XN000022-1989-05-27 — Page 4

SATURDAY, MAY 27, 1989

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HE SAID THE IMPORTANCE OF HONG KONG AND ITS FUTURE AS A MAJOR INTERNATIONAL TRADING AND FINANCIAL CENTRE HAD BEEN UNDERLINED BY THE AMOUNT OF ATTENTION HONG KONG HAD ITSELF RECEIVED IN THE U.S. MEDIA DURING THE LAST WEEK AS PART OF MASSIVE COVERAGE OF EVENTS IN CHINA.

FLUCTUATIONS OF THE HANG SENG INDEX, THE CONTINUING AND INTENSE EXPRESSIONS OF CONCERN BY LARGE NUMBERS OF HONG KONG PEOPLE AND ISSUES RAISED RELATED TO THE BASIC LAW HAD ALL BEEN EXTENSIVELY REPORTED AND COMMENTED UPON.

"U.S. BUSINESS HAS A MAJOR INVESTMENT AND PRESENCE IN HONG KONG, A PRESENCE WHICH IS ON THE INCREASE," HE SAID, "80 IT IS ONLY NATURAL THAT THE IMPACT OF EVENTS IN CHINA ON HONG KONG SHOULD BE FOLLOWED WITH SUCH CLOSE INTEREST IN AMERICA.

"I HAVE NO DOUBT THAT THIS INTEREST INCLUDING THE ONGOING DEBATE ON THE BASIC LAW."

WILL BE SUSTAINED,

MR MCGLYNN ECHOED THE STATEMENT BY THE GOVERNOR, SIR DAVID WILSON, THAT HONG KONG HAD AN IMMENSE ABILITY TO BOUNCE BACK BECAUSE ECONOMIC REALITIES AND FUNDAMENTALS WOULD ALWAYS RE-ASSERT THEMSELVES.

"MY IMPRESSION IS THAT THOSE PEOPLE IN THIS COUNTRY WHO TAKE CLOSE INTEREST IN HONG KONG UNDERSTAND THIS, HE ADDED.

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"THEY APPRECIATE THE IMPORTANCE OF HONG KONG'S ROLE IN CHINA'S OWN DEVELOPMENT, PARTICULARLY IN SOUTHERN CHINA."

IN HIS LECTURE, MR MCGLYNN TRACED THE HISTORY OF HOW HONG KONG HAD EMERGED SHATTERED FROM THE JAPANESE OCCUPATION OF WORLD WAR II TO BECOME THE WORLD'S TENTH LARGEST TRADING ECONOMY.

IT WAS ESTIMATED THAT THE HONG KONG ECONOMY WAS NOW SOME 15 TIMES BIGGER THAN IT WAS IN THE EARLY 1960's, WHILE OUTPUT PER HEAD HAD GROWN SIX-FOLD OVER THE SAME PERIOD, HE SAID.

PRODUCT HAD

IN THE 22 YEARS SINCE 1966, THE GROSS DOMESTIC GROWN MORE THAN FIVE AND A HALF TIMES IN REAL TERMS, OR AN AVERAGE OF MORE THAN EIGHT PER CENT PER YEAR.

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PER CAPITA GDP THIS YEAR WOULD REACH US$11,000

HIGHER THAN COUNTRIES SUCH AS IRELAND, PORTUGAL AND GREECE

UNDERLINING HONG KONG'S POSITION AS THE MOST PROSPEROUS PLACE IN ASIA OUTSIDE JAPAN.

DURING THE SAME PERIOD, MR MCGLYNN WENT ON, THE HONG KONG GOVERNMENT HAD TAKEN ENORMOUS STRIDES IN DEVELOPING PROGRAMMES IN THE FIELDS OF HOUSING, HEALTH CARE, EDUCATION, SOCIAL AND RECREATIONAL FACILITIES AND, INCREASINGLY IN

ENVIRONMENTAL MATTERS.

WELFARE. CULTURAL RECENT YEARS, IN

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"HONG KONG IS NOW RECOGNISABLY AND SOPHISTICATED SOCIETY OF ENORMOUS SIGNIFICANCE ΤΟ THE INTERNATIONAL COMMUNITY," HE SAID.

"THIS IMPORTANCE TO THE WORLD IS ONE OF THE MANY STRENGTHS WHICH WILL HELP ENSURE HONG KONG'S CONTINUING STABILITY AND PROSPERITY, NO MATTER WHAT DIFFICULTIES ARISE, HE ADDED,

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