO

WILSON, DAVID

SAID IN LONDON TODAY

THE HIGH DEGREE OF ECONOMIC BETWEEN HONG KONG AND CHINA IS A BOTH SIDES, THE GOVERNOR, SIR (MONDAY).

ADDRESS

ΤΟ

THE

ROYAL

OF

+

INSTITUTE WIDE-RANGING IN A

OF HONG KONG'S INTERNATIONAL AFFAIRS, SIR DAVID EXPLAINED THAT MUCH

BUSINESS BOOMING PORT VERY HIGH GROWTH RATES, RECENT SUCCESS

ΤΟ THE HONG KONG WAS BECAUSE OF THE INCREASING IMPORTANCE OF CHINA ECONOMY.

— —

FOR CHINA, THIS ECONOMIC

RELATIONSHIP MIGHT ACCOUNT FOR AS MUCH AS ONE THIRD OF ALL FOREIGN EXCHANGE EARNINGS.

"IT IS AGAINST THIS BACKGROUND THAT ONE HAS

OF QUESTION SINO-BRITISH JOINT DECLARATION ON THE DAVID SAID.

ΤΟ SEE THE 1984 HONG KONG,' SIR

10

OF HONG

· GUARANTEE OF ITS FUTURE."

AND

"THE POINT I WOULD LIKE TO MAKE IS THAT

ITS INCREASING KONG,

VALUE

THE ECONOMIC SUCCESS

13 CHINA, TO

THE BEST

"HONG KONG IN HIS SPEECH ON

IN TRANSITION",

S1R DAVID SAID 1997 HAD NOT SURPRISINGLY THE RESUMPTION OF CHINESE SOVEREIGNTY IN

IT WAS COME TO DOMINATE INTERNATIONAL COVERAGE OF THE TERRITORY, BUT IN FACT ONLY ONE OF MANY IMPORTANT DEVELOPMENTS.

HE POINTED TO THE GREAT CHANGES THAT HAD TAKEN KONG SINCE THE 1960'S AND 1970'S.

PLACE IN HONG

PERHAPS ANY "IT HAS GROWN, DEVELOPED, MATURED FAR FASTER THAN

AT OTHER SOCIETY ON BARTH. IT IS CONTINUING TO DEVELOP AND TO CHANGE A GREAT PACE," HE SAID.

"IT IS IN THIS CONTEXT THAT WE SHOULD LOOK AT HONG

AND WHAT IT WILL BE IN IT IS NOW. HOW IT IS CHANGING. BEYOND."

KONG. WHAT

1997

AND

ON ECONOMIC

DEVELOPMENT,

SIR DAVID DESCRIBED AND HOW THE INDUSTRY,

THE POSTWAR HAD ECONOMY

GROWTH OF THE MANUFACTURING EXPANDED AMAZINGLY SINCE THE 1960'S.

CITING FIGURES, HE REFERRED TO THE NEARLY TWENTY-FOLD

FROM US$2.5 BILLION IN 1967 TO

IN THE GROSS DOMESTIC

US$46 BILLION IN 1987.

PRODUCT

TOTAL VISIBLE

TRADE

RISEN HAD

THIRTY-FOLD

— —

BILLION IN 1967 TO US$97 BILLION IN 1987; IN REAL TERMS NEARLY 12 PER CENT GROWTH YEARLY FOR 20 YEARS.

HONG KONG

INCREASE OVER

FROM US$3.3 AMOUNTING ΤΟ