XN000022-1989-06-17 — Page 3

SATURDAY, JUNE 17. 1989

HONG KONG COULD SURVIVE TURMOIL IN CHINA

IF

ANYTHING. THE TRAGIC EVENTS IN CHINA HAVE ACCENTUATE THE IMPORTANCE OF THE JOINT DECLARATION TO HONG DETRACT FROM IT. THE SECRETARY FOR TRADE AND INDUSTRY, MR SAID IN NEW YORK YESTERDAY (JUNE 16).

SERVED TO

KONG, NOT

JOHN CHAN.

"THEY HAVE SERVED TO BRING HOME TO THE PEOPLE OF HONG KONG THE VALUE OF THE RIGHTS AND FREEDOMS AND OF THE SYSTEMS AND LIFESTYLE THAT ARE PRESERVED IN THAT AGREEMENT.

"AND. I SINCERELY HOPE, THEY WILL HAVE SERVED ΤΟ MAKE THE PEOPLE OF HONG KONG ALL THE MORE DETERMINED IN THEIR DEMAND THAT THE FREELY NEGOTIATED, BINDING INTERNATIONAL TREATY THAT GOVERNS THEIR FUTURE WILL BE HONOURED," MR CHAN SAID.

"I DO NOT FOR A MOMENT PRETEND THAT HONG KONG'S FUTURE IS WITHOUT ITS PROBLEMS, OR THAT THE RECENT DRAMATIC GROWTH OF OUR ECONOMY WILL CONTINUE COME WHAT MAY.

"THERE IS A CLOUD OF UNCERTAINTY OVER HONG KONG AND CHINA WHICH WE CANNOT IGNORE: BUT IT IS EQUALLY IMPORTANT NOT TO OVER-REACT TO IT.' HE STRESSED.

11

"HONG KONG AND CHINA HAVE SEEN SOME VERY DIFFICULT THE PAST 40 YEARS AND HAVE MANAGED TO PULL THROUGH.

TIMES OVER

"I BELIEVE WE CAN DO IT AGAIN MR CHAN SAID.

+

ADDRESSING MEMBERS OF THE NATIONAL COMMITTEE ON US/CHINA RELATIONS AND THE HONG KONG ASSOCIATION OF NEW YORK DURING HIS TWO-WEEK OFFICIAL VISIT TO THE UNITED STATES OF AMERICA, MR CHAN OUTLINED A NUMBER OF PERSPECTIVES ON HONG KONG WHICH GAVE HIM GREAT HOPE FOR ITS CONTINUED PROSPERITY.

HE SAID THESE INCLUDED CHINA'S CONTINUED SUPPORT ΤΟ HONG

KONG'S ECONOMIC WELL-BEING, THE RE-EMERGENCE OVER THE LAST FEW YEARS OF HONG KONG AS AN ENTREPOT AND THE DEVELOPMENT OF THE TERRITORY AS A SERVICE AND SOURCING CENTRE FOR THE REGION.

OTHER PERSPECTIVES WERE HONG KONG'S GROWING TRADE WITH EAST THE GROWING INTEREST OF US BUSINESSES IN HONG KONG AND CHINA AND THE TERRITORY'S PLACE IN THE WORLD ECONOMY.

ASIA,

TAKEN TOGETHER, HE SAID, IT WAS NO LONGER APPROPRIATE TO VIEW HONG KONG ONLY AS A MANUFACTURER FOR A FEW LARGE EXPORT MARKETS: IT HAD BECOME THE DYNAMIC HUB OF A COMPLEX TRADING AND SERVICE SYSTEM MAKING A SIGNIFICENT CONTRIBUTION TO WORLD TRADE.

"THE EXTENSIVE SPREAD OF THE NETWORK AND THE SHEER VOLUME OF TRADE AND SERVICES INVOLVED ARE HELPING HONG KONG то SUSTAIN THE SHOCK OF EVENTS IN CHINA,

"AMERICAN INVESTORS