XN000022-1989-06-17 — Page 5

SATURDAY, JUNE 17, 1989

HONG KONG'S RESILIENCE IS LEGENDARY DIRECTOR, SAN FRANCISCO

BEHIND THE DEEP CONCERN ABOUT EVENTS BUSINESS AS USUAL IN HONG KONG, DIRECTOR OF SAN FRANCISCO, PETER AND TRADE OFFICE IN

(FRIDAY).

VERY MUCH IN CHINA IT IS

THE HONG KONG ECONOMIC JOHNSON, SAID YESTERDAY

AND MEMBERS

OF

OF

THE

MR JOHNSON WAS ADDRESSING BUSINESS EXECUTIVES

CAPITAL CITY THE HK-CANADA BUSINESS ASSOCIATION IN EDMONTON, THE

A SEMINAR ALBERTA, DURING

ON HONG

TRADE AND KONG'S

INVESTMENT MISSION BY THE ASSOCIATION ΤΟ OPPORTUNITIES PRIOR TO A TRADE TERRITORY SCHEDULED FOR LATER THIS YEAR.

SPEECH,

KEYNOTE IN HIS LUNCHTIME

MR JOHNSON REASSURED HIS MOST PLACES, HAS SURVIVED MORE AUDIENCE THAT HONG KONG, MORE THAN

KONG'S RESILIENCE THAN ITS FAIR SHARE OF CRISES OVER THE YEARS, HONG IS LEGENDARY, HE SAID.

ONE OF

AT

AN

PER CENT

"HONG KONG REMAINS A VIBRANT, SUCCESSFUL COMMUNITY AND THE SUCCESS STORIES OF THE PAST 30-40 YEARS. IN 1967 OUR GDP STOOD US$46 BILLION. THIS REPRESENTED US$2.5 BILLION. IN 1987 IT WAS INCREASE OF OVER 20 TIMES IN 20 YEARS, A REAL GROWTH OF 8.5 PER ANNUM,

EVEN MORE

DRAMATIC.

IN "GROWTH IN TRADE HAS BEEN

1967 OUR IN 1988 IT WAS WORTH TOTAL ANNUAL TRADE WAS WORTH US$3.3 BILLION.

GDP. AND REPRESENTS AN US$127 BILLION. THIS IS MORE THAN TWICE OUR

PER CENT INCREASE OF 38 TIMES IN 21 YEARS, OR GROWTH OF MORE THAN 12 PER ANNUM.

TT

CASE

HE POINTED OUT THAT THIS DOUBLE DIGIT GROWTH WOULD IN ANY

PROBLEMS HAD IT HAVE BEEN UNSUSTAINABLE AND WOULD HAVE CAUSED GRAVE CONTINUED FOR MUCH LONGER.

NOT UNWELCOME AT

THIS GIVEN ΤΟ COOL

"SOMETHING OF A BREATHER IS THEREFORE POINT IN TIME, AND WOULD ALMOST CERTAINLY HAVE OCCURRED ANYWAY, THE MEASURES THAT THE CHINESE GOVERNMENT WERE ALREADY TAKING DOWN THEIR OVERHEATED ECONOMY.

"

OF ONE OF THE MORE REMARKABLE EFFECTS ON HONG KONG AS A RESULT

LAST FEW WEEKS RECENT EVENTS IN CHINA HAS BEEN THE WAY IN WHICH THE

OF BASIC HAVE SEEN A COMING TOGETHER OF HONG KONG PEOPLE ON A NUMBER ISSUES CONCERNING THEIR FUTURE. MR JOHNSON SAID.

THE

NEED TO

ONCE THE

"THERE IS, FOR EXAMPLE, A GROWING APPRECIATION OF THE

CONCENSUS ON THE FORGE A

KEY ELEMENTS OF

LAW, BASIC TO PROTECT THE FREEDOMS WHICH CONSULTATION RESUMES, IN ORDER COMMUNITY CURRENTLY ENJOY AGAINST THE ARBITRARY EXERCISE OF POWER.

"THIS WILL ALMOST

PROGRESS TOWARDS A

CERTAINLY LEAD MORE DEMOCRATIC

KONG AFFAIRS."

TO REQUESTS FOR SPEEDIER FORM OF GOVERNMENT,

STRENGTHENED PROTECTION AGAINST DIRECT MAINLAND PARTICIPATION IN

AND

HONG

/MR JOHNSON