XN000022-1988-09-12 — Page 3

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MONDAY, SEPTEMBER 12, 1988

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"AND OUR THIRD UNIVERSITY, 'THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY', WILL ACCEPT ITS FIRST STUDENTS IN

1991. WELL. AHEAD OF THE ORIGINAL PLANNED DATE OF 1994

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ON HONG KONG'S FUTURE, THE GOVERNOR SAID THAT BOTH BRITAIN AND CHINA HAD INVESTED CONSIDERABLE NATIONAL PRESTIGE IN TIF JOINT DECLARATION A LEGALLY BINDING INTERNATIONAL AGREEMENT REGISTERED WITH THE UNITED NATIONS.

"THE EVIDENCE OF THEIR COMMITMENT IS CLEAR IF WE LOOK AT WHAT IS BEING DONE TO IMPLEMENT THE PROVISIONS OF THE JOINT DECLARATION AND TO TURN THAT VISION OF HONG KONG'S FUTURE INTO REALITY.

"ARRANGEMENTS FOR THE FUTURE ARE STEADILY, ALBEIT SELDOM DRAMATICALLY, BEING PUT INTO PLACE, SIR DAVID SAID.

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HE POINTED OUT THAT HONG KONG HAD IN THE PAST YEARS BEEN GIVEN ITS OWN SEPARATE STATUS ON SEVERAL BODIES, WHERE PREVIOUSLY IT WAS REPRESENTED BY THE UK.

TWO OR THREE INTERNATIONAL

"PERHAPS THE MOST IMPORTANT EXAMPLES OF THIS ARE THAT HONG KONG BECAME A SEPARATE CONTRACTING PARTY TO THE GENERAL AGREEMENT ON TARIFFS AND TRADE IN 1986 AND A SEPARATE MEMBER OF 'THE CUSTOMS COOPERATION COUNCIL IN 1987.

"SINCE SEPTEMBER 1986, HONG KONG HAS SIGNED IT'S OWN SEPARATE AIR SERVICE AGREEMENTS WITH THE DUTCH, SWISS AND CANADIAN GOVERNMENTS. MORE WILL FOLLOW, SIR DAVID SAID.

SIR DAVID SAID ANOTHER IMPORTANT STEP WAS THE PUBLICATION BY THE CHINESE GOVERNMENT IN APRIL OF THE DRAFT BASIC LAW OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION.

"THE CHINESE GOVERNMENT HAVE SHOWN A WELCOME WILLINGNESS ΤΟ SEEK THE VIEWS OF THE HONG KONG PEOPLE ON THE DRAFT BASIC LAW," HE SAID.

"THEY HAVE COMMITTED THEMSELVES TO TAKING THESE VIEWS INTO ACCOUNT BEFORE THIS IMPORTANT DOCUMENT IS FINALISED IN 1990.

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SIR DAVID NOTED THAT THE COMMITMENTS MADE THREE AND A HALF YEARS AGO IN THE JOINT DECLARATION WERE BEGINNING TO BEAR FRUIT.

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"PERHAPS NOT COINCIDENTALLY, THE PRIVATE SECTOR IN HONG KONG HAS DEMONSTRATED CONSIDERABLE CONFIDENCE IN THE FUTURE OF TERRITORY BY INVESTING NOT ONLY IN PLANT AND MACHINERY, BUT ALSO IN MANY LONG-TERM MULTI-BILLION DOLLAR PROJECTS.

NOTABLE EXAMPLES OF THIS WERE THE CONVENTION AND EXHIBITION CENTRE, THE SECOND CROSS HARBOUR TUNNEL, THE TATE'S CAIRN TUNNEL AND THE NEXT TERMINAL AT THE CONTAINER PORT.

THESE FEW MAJOR INVESTMENTS TOTALLED OVER $12 BILLION, THEY ALL HAD PAY BACK PERIODS STRETCHING WELL BEYOND 1997, SIR DAVID SAID.

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