XN000022-1992-10-14 — Page 25

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WEDNESDAY, OCTOBER 14, 1992

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IN

SECONDLY, WE'VE INVESTED IN WHAT AS I RECALL FROM MY DAYS AS BRITAIN'S AID MINISTER, FROM WHAT DEVELOPMENT ECONOMISTS CALL "SOCIAL EQUITY PROGRAMMES"

WE'VE INVESTED ENORMOUSLY AND SUCCESSFULLY IN PUBLIC HOUSING, SO THAT THE QUALITY OF LIFE OF ORDINARY FAMILIES IN HONG KONG HAS IN MOST CASES BEEN TRANSFORMED THE LAST FEW YEARS. WE'VE INVESTED IN EDUCATION. MOST OF MY SENIOR CIVIL SERVANTS WERE AT UNIVERSITY WHEN ONLY A FEW HUNDRED YOUNG PEOPLE FROM HONG KONG WERE ABLE TO GO INTO TERTIARY EDUCATION.

WE'RE NOW MOVING RAPIDLY TO A SITUATION IN WHICH ALMOST 1 IN 5 OF THE 17 TO 20 AGE GROUP WILL GO INTO TERTIARY EDUCATION.

WE'VE INVESTED SUBSTANTIALLY IN HEALTH PROVISION, SO THAT NOW FOR EXAMPLE WE HAVE BETTER HEALTH INDICATORS THAN A LARGE NUMBER OF MEMBERS OF THE OECD, LOWER CHILD MORTALITY RATES THAN, DARE 1 SAY, THE UNITED STATES, AUSTRALIA AND THE UNITED KINGDOM. ALL THOSE CONSIDERABLE MARKS OF SOCIAL PROGRESS MADE POSSIBLE BECAUSE OF A SUCCESSFUL MARKET ECONOMY OPERATING IN A SOCIALLY RESPONSIBLE WAY.

THIRDLY, WE'VE HAD IN HONG KONG, POLITICAL STABILITY AND THE RULE OF LAW. FOR A GATHERING LIKE THIS, THOSE THINGS SPEAK FOR THEMSELVES, IT IS OF COURSE ONE OF MY TASKS, ONE OF MY RESPONSIBILITIES, TO CONVINCE OTHERS ABOUT THE CRUCIAL IMPORTANCE OF THE RULE OF LAW TO ECONOMIC WELL BEING. AND IT'S ALSO ONE OF MY TASKS ΤΟ CONVINCE OTHERS THAT RESPONDING TO PEOPLE'S MODEST BUT LEGITIMATE DEMANDS AND AMBITIONS FOR A RATHER GREATER SHARE IN SHAPING THEIR OWN DESTINY, IS A WAY OF SECURING GREATER POLITICAL STABILITY RATHER THAN UNDERMINING POLITICAL STABILITY.

AND FOURTH, AND RELATED IN PARTICULAR TO THE FIRST OF THOSE PROPOSITIONS, FOURTH, WE'VE BELIEVED AND ARGUED FOR, WHEREVER IT MATTERED. FREE TRADE. THIS IS AN EXAMPLE OF THE BENEFITS OF AN OPEN ECONOMY AND FREE TRADE, PROBABLY BETTER THAN ANY OTHER THAT ECONOMISTS COULD POINT TO.

AS A RESULT OF FREE TRADE WE ARE NOW THE 10TH TRADING COMMUNITY IN THE WORLD.

AS A RESULT OF OPEN MARKETS AND

FREE TRADE, HONG KONG'S ECONOMY REPRESENTS ABOUT 18% OF THE GNP OF CHINA. AS A RESULT OF FREE TRADE, AS VICTOR WAS SAYING A FEW MOMENTS AGO, WE'VE BEEN ABLE TO PLAY WITH THE OPENING UP OF THE ECONOMY OF CHINA, THAT MOST IMPORTANT AND EXCITING DEVELOPMENT OF THE LAST 20 YEARS

WE'VE BEEN ABLE TO PLAY A KEY ROLE IN THE ADVANCE OF THE ECONOMIES OF ASIA.

SO WHAT THREE CONCLUSIONS DO I DRAW FROM THAT? BINDING THEM ALL IS THAT WHEREVER THERE IS AN ARGUMENT ABOUT FREE TRADE OR PROTECTIONISM, YOU CAN EXPECT THE GOVERNOR OF HONG KONG AND THE GOVERNMENT OF HONG KONG TO BE ARGUING PASSIONATELY, FROM OUR OWN EXPERIENCE, FOR PULLING DOWN BARRIERS TO TRADE, FOR OPENING UP TRADE WHEREVER WE POSSIBLY CAN. FIRST THEN, WE WANT TO SEE A SUCCESSFUL COMPLETION OF THE URUGUAY GATT ROUND; ARGUABLY, IN DAYS WHEN WE'RE QUITE PROPERLY CONSCIOUS OF THE POVERTY AND DIFFICULTIES OF 50 MANY PARTS OF THE WORLD, THE MOST IMPORTANT SINGLE THING THAT WE COULD TO IMPROVE THE WELL BEING OF EVERYONE IN THE WORLD.

DO

/SECONDLY, YOU'LL