XN000022-1992-10-14 — Page 24

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WEDNESDAY, OCTOBER 14, 1992

TRANSCRIPT OF GOVERNOR'S ADDRESS

IN EUROPE-EAST ASIAN ECONOMIC FORUM

* * * * *

"PROFESSOR, PRIME MINISTER, LADIES AND GENTLEMEN, THERE IS AS YOU PROBABLY KNOW, A PROHIBITION IN THE AMERICAN CONSTITUTION AGAINST CRUEL AND UNUSUAL PUNISHMENTS. I'VE ALWAYS THOUGHT THAT AFTER DINNER SPEECHES MIGHT QUALIFY UNDER THAT HEADING. I'M CERTAIN THAT PRE-DINNER SPEECHES QUALIFY, SINCE THEY'RE BOTH UNUSUAL AND PARTICULARLY CRUEL. BUT I WILL TRY TO CURTAIL THE CRUELTY THIS EVENING, SO THAT YOU CAN THEN ENJOY HONG KONG'S CUISINE.

ME

I WANT TO WELCOME YOU BUT I HOPE THAT YOU'LL EXCUSE IF, FOLLOWING WHAT YOU SAID, PROFESSOR, ABOUT NETWORKING POWER, I BEGIN BY PAYING A PARTICULARLY WARM WELCOME TO MY FRIEND AND FORMER COLLEAGUE, NORMAN TEBBIT, ONE OF YOUR CO-CHAIRMEN. NORMAN TEBBIT AND HAVE LINKS WHICH ARE PARTICULARLY STRONG FOR THREE REASONS. FIRST OF ALL BECAUSE WHILE BEING IN THE SAME PARTY, WE HAVE OCCASIONALLY, ONLY VERY OCCASIONALLY, FOUND OURSELVES ON DIFFERENT SIDES OF THE ARGUMENT. AND SINCE I'M NOW GOVERNOR OF HONG KONG AND BEYOND MATTERS POLITICAL, I CAN ADMIT GRACIOUSLY THAT I HAVEN'T ALWAYS BEEN RIGHT.

I

PARTY IN

SECONDLY, WE WERE BOTH CHAIRMEN OF THE CONSERVATIVE PARTY. THIRDLY, WE WERE BOTH CHAIRMEN OF THE CONSERVATIVE THE UNITED KINGDOM, RESPONSIBLE FOR SUCCESSFUL ELECTION CAMPAIGNS WHICH ALL THE EXPERTS TOLD US WE WOULD LOSE. SO I SUSPECT THAT NORMAN TEBBIT AND I TAKE THE SAME VIEW OF EXPERTS.

I'D LIKE TO WELCOME ALL OF YOU TO HONG KONG, A'S I'VE SAID ON A NUMBER OF OCCASIONS, ONE OF THE ECONOMIC WONDERS OF THE WORLD.

TO WELCOME YOU BOTH BECAUSE YOU ARE SUCH A PRESTIGIOUS GATHERING, AND BECAUSE IT SEEMS TO ME, THAT WHAT HONG KONG REPRESENTS AND WHAT HONG KONG HAS ACHIEVED, AND THE REASONS FOR THAT ACHIEVEMENT AND SUCCESS, ARE VERY CLOSELY RELATED TO SOME OF THE ISSUES WHICH HAVE DOMINATED YOUR AGENDA OVER THE LAST MANY YEARS AT MEETINGS OF THE FORUM.

FIRST OF ALL, WE'VE BEEN SUCCESSFUL IN HONG KONG BECAUSE THE ENTREPRENEURIAL ABILITY AND SKILL AND NOUS OF THE PEOPLE OF HONG KONG HAS BEEN GIVEN FREE REIN.

IN OTHER WORDS, WE'VE PRACTISED WITH ENTHUSIASM, MARKET ECONOMICS IN THE CONTEXT OF PRUDEnt FINANCIAL POLICIES.

OUR ATTITUDE TO BUSINESS, ΤΟ INDUSTRY, ΤΟ COMMERCE, IS PERFECTLY SIMPLE: MINIMUM INTERFERENCE, MAXIMUM SUPPORT. WE'VE HAD LOW AND PREDICTABLE TAXES, THE BEST CONCEIVABLE INVESTMENT INCENTIVE. WE'VE KEPT THE GROWTH IN PUBLIC EXPENDITURE YEAR BY YEAR, BRLOW THE INCREASE IN THE RATE OF GROWTH OF THE ECONOMY, AND THAT MEANS THAT NOW, ONE OF MY MAJOR POLITICAL AND ECONOMIC PROBLEMS 15 WHAT ΤΟ DO ABOUT THE SCALE OF OUR SURPLUS. THIS IS NOT A PROBLEM WHICH COMMONLY FEATURES, I'M TOLD, ON THE AGENDA OF FINANCE MINISTERS IN EUROPE AND NORTH AMERICA.

AND WE'VE PRACTISED WHAT WE'VE

PREACHED, THIS HAS BEEN A VERY COMPETITIVE ECONOMY.

/SECONDLY, WE'VE