XN000022-1991-11-19 — Page 3

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TUESDAY, NOVEMBER 19, 1991

HK PEOPLE AND GOVT DETERMINE TO MAKE THE FUTURE WORK: GOVERNOR

THE PEOPLE OF HONG KONG AND THE HONG KONG GOVERNMENT ARE DETERMINED TO MAKE THE FUTURE WORK, THE GOVERNOR, SIR DAVID WILSON SAID IN SINGAPORE TODAY (TUESDAY).

THE GOVERNOR WAS SPEAKING TO THE SINGAPORE INSTITUTE OF POLICY STUDIES. HE OUTLINED TO THE AUDIENCE WHAT THE FUTURE HELD FOR HONG KONG, HOW HONG KONG WAS SHAPING ITS FUTURE, AND HOW HONG KONG WAS PREPARING FOR THE CHALLENGES.

THE GOVERNOR NOTED THAT SOME PEOPLE SAID THE FACT THAT CHINA WOULD RESUME SOVEREIGNTY OVER HONG KONG IN FIVE-AND-A-HALF YEARS' TIME, HAD CLOUDED HONG KONG'S FUTURE AND PARALYSED ITS GOVERNMENT.

"THE REALITY IS VERY DIFFERENT, THE GOVERNOR STRESSED, ADDING THAT HONG KONG WAS DETERMINED TO EQUIP ITSELF FOR A PROSPEROUS FUTURE AT THE HEART OF THE WORLD'S FASTEST GROWING REGION.

"OUR PLANS ARE BEING CAREFULLY LAID AND OUR HORIZON EXTENDS WELL BEYOND 1997," HE SAID.

SIR DAVID SAID ECONOMY WAS THE FOUNDATION FOR EVERYTHING HONG KONG WAS TRYING TO ACHIEVE.

ELSE

HE SAID HONG KONG AND SINGAPORE HAD A COMMON COMMITMENT TO FREE MARKETS AT HOME AND TO FREE TRADE ABROAD.

"WE HAVE A GREAT DEAL TO GAIN FROM THE GLOBALISATION OF WORLD MARKETS AND FROM A SUCCESSFUL OUTCOME TO THE GATT URUGUAY ROUND.

ANY SAID.

"WE HAVE MUCH TO LOSE FROM THE SPREAD OF PROTECTIONISM AND FROM GENERAL RETREAT INTO MUTUALLY ANTAGONISTIC TRADING BLOCKS, HE

LIKE SINGAPORE, HONG KONG'S ECONOMIC SUCCESS OVER THE PAST 40 YEARS HAD BEEN BASED ON THE RAPID EXPANSION OF TRADE WITH EUROPE AND NORTH AMERICA, THE GOVERNOR SAID.

HOWEVER, HE POINTED OUT THAT IT WAS INCREASINGLY TRADE WITH HONG KONG'S NEIGHBOURS IN ASIA, INCLUDING CHINA, WHICH GAVE THE TERRITORY'S ECONOMIES THEIR DYNAMISM.

SO FAR THIS YEAR, HONG KONG'S REGIONAL TRADE HAD EXPANDED BY 25 PER CENT. IT NOW EXCEEDED TRADE WITH THE TERRITORY'S TRADITIONAL EUROPEAN AND NORTH AMERICAN TRADING PARTNERS, SIR DAVID SAID.

THE RAPID EXPANSION OF THE CHINESE ECONOMY OVER THE LAST DECADE, SIR DAVID SAID, HAD BEEN A KEY FACTOR IN THE CONTINUING DEVELOPMENT OF HONG KONG'S ECONOMY.

ON THE OTHER HAND, HONG KONG'S ECONOMIC VALUE TO CHINA WOULD CONTINUE TO GROW, THE GOVERNOR SAID.

IT WILL

"1997 WILL NOT WEAKEN HONG KONG'S TRADF POSITION. ENHANCE IT. THERE SEEMS NO GOOD REASON TO DOUBT THIS, HE ADDED.

TT

/SIR DAVID