XN000022-1989-10-11 — Page 18

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WEDNESDAY, OCTOBER 11. 1989

MUTUAL TRUST NEEDS TO BE RESTORED

HONG KONG AND CHINA NEED TO RESTORE MUTUAL TRUST AS THE NECESSARY CORNERSTONE FOR THE UNPRECEDENTED POLITICAL EXPERIMENT THAT WILL BEGIN IN 1997. THE FOUNDATIONS FOR WHICH MUST BE LAID SECURELY IN THE NEXT EIGHT YEARS, THE GOVERNOR, SIR DAVID WILSON, SAID TODAY (WEDNESDAY).

IN HIS POLICY ADDRESS AT THE OPENING OF THE 1989-90 SESSION OF THE LEGISLATIVE COUNCIL, SIR DAVID SAID THE CHINESE GOVERNMENT HAD RECENTLY GIVEN REPEATED ASSURANCES THAT ITS POLICY TOWARDS HONG KONG HAD NOT CHANGED AND STRESSED THAT ECONOMIC REFORM AND OPENNESS TO THE OUTSIDE WORLD REMAINED FUNDAMENTAL PRIORITIES.

KONG.

"BOTH OF THESE ARE IMPORTANT AND WELCOME

MESSAGES FOR HONG

CHINESE GOVERNMENT

"WE FOR OUR PART HAVE MADE IT CLEAR TO THE THAT ACTION IS NEEDED TO RESTORE CONFIDENCE IN THE ARRANGEMENTS FOR HONG KONG'S FUTURE, HE SAID.

TT

THE GOVERNOR SAID THE TRAGIC EVENTS IN CHINA HAD A TRAUMATIC EFFECT ON HONG KONG AND HAD CREATED INCREASED CONCERN ABOUT THE ARRANGEMENTS FOR THE TERRITORY'S FUTURE.

"A MARK OF THIS WAS THE SIGNIFICANT INCREASE IN APPLICATIONS FOR EMIGRATION AND THE WIDESPREAD DEMANDS FOR THE RIGHT OF ABODE IN THE UNITED KINGDOM.

"WE HAVE ALSO SEEN INTENSIFIED DISCUSSION ABOUT THE RIGHT PACE OF PROGRESS TOWARDS A DIRECTLY ELECTED LEGISLATURE AND CALLS FOR THE EARLY INTRODUCTION OF A BILL OF RIGHTS.

SAID.

"AND THE DRAFT BASIC LAW HAS COME UNDER RENEWED

SCRUTINY," HE

DESPITE THIS UNCERTAINTY AND WORRY ON THE POLITICAL FRONT. HONG KONG'S ECONOMY SHOWED ITSELF TO BE ROBUST, SIR DAVID SAID.

HE ADDED THAT THE TERRITORY HAD ONCE AGAIN BEEN REMINDED HOW MUCH ITS SURVIVAL DEPENDED ON THE RESILIENCE OF ITS BUSINESSMEN AND ITS WORKFORCE.

"THE TOURIST INDUSTRY WAS AFFECTED, WHOLESALE CANCELLATION OF TOURS TO CHINA.

"BUT OUR MANUFACTURING SECTOR WAS ECONOMIC LINKS WITH CHINA, ESPECIALLY WITH REMAINED STRONG.

LARGELY

BECAUSE OF

THE

RELATIVELY

GUANGDONG

UNSCATHED; AND PROVINCE. HAVE

"OUR NEWLY-REORGANISED

FINANCIAL

INSTITUTIONS

WEATHERED THE

CRISIS AND EMERGED WITH THEIR REPUTATIONS ENHANCED.

"OUR LINKED EXCHANGE RATE SYSTEM PROVED ITS WORTH AT A TESTING TIME," HE SAID.

/THE GOVERNOR ....